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The number of investors with an ongoing relationship with a professional adviser has decreased by 7 per cent, according to the latest figures from Standard Life’s Saving and Investment index.

A total of 17 per cent of people had an ongoing relationship with a professional financial adviser in April compared with 24 per cent in January this year.

Percentage of people with an going relationship with a financial adviser.

Source: Standard Life, Saving and Investment index, June 2008

It added that 45 per cent of people without an active relationship with an adviser are more likely to feel the effects of the credit crunch.

The Saving and Investment index said that more than half of people without an active relationship with a financial adviser were less likely to be happy, compared to 68 per cent of people with an active relationship.

About two-thirds of people with an active relationship with their adviser are more likely to be saving; three-quarters who had active relationship with their adviser were more likely to have a pension and thought that a pension was a good way to invest for retirement.

It added that those with an active relationship with an IFA were more likely to save.”

Chris Edge, managing director of The Money Portal, said: “Advisers can make a huge difference to their clients’ lives from a comfort, security and a performance perspective. But the acid test is what the consumers think. Given that less than 10 per cent of the population use advisers, there is some work to be done to persuade them the value of using an adviser. We have a massive job as a sector to reach out to a large proportion of the population who do not use financial advice.”

Neil Stevens, operations director for Huddersfield-based IFA network SimplyBiz said: “The evidence of the value advice brings to the consumer is overwhelming. Consumer research, recently published by the Association of IFAs, found that two-thirds of all the UK’s financial service products were purchased by IFA advised clients.

“With 96 per cent of consumers valuing holistic advice as important or very important, it is clear that the independent advice model will continue to be the preferred route for consumers.”