It seems that British investors are uncomfortable about asking for from stocks and shares to asking for overseas property . A report from independent financial product researchers Defaqto, the and Income Report, shows that consumers in the UK prefer to consult friends and family, or no one at all, when planning for retirement.

The research found that 27% rely on their own judgment, 23% trust their friends and family and 12% will take advice from their spouse or partner. Overall, 28% of consumers trust a for advice and 24% trust their employers.

The reasoning behind this apparent cynicism seems to be focused around the unique belief that is never truly independent and that paying for it is money down the drain. This is further reienforced by the number of financial product scandals which over the years have left thousands of UK investors out of pocket financially will long term implications.

And this trend is not unique to retirees or amateur investors, with a large scale survey by Barclays Wealth conducted at the beginning of 2007 found that nearly two thirds of the UK’s top earners had planned their bonus spending but only 5% sought professional in deciding how to invest lump sums.

Indeed, the rule seems to apply to across the board, with an IFA Promotion investigation finding that most people surveyed rely on friends and family for before thinking of approaching an IFA.

When it comes to seeking advice on buying an overseas property bear in mind that IFA’s promoting overseas on the whole are remunerated by commission from the developer. It is important to seek a variety of opinions on your chosen property location and new development before committing significant funds to the investment.

Tags: , , , , , , , , , ,

Related posts