Consumers are going to start taking more financial decisions in terms of their investments.
According to a study carried out by YouGov and commissioned by Axa Wealth, 54 per cent of people currently using a financial adviser said they will only seek guidance on complex decisions – such as pensions – in the future.
This is despite the fact 68 per cent of those questioned feel they have a good relationship with their adviser at the moment.
Mike Kellard, chief executive officer of Axa Wealth, said that DIY investing is nothing new, but it is set to become much more popular in 2013 thanks to the Retail Distribution Review (RDR).
"With the abolition of commission on investment products, it is perhaps logical that some people may look to avoid paying a fee for financial advice for more simple transactions," he added.
As part of RDR – which will be introduced from January 1st 2013 – charges for the adviser’s services have to be agreed in advance, while customers will get a simple document setting out how much advice will cost.