Last year, independent website unbiased.co.uk which provides information and resources on how to obtain professional advice, conducted a study to try and determine the value of advice. I think it’s worth highlighting some of the findings (why wouldn’t I!) which I will expand upon in this mini-series of posts.
The key findings, as set out in the report, were the following:
- The advised group, despite being relatively similar with regard to income, includes a much higher proportion of people with life insurance, pension provisions and investment products than the non-advised group.
- The current average pension pot for consumers who have been advised on their retirement planning is £74,554.30, nearly double that of those not seeking advice.
- Those who have taken advice put nearly a third more a month into their pension plan.
- On investments, people with an adviser save for longer and contribute more, leading to an average investment value which is over £40,000 higher than the average for those who haven’t sought advice
These figures aside, perhaps the most striking thing from the report in my opinion was that, when compared with the non-advised group, those who were advised had greater confidence that they had the appropriate financial products in place.
Over the coming weeks I will delve deeper into the findings. We have always maintained that financial advice is valuable and we firmly believe that most people will benefit from a good relationship with a trusted financial adviser.
Are you sceptical about the Value of Advice? Leave us a comment below.
Disclaimer: The views expressed in this post are those of the author only and are not necessarily those of I Planning Wealth Management Ltd. All material in this post should be considered as general information only and should in no way be construed as a recommendation of a specific product or course of action. Each circumstance is different and professional advice tailored to your circumstances should be sought from a qualified financial adviser.