The benefits of financial advice

Published on April 28, 2021 by Andrew

At the Pension Planner, we firmly believe in the value of financial planning. By getting to know you and your aspirations for later life, we can put a plan in place that helps you achieve your goals.

Our team of experts work with clients at every stage of their retirement journeys, witnessing the value professional advice can add.

Quantifying that value hasn’t always been easy. Now, however, a report from the International Longevity Centre UK (ILC) in partnership with Royal London, has done just that.

It compares the financial benefits of those who seek advice, with those who don’t. It also looks at the added value of having an ongoing relationship with your adviser, something we at the Pension Planner take very seriously.

Keep reading to find out how financial advice could have economic benefits and improve your emotional wellbeing too.

The Pension Planner build long-term strategies through ongoing relationships

At the Pension Planner, we have long understood the benefits of building relationships with our clients.

You might think of your retirement goals and aspirations as definite – static and unchanging. But life events can alter your priorities and plans can change.

By understanding your financial situation now, plus where you hope to be in the future, we can build a robust and long-term plan to get you there.

Through regular reviews, we then give you the confidence that your plan is still on track, whatever life throws at you.

You could be better off by £47,000 over ten years

The ILC report found that over ten years, those that sought financial advice were, on average, £47,000 better off.

The survey measured its participants’ wealth in waves – consisting of two-year periods – since 2004. “Wealth” included amassed pension funds as well as other savings and investments such as ISAs, current accounts, and insurance policies.

Analysis of the most recent wave, from 2014 to 2016, showed the total value of financial advice stood at £47,706.

This was made up of an increase in financial assets of over £16,000 and additional pension wealth amounting to almost £31,000.

That is a significant sum and one that could make a massive difference to the lifestyle you can enjoy in retirement. The number is made even more impressive when you remember that the survey period includes the 2008 global financial crisis.

But the report didn’t stop at measuring the difference between receiving or not receiving advice.

It also found that building an ongoing relationship with your adviser could see you 50% better off compared to receiving advice only once.

Interestingly, the benefits of advice changed depending on household income, with the biggest boost felt by those “just getting by”, highlighting the impact professional advice can have regardless of salary and financial starting point.

There are also emotional benefits to receiving advice

The most recent iteration of the report also looked at the non-financial benefits of receiving financial advice.

At the outbreak of the coronavirus pandemic, the Office for National Statistics (ONS) confirmed that nearly half (49.6%) of over 16s in the UK reported “high” levels of anxiety – that’s more than 25 million people. The odds of reporting high anxiety were 1.7 times greater among those who felt pandemic-related financial struggles were affecting their pension.

According to the ILC report, financial advice could improve your mental wellbeing in three key areas:

  • Increased confidence in your financial plans
  • Feeling more in control of your finances
  • Providing peace of mind.

Research suggests that having regular contact with your adviser can increase your financial knowledge and understanding. This is especially true for pension planning and the importance of protection – those receiving advice are twice as likely to have valuable protection insurances in place.

Increased understanding can build confidence in your long-term plans and make you feel more in control of your finances. Couple this with an ongoing relationship with a trusted adviser and you’ll have peace of mind that you and your family’s future is looked after, whatever life brings.

Get in touch

At the Pension Planner, we have long understood the value that professional, independent financial advice can add. Not only can we help to make you financially better off, increasing your likelihood of achieving your dream retirement, but the confidence that comes from this knowledge can also improve your emotional wellbeing.

Whether your retirement is imminent or still some way off, we can help put a plan in place for you based on your aspirations. But the hard work doesn’t end at retirement.

The decumulation stage can be just as difficult, if not more so. If you are already retired get in touch and see how we can help you manage your pension withdrawals.

Email at or call 0800 0787 182.

Please note

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

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