A study4 of savers and investors has found that one in 25 people have recently sought advice for the first time ever. It also highlights myths that exist surrounding financial advice, with two in five people thinking they aren’t wealthy enough to seek advice and 27% thinking advice is only for those with over £100,000.
Advice throughout your life
The reality is that 77% of those who have either sought advice or who currently have an adviser, have savings and investments of less than £100,000, compared to just 5% with more than £500,000.
The pandemic has clearly prompted a proportion of people to seek advice. It is often a life event which triggers the need for advice, rather than hitting a financial milestone. Common reasons for seeking advice include a desire for a financial health check, a change in family circumstances like marriage or a decision to invest for a child or grandchild.
Over the years, research has produced some interesting findings that highlight the benefit of taking advice when making financial decisions. One study5 found that individuals who receive financial advice were likely, on average, to receive 4.4% more per annum in net returns. This was through a combination of financial planning, tax advice, preventing behavioural mistakes and rebalancing portfolios.
Helping you with important decisions
Successful planning involves a regular review of your circumstances and adapting to changes over the long-term. If you’d like help planning for life’s important milestones or feel that you could benefit from an assessment of your current circumstances and would like help devising an individual plan for your financial future then do get in touch, we’re here to help.
4Aegon, 2020 5Russell Investments, 2019
It is important to take professional advice before making any decision relating to your personal finances. Information within this page is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.
Tax and Estate planning are not regulated by the Financial Conduct Authority
The value of pensions and investments can fall as well as rise. You may get back less than you invested.
Will writing is not regulated by the Financial Conduct Authority. Quilter Financial Planning Ltd are not responsible for any will writing advice.