Do I need a financial adviser?

Deciding whether you need a financial adviser depends on your specific financial situation and goals. For example, If you have a complex financial situation, such as managing multiple investments or planning for retirement, a financial adviser can provide valuable expertise and guidance. They can help you develop a comprehensive financial plan and provide ongoing support to help you achieve your financial goals.

Who Is seeking financial advice?

In recent years it might have been assumed that fewer people would need financial advice as a new money management or savings and investing app came out virtually every other day. 

However, according to a recent report from Prudential, the exact opposite is the case. More than half (53%) of UK adults say that financial problems and changed circumstances over the last 12 months have caused them to seek financial advice. Of this figure, 33% have already sought financial advice, whilst the remaining 20% are planning to do so. 

For most of those responding to the survey the glass was, unfortunately, half-empty, with 85% of people saying they had concerns about the coming months, with the two concerns most frequently highlighted being: ‘having to use savings to make ends meet’ and ‘my investments losing money.’ 

Interestingly, the report revealed that the need for financial advice was felt most among the younger generations - Millennials and Generation Z, exactly the generations we might have assumed would shun traditional advice in favour of apps and online portals. 

Seventy-four percent of Millennials said that they had, or were going to, see a financial adviser, with 58% of Generation Z echoing those sentiments. The key drivers for these generations were ‘avoiding financial difficulties’ and ‘wanting to start [my] investment journey.’ 

“We have seen an increase in the number of first-time investors, particularly in the over-50 age group, with more disposable income or savings,” says an Ascot Lloyd Director.

“We have found that the older generation, who’ve already accumulated wealth, now have more options as a result of reduced spending during the pandemic. However, demands from family may have increased and others are reconsidering their future as a result of what’s happened.

“As millennials are increasingly aware of the importance of their savings and being introduced to investing, it is no longer just the mature individual we need to serve. The pandemic has seen people’s attitudes and behaviours change and wealth distribution between generations shift, more rapidly than was anticipated. Advisers that are adapting their client approach and innovating their service are succeeding in building stronger, more robust businesses that give clients assurance and continuity.”

Is financial advice worth it?

Receiving financial advice provides several advantages that go beyond increasing your wealth. One significant benefit of financial advice is its positive effects on your mental health. When you have a plan to manage your finances, you eliminate the stress and anxiety associated with not knowing where to start or what to do next. With a financial adviser's guidance, you can set achievable financial goals and track your progress towards achieving them, ensuring that you stay on the right track.

The Financial Conduct Authority (FCA) conducted a survey to assess the level of trust and satisfaction among people receiving financial advice. The results of the survey are overwhelmingly positive, indicating that 87% of people trust their advisers and 84% are satisfied with their services. Additionally, a staggering 85% of people expressed confidence in the advice they received. These figures speak volumes about the value that financial advisers bring to their clients. It is evident that those who have worked with financial advisers understand their worth and appreciate the difference they make to their financial lives.

How can Ascot Lloyd independent financial advisers help you?

Our financial services cater to your specific needs because we understand that every individual has unique financial goals and circumstances. Our job is to help you consider all areas and develop lifetime financial plans that take into account your short, medium and long-term objectives. Our services include but are not limited to -

• Financial planning
• Retirement and Pensions Planning
• Investment planning
• Tax planning
• Inheritance tax & estate planning*
• Mortgages Advice
• Protection Planning
• Business financial planning

*The FCA does not regulate inheritance tax or estate planning.

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