Royal London Press Release

NEW RESEARCH FIND THOSE WHO RECEIVE FINANCIAL ADVICE ARE ON AVERAGE £40,000 BETTER OFF THAN THEIR UNADVISED PEERS

A new report ‘The Value of Financial Advice’ by the International Longevity Centre – UK (ILC-UK) and supported by Royal London finds that those who received financial advice in the 2001-2007 period had accumulated significantly more liquid financial assets than their unadvised equivalent peers by 2012-14.

The report found that 9 out of 10 people are satisfied with the advice received, with the clear majority deciding to go with their adviser’s recommendation.

Steve Webb, Director of Policy, Royal London said:

“This powerful research shows for the first time the very real return to obtaining expert financial advice.  What is most striking is that the proportionate impact is largest for those on more modest incomes.  Finacial advice need not be the preserve of the better off but can make a real difference to the quality of life in retirement of people on lower incomes as well.  The evidence shows that when people take advice they are overwhelmingly satisfied and benefit as a result.  More needs therefore to be done to overcome the barriers to advice”.

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