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YouGov research* commissioned by leading consumer insights expert, Equifax, has revealed an increase in the number of people choosing to search online for wealth product providers rather than seek advice from an independent financial adviser.

The research asked GB consumers with savings and investments and who are aware of the changes in adviser charges as a result of the Retail Distribution Review (RDR), whether they have changed the way they use financial advisers in the last 12 months. Over a third (36%) said they now conduct their own research of wealth product providers, compared to 27% in 2012. ** Of the third who say they are now researching providers online, more than half (56%) are women which illustrates the importance for wealth product providers to employ appropriate and relevant marketing techniques when targeting this demographic.

Paul Birks
Paul Birks

“Our research strongly suggests that as more consumers search for products and advice direct, this creates a great opportunity for wealth and investment product providers”, said Paul Birks, Decisions Solutions Director, Equifax. “To capitalise on this however, they need to be able to access accurate insight into their customers, including having a greater understanding of their needs, and when and why they are most likely to purchase wealth and investment products in the future.”

Equifax Investor Insights gives providers key insight into consumer investment purchase activity. Based on more than £345 billion of actual investment sales data shared by wealth and investment providers through the Equifax operated Touchstone Data Exchange, Equifax Investor Insights provides the value and frequency of investment product purchases. By including insight such as age, risk and products held, providers gain a more accurate understanding of their clients.

“Armed with actual purchasing activity, providers can create effective and highly targeted direct to consumer campaigns, thereby achieving the best ROI”, continued Paul Birks. “Using Equifax Investor Insights can help providers go some way to meeting their ‘Know Your Customer’ and ‘Treating Customers Fairly’ regulatory requirements.”

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