A recent report* has shown that consumers who take financial advice find themselves better off than those who donāt take advice when making major financial decisions.
Entitled āThe Value of Financial Adviceā, it was produced by the UK think-tank, the International Longevity Centre, in conjunction with insurers Royal London, and demonstrates that those who receive financial advice are on average Ā£40,000 better off than those who donāt.
The report examines two groups. The affluent group, comprised of wealthier people who are more likely to have degrees, be part of a couple, and be homeowners. The other, the ājust getting byā group, was more likely to have lower levels of educational attainment, be single, divorced or widowed, and be renting.
Ā The āaffluent but advisedā
This group accumulated on average Ā£12,363 (or 17%) more in liquid financial assets, and Ā£30,882 (or 16%) more in pension wealth than those who were affluent but hadnāt received advice.
The ājust getting by but advisedā
Here a similar picture emerged. This group accumulated on average Ā£14,036 (or 39%) more in liquid financial assets, and Ā£25,859 (21%) more in pension wealth than those who were ājust getting by but not advisedā.
What financial advice provides
Getting the best mortgage deal, saving into the right pension plan, or investing wisely for the future are just some of the occasions where getting informed professional advice can help you make the right decisions for your money.
So, if youād like help with lifeās important financial decisions, or feel that you could benefit from an assessment of your current circumstances, or would like help devising a comprehensive wealth plan for your future, then do get in touch, weāre here to help.
The value of investments and the income they produce can fall as well as rise. You may get back less than you invested.
*International Longevity Centre, 2017
