While you might want to seek out financial advice for specific goals, the advantages of an ongoing relationship with a financial adviser are plentiful. Recent research has revealed that regular contact with an adviser gives you an even bigger boost, not only to your finances but to your wellbeing too.
This does not constitute advice and advice should be sought in all instances before acting on it.
Statistics provided by Royal London
The financial benefits of a long-term partnership with a financial adviser
According to research from International Longevity Centre UK, speaking to an adviser at multiple points over the course of ten years gave customers an average of almost 50% more in their pension savings compared to those who only sought out advice once.
Regular contact with an adviser gives customers a bigger wellbeing boost
Royal London customer research indicates that customers who receive regular advice, or know their adviser well, are twice as likely to trust them to look after their money. In fact, knowing an advisor well versus being generally advised provides more peace of mind across the board.
Customers that know their adviser well as opposed to only being advised generally:
- Feel more in control of their finances (81% vs 68%)
- Feel financially secure and stable (75% vs 63%)
- Feel prepared to cope with life shocks (52% vs 44%)
- Feel confident about the future (50% vs 42%)
On the other hand, 32% of those who only seek advice sporadically feel anxious about household finances while just 28% of those that have relationships with advisers feel the same.
Statistics provided by ILC, What it’s worth Revisiting the value of financial advice and Royal London customer research: Feeling the benefit of financial advice
Long-term customers value advice more and feel greater trust and satisfaction
90% of customers in regular contact with their adviser report that they are satisfied with their adviser’s services. And not only that, but these customers are two times as likely to agree that the emotional and financial benefits of advice outweigh the costs involved.
Start the new year with peace of mind
After the last year of uncertainty and hardship, it’s worth it to take steps to ensure your mental health is your priority.
Since finances are top of mind for many, not just in the midst of a pandemic, it seems the benefits of a long-term relationship with a trusted financial adviser are unmatched.
If you don’t already have an adviser, now is the time to get in touch with us, or set up a review of your financial plan if you’re already a valued customer. Contact us today.
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Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.