Advice can make a real difference

Advice can help make a big difference to your finances, whether that is through ensuring you’re making the most of tax allowances, choosing different investments or finding the best way for you to access your pension.

Research by the International Longevity Centre (ILC-UK)* has shown that people who take advice increased their wealth by a staggering £47,000 over ten years. The study was carried out over a long time frame to get an extensive view of people's finances and measure the long-term impact.

Importantly, this research also helps break down a common misconception that advice is only for the wealthy. The study was carried out with two groups, those that considered themselves ‘affluent’ and those that considered themselves ‘just getting by’.

Those in the ‘just getting by’ group actually saw a greater positive impact from financial advice than the affluent group.

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Financial Advice can also create positive emotional benefits. Another study done by the ILC-UK** found that those who taken advice described themselves as having: 

• Improved financial literacy and capability through interactions with their financial adviser.
  
  
• Greater control of their financial future, including a sense of relief that their finances are being reviewed constantly by an expert.
  
  
• Greater reassurance, knowing that they’re ‘doing the right thing’ by consulting an expert.
  
  
• A boost in confidence, knowing that they have a clear, detailed plan of how they will achieve their long-term goals, particularly accessing their pension.