DIY investors make more money

INVESTORS who rely on their own gut instincts rather than turning to professional financial advisers are more likely to end up millionaires.

A survey of Britain's wealthiest investors reveals that those who take the DIY route have average liquid assets worth £979,000.

But those who used independent financial advisers, stockbrokers or accountants own assets of just £647,000.

The survey, carried out by Tulip Financial Research, also found that people using advisers had more of their assets in shared investments like unit trusts, which tend to carry high charges.

John Clemens, managing-partner of Tulip Financial Research, said: 'There are less than half a million high net worth investors in the UK, under 1% of the population. They own 60% of the UK's liquid assets and are the prime market for investment advisers, for IFAs, private banks and asset managers.

'Yet one in three high net worth investors - the richest one in three - take no professional advice and allocate their liquid assets direct to equity investments.

'Advisers mostly advise their clients towards shared funds, which are high cost vehicles.'