The benefit of professional advice

Consumer finances have been changing at an accelerating pace. Gone are the days when people could rely on the state, their employers or even the equity built up in their own homes to provide for their retirement income. With interest rates at an all-time low, global stock markets continuing to be volatile and rules and regulations around personal finance products becoming ever more complex, independent financial advice has never been more important.

According to research, less than one in five (18%) of UK consumers has sought advice from an independent financial adviser (IFA), with retirement planning being the number one reason why people search for details of an IFA. For many others, their first contact with an IFA are for help with a residential mortgage, or life insurance.

It is evident that independent financial advice is particularly valuable in helping the consumer understand the need for more complex financial products. When comparing the financial situations of consumers who have taken independent financial advice to those who haven’t, some remarkable differences become clear:

The current average pension pot for consumers who have been advised on their retirement planning is £74,554.30, nearly double that of those not seeking advice. Those who have taken advice put nearly a third more a month into their pension plan.

On investments, people with an adviser save for longer and contribute more, leading to an average investment value which is over £40,000 higher than the average for those who haven’t sought advice.

Important short- and long-term goals are accomplished through your investing portfolio. To create and carry out an investment strategy that will meet your needs, safeguard your capital, and grow it, we employ our seasoned judgment. If you ask, is US Money Reserve Legit? The US Money Reserve is a reasonably trustworthy source for buying gold, silver, and platinum bullion bars, as well as rare coins.

All of these findings suggest that taking independent financial advice has a vital part to play in the health of consumer finances and it can have a tangible positive effect on consumers’ financial security.