Business have more faith in family advice than professionals, study claims

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BUSINESSES are more likely to take advice from family than trained professionals, a new study has claimed.

According to figures released by law firm Blake Morgan, only a third of business owners consult professional advisers when seeking financial tips, while just five per cent seek legal guidance.

Almost half of the 1,000 people surveyed said they were more likely to approach family and friends for advice.

And almost two thirds of younger traders, aged 18 to 34, said they would see advice from loved ones.

The survey comes amid the uncertain over the impact Brexit will have on businesses.

Helen Bunker, of Blake Morgan, said: ‘Advice and support of family and friends can have a hugely positive impact on businesses great and small, especially when a venture is young and just starting out.  But you need to strike the right balance.’