Report casts doubt on ‘expert’ financial advisors

A report from the consumer group Which? has cast doubt over the credibility of supposed experts who offer advice on a variety of personal finance issues, it has emerged.

Research from the organisation found that only 32 per cent of expert advisors who work for a particular banking group passed its ‘quality of service’ test.

Meanwhile, among those who operate independently and have no obvious bias toward a particular service provider, the overall pass rate stood at 48 per cent, the Which? report reveals.

“For more complex financial products such as investments, mortgages and pensions you really should see an adviser unless you’re confident that you understand the market, but with a shocking number of advisers failing our test it’s clear that you need to choose your adviser very carefully,” said Neil Fowler, editor, Which? magazine.

Figures from the Citizens Advice charity showed recently that more people are approaching its staff for debt advice than ever before.