New research supports the value of taking financial advice

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Recent research by Old Mutual Wealth (OMW) has shown that those who sought financial advice, even on just one occasion, have accumulated, on average, an additional £7,000 a year to spend in retirement.

This equates to an increase of £3,700 more per year since 2014, when the increase was £3,300, suggesting that the value of financial advice has also increased over the past three years.

This new research supports findings covered in our previous blog, which revealed that those who received advice between 2001 and 2007 had accumulated more liquid financial assets and pension wealth than those who didn’t.

Of the 1,206 individuals between the ages of 50-57 who were surveyed, only 14% had taken financial advice. And whilst this signalled an increase on previous years, it would appear that a vast advice gap still remains among those seeking advice since the new pensions freedoms were introduced in April 2015.

Nathan Mead-Wellings, Director at Finura Partners, comments: “As a financial planning firm, our goal is to not only to prove our value to existing clients, but to demonstrate to those who don’t already receive financial advice that we really can add value to their investments. The world of pensions and retirement can be challenging and confusing for the average investor, yet as much as 85% of those saving for retirement remain reluctant to seek the advice of a professional. We hope that continued research into this field will help to encourage savers to consider the overriding benefits that can be gained by paying for financial advice.”

If you would like an informal discussion about how Finura Partners can help boost your pensions savings, please contact us here.

Capital at risk; investments and the income from them can fall as well as rise.

Sources: https://www.professionaladviser.com/professional-adviser/news/3022253/seeing-an-adviser-once-can-net-retirees-gbp7-000-a-year

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