Research recently published by Royal London and the International Longevity Centre has shown that those who received professional financial advice between the period 2001-2006 were on average £47,000 better off a decade later than those who did not.
The study was a follow up to a similar analysis reported in 2017 that concluded that those who take financial advice are likely to amass more financial and pension wealth, and those in retirement likely to have more income, particularly at older ages, than those who do not.
Also interesting to read was the fact that the impact of taking advice is greater for those of more modest means. In other words, you don’t have to be very wealthy to benefit from receiving financial advice. In fact, the research showed that the uplift for the more affluent group in the study was 24%, whereas for those with more modest means, the figure was 35%.
As you may know, Brunsdon Financial has been providing financial advice for many years. Our staff are professionally trained and highly trustworthy; they’re dedicated to providing a valuable service to our clients, helping them to manage their finances effectively and to plan for their future. The above research is extremely useful in helping us to demonstrate our Financial Advisers’ value – especially when we’re engaging with a potential new client.
The financial services industry does, however, face significant challenges. Despite the fact that research clearly demonstrates its tangible benefits, a high proportion of those who take out investments and pensions still do not access financial advice.
A key issue seems to be trust. According to Edleman’s Trust Barometer 2019, the financial services sector remains one of the least-trusted in the UK (second only to the Energy sector).
A second problem is related to individuals’ level of financial literacy. Many people find financial information difficult to understand and therefore feel ill-equipped to discuss the options available to them.
Our mission at Brunsdon Financial is to break down these barriers. Our Financial Advisers ( https://brunsdonfinancial.co.uk/about-us/our-people ) are accessible and trustworthy and can help to demystify finance.
The value of investments can fall as well as rise. You may not get back what you invest.
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Source 1: https://www.royallondon.com/media/press-releases/2019/november/financial-advice-provides-47000-wealth-uplift-in-a-decade–new-research-from-royal-london-and-the-international-longevity-centre/
Source 2: https://www.royallondon.com/siteassets/site-images/site-specific/media-centre/press-releases/ilc-and-rl-the-value-of-advice-final-report-july-2017.pdf