Research from Standard Life suggests that while most UK adults seek professional financial advice for a practical reason, many are looking for the emotional reassurance that the process provides.
Almost 60% of respondents said that a specific financial need (34%) or life event (25%) such as divorce, redundancy or moving home, were the top reasons for seeking advice.
However, financial confidence and security surfaced as the most desired outcome from seeking the advice (36%) ahead of more obviously material concerns such as more wealth (7%), greater income (9%) or a bigger pension (11%).
Those who had used a professional financial adviser rated “reassurance that I am doing the right thing” as the most valuable aspect of the advice received (21%), followed by having a “clear financial plan for the future” (13%).
Standard Life managing director, customer and marketing, Stephen Ingledew, comments: “In the run up to the introduction of the RDR regime there has been a lot of focus on the cost of financial advice but we believe the more fundamental impact will be that more and more people recognise the value of the professional services that financial advisers can provide in delivering this peace of mind.”
The survey of 1,600 people who had used a professional financial adviser was carried out by YouGov.
Category: Insurance News, Standard Life News
