Friends and family point way for financial advice

A large number of Brits trust their friends and family the most when it comes to recommendations for choosing a source of financial advice, a new study has found.

Figures from Birmingham Midshires show that two-thirds (63 per cent) would put their faith in a financial advisor if suggested by friends or family.

The government are also a respected authority on who to go to for financial counsel, with 44 per cent of people saying that statutory regulation would give them piece of mind.

Tim Hague, managing director of mortgages at Birmingham Midshires, spoke of the importance of getting the right advice when selecting a mortgage.

He said: "While it is good to get a steer from friends or family as to where to go for financial advice, their financial needs may have been very different.

"A regulated mortgage intermediary, for example, will have a range of mortgages to choose from and can ensure they find one that meets the exact needs of their client."

There are approximately 9,000 independent financial advisors in the UK.