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The value of...

28 January 2020

2 min read

The value of advice

A new report shows that financial advice can leave you 50% better-off.

Jeannie Boyle
Jeannie Boyle,

Executive Director & Chartered Financial Planner

The chances are that as you are on this website you are thinking about your financial future. Sometimes all you need is a bit of information to help you take action. There are impartial sources of information such as the Money Advice Service. This might be a reminder that even if you find a great investment – you do need to put money into it. The first step towards a secure financial future is often to start saving.

Sometimes we need a bit more interpretation and wisdom. We are often faced with a number of options about what we do. We might be able to research them, but that doesn’t always equip us for deciding which is most suitable for us. Indeed, we may well have other draws on our time which make the research and learning unattractive. Having someone with experience and expertise ‘take care of things’ can be attractive especially if the consequences of getting it wrong are serious.

One thing many people seek advice on is retirement planning. Retirement is changing in many ways, but the key is being able to afford to choose what it is like. The International Longevity Centre UK (ILC) investigates the impact of longevity on all aspects of society. We are living longer, so our money will need to last longer too.

So how can we increase our wealth in retirement? Spend less, save more, make good decisions. ILC researched whether taking, and paying for, financial advice resulted in a better outcome overall. They concluded “that financial advice delivers real value for those who access it and has the potential to benefit a far wider groups of individuals were they to be persuaded to take it up”.

In November they published updated analysis with the latest data from the ONS Wealth & Assets Survey covering the period between 2006/8 and 2014/16. Their core findings make for interesting reading:

  • Those who took professional financial advice were on average £47,700 better off, than those who chose to go it alone
  • Those who felt they were ‘just getting by’ saw a 35% increase in their non-pension wealth and a 24% increase in pension wealth.
  • Affluent people benefited too, with 24% and 11% uplifts.
  • Those who continued to receive financial advice were around 50% better-off than those who only took advice at the start.

The ILC research uses the latest statistical methods to identify a pure ‘advice effect’ and it is strikingly large.

Talk to us about taking advice

Of course the best way to decide whether you would benefit from financial advice is to try it and see for yourself. We provide a free initial consultation, where you sit down with one of our qualified financial planners.

Either book a time that suits you here, email enquiries@eqinvestors.co.uk or call 020 7488 7171. We’re always happy to hear from you.

 

Jeannie Boyle

Jeannie Boyle


Executive Director & Chartered Financial Planner

Jeannie has been working in financial services for over 14 years. She joined EQ in 2008 as a Technical Consultant and since 2010 has been a Director of the firm. When providing advice, Jeannie focuses on clear communication, so that her clients fully understand the facts, options and recommended solutions, enabling them to make well-informed decisions. As a Director, Jeannie concentrates her efforts on ensuring the advice provided across EQ is of an exceptional standard, putting in place processes and systems to ensure our clients remain at the heart of our business. Jeannie is a Chartered Financial Planner, a Fellow of the Personal Finance Society and in 2015 won Money Management’s Ethical Financial Planner of the Year Award. She appears regularly in national and trade media outlets discussing personal finance issues. Outside of work, Jeannie enjoys yoga, hiking, triathlons and live music.

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