Wondering what benefits of an IFA (Independent Financial Advisor) are? New research by the International Longevity Centre1 and Royal London has produced interesting findings that highlight the benefit of advice when taking major financial decisions. The report demonstrated that those who receive financial advice are on average £40,000 better off than those who don’t.
The Value of Financial Advice looked at the impact taking advice had on the finances of various defined groups of people. The first group was made up of the affluent who have more wealth, are likely to be homeowners, and be educated to degree level. The second group was made up of those who are just about managing, single, renting and less well educated. These groups were each subdivided into those who received advice and those who didn’t.
‘AFFLUENT BUT ADVISED’
This group accumulated on average £12,363 (or 17%) more in liquid financial assets, and £30,882 (or 16%) more in pension wealth than those who were affluent but hadn’t received advice.
‘JUST GETTING BY BUT ADVISED’
Here a similar picture emerged. This group accumulated on average £14,036 (or 39%) more in liquid financial assets, and £25,859 (21%) in pension wealth than those who were just getting by but not advised.
These findings make a clear case for taking financial advice, and quantify what this could mean in monetary terms. Sadly, many people who buy complex investment, insurance and pension products don’t take the hugely important step of asking a financial adviser for help before making their decision.
Throughout our lives, we are all likely to face the need to take financial decisions that can have a major impact on our wealth. Getting a good mortgage deal, taking out the right pension plan, or investing wisely for the future are all cases in point.
Comparing products that you know little about can be confusing, stressful and time-consuming. Working with us means you’ll be benefitting from informed advice, backed up by up-to-date market intelligence and years of practical experience.
So, if you’d like help with life’s important financial milestones, or feel that you could benefit from an assessment of your current circumstances and would like help devising a road map for your financial future, then please get in touch, we’re here to help.
1 International Longevity Centre UK, Jul 2017
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
Clifford Osborne are Independent Financial Advisors (IFA) based in Eastbourne, East Sussex, offering pension planning advice, mortgage advice and more. You can read our VoucherFor reviews here. Our clients often come from Uckfield, Lewes, Brighton, Tunbridge Wells, Hastings, Bexhill, Newhaven, Seaford, Crowborough and further afield.
