Consumers getting financial advice for themselves and from friends and family
Fascinating research and conclusions picked up by Paul at Finextra. The implication is the shift towards greater self service by people for financial services that previously would have required advisors or brokers.
Winners are price comparison sites, and advice from friends and family.
But if consumers aren’t turning to their bank for financial advice, where are they going? Online price comparison Websites are one obvious source of information. The other is friends and family. This change in consumer attitudes helps explain the success of a new generation of non-bank social platforms such as those operated by Zopa and Prosper, and Finance 2.0 upstarts like Wesabe and Mint.
