A 2017 study has revealed that people who seek advice from an Independent Financial Adviser (IFA) are on average £40,000 better off than those who do not. According to the study from leading think-tank the International Longevity Centre, wealthy clients and the less wealthy clients both benefit similarly from the financial advice they seek.
The advised wealthy clients on average had 17% (£12,363) more liquid assets than those not seeking advice, with an additional 16% (£30,882) in pension wealth on top of this making a total uplift of £43,425. The advised less wealthy clients were around £39,895 better off than their unadvised counterparts, with 39% (£14,036) more liquid assets and a boost of 21% (£25,859) to their pensions. The study also found that clients who sought financial advice were more likely to save more money and more inclined to invest their money into the stock market.
The study looked at clients who received financial advice between the years of 2001-2007 and re-evaluated their wealth by 2012-2014. Another finding showed 90% of people are satisfied with the advice they received, with the large majority following their advisor’s suggestions. However financial advice is still relatively under-accessed within the UK and a recent report undertaken on behalf of Canada Life suggested that 68% of clients access their pensions without using a financial adviser.
What We Can Do?
At Philip J Milton & Company Plc, we can advise on all aspects of your finances and help you to achieve your financial goals for now and the longer term. If you would like a professional input into your finances, please do contact the office to arrange a mutually convenient no obligation appointment with one of our highly qualified advisers at our cost.