The Value of Advice

Written by Mary Hemingway

How do you decide whether to use the services of an expert or take on a job yourself? Sometimes it is obvious; I know when I should go to the dentist or book in with my hairdresser. Other circumstances are less clear; I could get a decorator to put up my new wallpaper but I could save money by doing it myself (although the result will vary in this instance!).

Saving time and hassle by using an expert is often the primary reason, but in the case of Financial Advice it is now possible to measure a pounds and pence benefit to seeking regulated advice.

The International Longevity Centre published a recent study* and observed that those who received Financial Advice between 2001-07 did better than those who didn’t receive advice, by 2012-14. The study measured both ‘Affluent’ and ‘Just getting by’ households and recorded an increase for the groups both in liquid assets and pension savings. The ‘Affluent but Advised’ group averaged an increase in wealth of £43,245 compared to their non-advised counterparts. The ‘Just getting by but Advised’ gained an average of £39,895. It just goes to show that financial advice isn’t just for the affluent!

 

Prosperity offer a complimentary initial meeting to discuss how we can add value to your pensions, investments, financial protection or tax planning objectives.  We encourage you to review our website and you may also be interested to see what some of our other clients have to say about your Prosperity adviser on VouchedFor.co.uk.

 

*International Longevity Centre UK – The Value of Financial Advice, July 2017

Prosperity Financial Advisors & Stockbrokers are authorised and regulated by the Financial Conduct Authority (507580)