Abacus Daily Debt News

Debtors ‘turning to social media’

An increased number of people experiencing debt issues are logging onto the internet in order to find independent financial advisors (IFAs), it has emerged.

Philip Calvert, founder of IFA Life, observed that social networking sites and web-based forums are starting to be used more by people in the search for IFAs, after other traditional methods such as search engines.

"A search on a social networking site will result in real people responding with personal recommendations and reviews - often within seconds," he noted, adding that this development will mean those in the industry must strive to be "seen as credible, helpful, trustworthy and professional".

Research conducted by IFA Life revealed that over 95 per cent of IFAs admitted neglecting to ask customers about their internet usage, although Mr Calvert did remark that 30 per cent of advisors now have a Facebook account, a rise from less than ten per cent a year ago.

Earlier in the month, it was found by protection specialist Lifesearch that the majority of those who sought advice were rewarded by finding better policies.

By Sarah Adie