Nearly two-thirds of customers stick with first financial advisor, report finds

Alex Sword

Editor

The Financial Services Forum

Sixty-two percent of customers who receive regulated financial advice have used the same advisor since they first started receiving advice, according to a survey by St. James’s Place.

The Real Life Advice Report, which surveyed around 12,000 UK adults, also found that 35% said they had stayed because they were happy with the advice and financial returns their current advisor had delivered.

The average professional advice relationship lasts seven years, the report found. Loyalty and satisfaction increased among older generations, with around 31% of over-55s having been with their advisor for 16 years or more.

Three quarters of those receiving advice said they would recommend it to family and friends, with the figure rising to 86% of those in the older age group. Advice had helped 13% with getting on the property ladder or with difficult periods such as divorce or bereavement.

“Financial advice is about much more than numbers on a page or graphs on a screen,” says Andy Payne, Head of the St. James’s Place Financial Adviser Academy. “It’s the relationship that drives this impact.”

“Financial advice is about building deep, meaningful relationships, and as our research shows, these can last many years and span generations. Whether you’re navigating the early stages of wealth creation, planning for retirement, or managing an unexpected life change, having a trusted adviser by your side can make all the difference.”

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