Whether you would benefit from financial advice will depend on your circumstances, although generally speaking those who take financial advice and set clear goals end up wealthier than those who don’t take any advice at all.
- Joint research from Royal London and the International Longevity Centre reveals individuals who take advice on their investments can end up almost 40% better off in terms of liquid assets compared to those who receive no advice.
- The same study puts the value of advice in terms of real financial assets and pension wealth at £41,099 in additional wealth per person
- According to Unbiased, on a cost/benefit analysis the benefit of advice on pension contributions outweighed the cost by almost 6,000%.
- The Investment Funds Institute of Canada has found that the value of advice is compounded over time, with advised households having a net worth 2.73 times greater than non-advised households after 15 years.
- 93% of financial advice given in 2015 was suitable for clients according to the FCA, which says “the role of the financial adviser is today more important than ever“.
- Research from FTSE 100 financial services firm Quilter (formerly Old Mutual) has found individuals who received pensions advice and set clear retirement goals were projected to enjoy a retirement income more than 50% greater than those who received no advice at all.