New research by the International Longevity Centre and Royal London has produced some interesting findings that highlight the benefit of advice when taking major financial decisions. The report demonstrated that those who receive financial advice are on average £40,000 better off than those who don’t.
The report, entitled The Value of Financial Advice, looked at the impact taking advice had on the finances of various defined groups of people. The first group was made up of the affluent who have more wealth, are likely to be homeowners, and be educated to degree level. The second group was made up of those who are just about managing, single, renting and less well educated. These groups were each subdivided into those who received advice and those who didn’t.
‘AFFLUENT BUT ADVISED’
This group accumulated on average £12,363 (or 17%) more in liquid financial assets, and £30,882 (or 16%) more in pension wealth than those who were affluent but hadn’t received advice.
‘JUST GETTING BY BUT ADVISED’
Here a similar picture emerged. This group accumulated on average £14,036 (or 39%) more in liquid financial assets, and £25,859 (21%) in pension wealth than those who were just getting by but not advised. These findings make a clear case for taking financial advice, and quantify what this could mean in monetary terms. Sadly, many people who buy complex investment, insurance and pension products don’t take the hugely important step of asking a financial adviser for help before making their decision.
Throughout our lives, we are all likely to face the need to take financial decisions that can have a major impact on our wealth. Getting a good mortgage deal, taking out the right pension plan, or investing wisely for the future are all cases in point.
Comparing products that you know little about can be confusing, stressful and time consuming. Working with us means that you’ll be benefitting from informed advice, backed up by up-to-date market intelligence and years of practical experience.
So, if you’d like help with life’s important financial milestones, or feel that you could benefit from an assessment of your current circumstances and would like help devising a road map for your financial future, then do get in touch, we’re here to help.