Benefits of Financial Advice
October 17th, 2017
An in-depth study by the International Longevity Centre and Royal London has found that those who receive financial advice could end up nearly £40,000 better off compared to those who don’t. The study looked at people who received financial advice between 2001 and 2007, and those who didn’t, by comparing their wealth between 2012 and 2014. It found that already wealthy people who received advice were an average of £12,363 better off in liquid financial assets, and had £30,882 more in a pension, compared to wealthy people who didn’t get advice. This makes a total of £43,245.
Of those just getting by (less wealthy), the difference between getting advice or not doing so was equally stark. Advised people in this group had an average of £14,036 more in liquid assets and £25,859 more in pensions. A difference of £39,895.
Source: FT Adviser