The Financial Benefits of Advice
The International Longevity Centre UK (ILC) has done research on the difference professional advice can make. The evidence was clear - advisers help people save more. The research found that, in the space of just 10 years, customers who had sought financial advice were, on average, £47,000 better off than those who had taken care of things themselves.
Those who fostered an ongoing relationship with their adviser were up to 50% better off than those who had only received advice once.
There’s also evidence to suggest that having an adviser helps people to boost their knowledge, and gain a better understanding of their finances - particularly when it comes to protection and retirement planning.
Advised clients feel they have a significantly better grasp of products and financial matters, compared with those who don’t have an adviser.
The financial benefits of advice for those of modest means were greater than for those customers who were considered to be affluent.
Those customers considered to be “just getting by” saw a 24% boost to their pension wealth, as compared to 11% for more affluent groups.
Of course, helping to grow and manage wealth is just one of many potential benefits of financial advice. Indeed, in the current climate, we know that lots of people are feeling anxious about their finances and are worried about what the future might hold.
They also wanted to explore whether speaking to a financial adviser helps to improve mental wellbeing, so they conducted this new research with over 4,000 clients of Royal London. Once again, the results were conclusive. Financial advice helps to improve the emotional wellbeing of customers by giving them peace of mind, and making them feel more confident and in control of their financial future. (Source - Royal London - Sept 2020)
Here, at Brian Mole IFA, we have proven from over more than 35 years of advising and looking after our clients, that our advice, and ongoing relationship, adds real value to their financial situation. In these exceptionally stressful times, it is vital that now, more than ever, you are in control of your finances, and can plan for the future.
Should you wish to meet to discuss any aspect of your finances, please contact us, and we will be happy to meet, if you wish, allowing for social distancing.