The majority of 150 financial advice consumers surveyed for the research by students at Lancaster University Management School found that the majority heard about their current financial adviser either by worth of mouth (34%) or via a direct referral from someone they know (24%).

A third of those surveyed (33%) heard about their current financial adviser from family members, employers, or other professionals. Only 5% of those surveyed said they relied on an online search.

Respondents to the survey listed reliability and reputation as by far the most important factors they considered when choosing a financial adviser. Price was the third most important consideration, closely followed by breadth of service.

A high-quality website was moderately important to 41% of respondents when choosing a financial adviser, with over 55s placing the least value on this.

The majority (91%) said social media had no influence on their choice, with 32% getting their information from newspapers and 28% from email newsletters.

BA Marketing students at Lancaster University Management School interviewed 150 clients of financial advisers over six-months, on behalf of Cumbria-based wealth management firm Financial Management Bureau, to find out how they chose their financial adviser.

Liz Beavis, managing director of Financial Management Bureau, said: “These results are very helpful in reminding us that often the most effective marketers are satisfied customers themselves, who will share their experiences with others. And, of course, the basis of these positive experiences comes from the one-on-one service they receive and staff and advisers making the effort to give them extra help and add value.

“People also said they appreciated honest, clear, jargon-free advice that was personalised to them. This is perhaps no great surprise, but it does go to show the value of being down to Earth and taking the time to treat people patiently and like human beings.”