Value of Advice

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What are the true benefits of seeking help from a regulated financial adviser?

Getting ‘value’ means receiving more than you put in. We’ve been exploring how this concept works in the world of financial advice, through our Value of Advice campaign.

Our latest research indicates that people are recognising the value of advice – but not always in the areas that could make the biggest difference to their lives. The research, carried out jointly by unbiased.co.uk and Metlife, shows a gap between the issues for which people tend to seek advice, and the ones that advisers consider most important. Although awareness of the value of advice is rising, especially among the younger generation, muddled priorities appear to be causing some financial blind spots.

For instance, people are most likely to seek advice on mortgages and life insurance, with retirement planning pushed into third place. However, advisers insist that retirement planning and at-retirement choices are the most crucial areas of all (mortgages and life insurance don’t even rank in their top five). Similarly, just one in 20 consumers has sought advice on inheritance tax, yet advisers consider this the most important area after retirement advice. This mismatch between priorities and potential benefits has opened up an ‘advice gap’ as people neglect the areas where advice can deliver the most value.

Missing out at the most important time?

The research also uncovers generational advice gaps.  Perhaps surprisingly, people in their 30s are the most likely to seek financial advice, while the least likely are those age 60 and over. Given the essential nature of retirement planning, this is a particularly alarming contrast.

Overall, 58 per cent of UK adults have never sought professional advice, but this figure looks set to reduce with the shifting attitudes among the young. People are waking up to the value of advice, not just in monetary terms but also for its role in bringing greater certainty, reducing stress and saving time.

To encourage more people to discover the value of advice, we have produced a new checklist. Use it to compare advisers and decide exactly what you’re looking for. 

Find a financial adviser near you, using our postcode search.