Professional Advice provides a £47,000 wealth uplift over a decade – ILC and Royal London joint study

If you received financial advice in 2004/06 you would, on average, have benefited to the tune of £47,700 by 2014/16 according to new research from Royal London and the International Longevity Centre.

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The study, which relied on an in-depth analysis of the Office for National Statistics (ONS) wealth and assets survey underlines the importance of an ongoing relationship over the long term with a financial adviser.

Another key finding was that professional financial advice can be even more effective for those with modest savings than it is for the more affluent.

Researchers found that people who had sought financial advice were more likely to invest in higher return assets, which also carry a higher risk, and that this accounts for some of the difference in overall assets at the end of a ten year period.

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