I hope I'm preaching to the choir here, but I hope you'll find the following from sonia.rach@ft.com interesting and/or reassuring.
“Almost two in five (37 per cent) of advised Brits have said they are £40,000 or more better off thanks to professional financial support.
Research from Standard Life’s Retirement Voice report indicated that three in four (77 per cent) people who receive financial advice believe their adviser has made them financially better off.
One in eight (13 per cent) of respondents estimated their financial adviser has helped to grow the total value of their pension, savings and investments by £30,000 to £40,000.
Some 14 per cent think advice has increased their finances by £20,000 to £30,000.
Warren Bright, head of intermediary advised distribution at Standard Life, said: “In today’s tough economic climate saving for day-to-day expenses, never mind the future, can be difficult.
“Professional advice helps to deliver tangible benefits for those speaking to an adviser — not only in monetary terms, but also in levels of confidence and financial wellbeing.
Standard Life’s research also found that ongoing advice delivers several benefits compared to taking advice on a less regular basis.
Among those who have an ongoing relationship with an adviser, 82 per cent said advice had improved their finances, compared to 72 per cent of those who said they only spoke to an adviser on an ad-hoc basis.
Furthermore, those who have frequent contact with an adviser were more likely to consider they are delivering value for money than those who took advice as and when they needed it (84 per cent vs. 79 per cent).
According to Standard Life, they were also more inclined to believe that their standard of living was better because of their adviser’s services (74 per cent vs. 65 per cent).
The research revealed that ongoing advice can also help to improve people’s financial wellbeing, with 77 per cent indicating feeling confident they know their options for using their pension savings.
Among retirees, those who take ad hoc advice are twice as likely to worry that they’re making bad decisions with their retirement finances than those who are still in regular contact with their adviser (21 per cent vs. 10 per cent).
Bright said: “We know that those who have an ongoing relationship with an adviser are more likely to enjoy these benefits than those who take advice on an ad-hoc basis, or not at all.
“With significant structural changes to the advice framework pending, the introduction of targeted support and anticipated moves to address adequacy, the role of professional advisers in helping build the financial security and confidence of more UK savers has never been more important.
“Professional, personalised advice will continue to play an important role in helping people make smart financial decisions, feel more secure about their financial position and achieve their long-term goals.”
Please feel free to pass this to anyone who might find it interesting.
As always, if you have any questions about this piece or any other finance-related matter, please do not hesitate to contact me.
Yours sincerely,
Graham Ponting CFP Chartered MCSI
Managing Partner
