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.