I don't know about you but I love a good bit of research, the facts behind the numbers are not always easy to comprehend, so let's have a look at some of the stats in more detail.
1. Research says: 35% think they can take care of their finances*
We say: everyone is different and some absolutely can while others not so much however advised clients are, on average £47,000 better off after 10 years***. Even if you are not easily impressed, it's hard not to see value in that!
2. Research says : 47% think financial advice is too expensive*
We say: Most of the clients that approach us do not know how much our advice actually costs, what it includes or why some advisers use different charging structures, e.g. fixed fee, hourly or percentage of the investment or mixture thereof.
3. Research says: 45% believe that advisers are only interested in selling you something*
We say: We have legal responsibility and duty of care to only ever recommend products tailored specifically to your needs. Simply put, we are not salespeople!
4. Research says: 17% don't like discussing their finances*
We say: speaking to an adviser is no different to asking your doctor or solicitor for help – we are simply financial experts, we love helping others and we don't bite!
5. Research says: 41% of respondents opine that advisers only provide advice on products that earn a commission*
We say: in reality we do not get any commission for recommendation on Pensions, Investments and Retirement Income products.
6. Research says: 29% don't trust advisers*
We say: did you know that 8 out of 10 advised clients say that trustworthiness is one of their adviser's top 3 qualities!*** What say you!?
7. For those 22% that think financial advice is not for them – research indicates that 1.5 million individuals would probably look for advice if they knew how advisers can help – knowledge is key!
You may be one of the 15% who don't think that they need financial advice – let's have an initial chat to see how we can help you with managing your money and plan for the future.
Source*: Exploring the advice gap. April 2021, Royal London customer research
Source**: Feeling the benefit of financial advice, September 2020, Royal London customer research
Source***: What it's worth – Revitalising the value of financial advice, December 2019
Silvia Johnson BSc(Hons) DipPFS EFA CertCII (MP) is a Director & Independent Financial Adviser at Royale Thames Wealth Ltd.
020 8720 7249 / 07908 109 741
Royale Thames Wealth Ltd is an Appointed Representative of New Leaf Distribution Ltd which is authorised and regulated by Financial Conduct Authority number 460421. The value of your investment may go up as well as down and the value is not guaranteed. Past performance is not a guarantee of future performance. Wills and Estate Planning are not regulated by the FCA.