The majority of people that receive professional financial advice have remained with the same adviser throughout, research from St James’s Place has revealed.
SJP’s Real Life Advice Report found more than three fifths of respondents (62 per cent) have never switched their financial adviser, rising to 72 per cent of those aged 35-54 and 74 per cent of those aged over 55.
It also discovered the typical relationship with a financial adviser or advice firm lasts around seven years, but this increases to over a decade for those aged 55 and over, with 31 per cent of this generation having been with their adviser for 16 years or more.
SJP head of the financial advice academy, Andy Payne, said: “Financial advice is about much more than numbers on a page or graphs on a screen.
“It’s about building deep, meaningful relationships, and as our research shows, these can last many years and span generations.
“Whether you’re navigating the early stages of wealth creation, planning for retirement, or managing an unexpected life change, having a trusted adviser by your side can make all the difference.”
SJP also found 32 per cent of the 12,000 respondents said ongoing financial advice has helped them to save more money for retirement and 22 per cent said it has ensured they have adequate protection in place if they need it.
Ongoing financial advice has also helped more than one in 10 with major life goals, such as getting on the property ladder or navigating difficult periods like divorce or bereavement.
Additionally, advice has helped individuals improve their quality of life, from giving them more flexibility in their job, mentioned by 16 per cent of respondents, affording larger purchases such as cars (13 per cent), to upsizing to a new home (9 per cent).
Moreover, 10 per cent have used ongoing financial advice to start their own business, while 8 per cent found support in starting or expanding their families, including through IVF and adoption.
Payne added: “These goals, moments and milestones may be common to many throughout their lives, but the specific circumstances will always be unique.
“Having support from an expert financial adviser, with not just the technical expertise but the empathy to deploy it sensitively and with their clients’ needs in mind, can be the difference between a hope dashed and a dream realised.”
tom.dunstan@ft.com
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