43% of savers and investors don’t know where to find advice

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We know that financial advice can change lives and help people achieve their goals. Yet, research from network Openwork found that more than two in five people don’t know how to access advice. It could mean they’re missing out on opportunities, taking too much risk, or worrying about their circumstances without support.

Despite technology making it easier than ever to search for businesses, some people are concerned about starting their financial advice journey online. Even with a rise in the number of robo-advisers, face-to-face contact is often preferred. Some 73% of survey respondents said they’d rather speak to a human financial adviser.

That’s understandable, to get the most out financial planning you need to share personal information and discuss your worries, aspirations, and long-term plans. A conversation about what you want to achieve is just as, if not more so, important as assessing assets.

In our experience, people considering financial advice will often speak to family, friends, or colleagues first. Referrals play an important role in ensuring financial advice is accessible.

A quarter of people could be missing out on pension boosts

The Openwork research highlights why financial advice is crucial, whether delivered on an ongoing basis or as a one-off.

One in four surveyed had said they’d not started saving for retirement yet. Worryingly among these, two out of five said they won’t start until they are aged 55 or older. When it comes to saving for retirement, starting early is key. As contributions are invested, compounding means money can grow at a quicker rate over the years. It means individuals have to contribute less to their pension to achieve the same goal overall.

The findings also highlight that many could be missing out. Most employees will now be automatically enrolled into a pension. Opting out of this means they miss out on both employer contributions and tax relief, effectively ‘free money’ that goes towards retirement. Pensions are an efficient way to save for later life.

A lack of planning is likely contributing to the fact that two-thirds don’t believe they will be able to retire by their target date and 20% fear they will be unable to afford to stop working.

Retirement planning is just one of the areas that financial planning can help with. With a focus on lifestyle goals, it can help families get more out of their money and give them the freedom to pursue aspirations.

Does financial advice really have a positive impact?

The short answer is ‘yes’.

Surveys show that financial planning can improve overall wellbeing. It can mean less stress and anxiety about financial affairs and an ability to focus on what’s most important in life. A report from Aegon shows that clients who take financial advice are more likely to:

  • Enjoy life because of the way they are managing money (34%) compared to those who don’t see a financial adviser (25%)
  • To agree they are doing everything to secure their financial future (49%) compared to just 37% of those who haven’t seen a financial adviser.

On the other hand, those who haven’t taken financial advice are more likely to worry that either their money won’t last, or that they couldn’t afford a major unexpected expense. Some can then become distracted at work due to financial concerns. Financial worry can affect wellbeing and health.

While financial returns are focused on when discussing advice, it’s the benefits it can bring to lifestyles that are typically of greater value to clients.

Of course, there’s a financial benefit too. Working with someone who can recommend the right products for their goals, or ways to take advantage of tax benefits, can deliver a monetary boost.

Research conducted by Royal London found, on average, those who received professional financial advice between 2001 and 2006 resulted in a total boost to wealth of £47,706 in 2014/16. What may surprise some is that those deemed ‘just getting by,’ rather than ‘affluent’, potentially benefit more.

Referring friends and family to our services

With many unsure of where to access financial advice, a recommendation can help secure the finances of family and friends. If you know someone who could benefit from our services, please pass on our details. We work with clients to create bespoke financial plans that help them take positive steps towards their goals.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

The value of your investment 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.

We aim to keep our clients up to date on interesting and relevant financial news.

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A client since 2011

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A client since 2010

I have always been completely useless regarding finance - thankfully our financial adviser is not! I've retired with far more than I ever expected and investments continue to grow safely. So - thank you!

Bernadette Jane Warner

A client since 2000

Very happy with the professional service I have received and feel a lot happier now with my finances put in order.

Martin Field

A client since 2011

Julie Cooper was recommended to me by a work colleague. She has been very helpful, professional and has explained everything well. I would definitely recommend her services to anyone else who are interested in a financial review.

Steven Rooke

A client since 2018

…Service has been first class.

Hugh Fells

A client since 2012

My face to face meetings with Rob Young and Jessica Lyons have always been very open and understandable. My questions have been answered clearly and I have left feeling that my financial matters are in good hands.

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A client since 2000

[A] safe pair of hands in a complex financial world.

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A client since 2003

A reliable company with good communication skills and good knowledge of the financial markets.

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A client since 2014

Maureen Pembridge is a long-time trusted advisor to our family. The market might fluctuate but her attention to detail is consistent.

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A client since 2000

I am pleased to recommend Julie as a trustworthy financial advisor. She explains financial jargon in plain language, and always listens carefully to my particular financial needs and has helped me make the best of my savings.

Carolann Samuels

A client since 2010

I have always been satisfied with the way that Black Swan has handled my account. And I have always found the staff very helpful whenever I need to call the office.

Robert Anthony Matthews

A client since 2012

An excellent personal service from a person I know and trust.

Michael Dalton

A client since 2010

I am getting a very good services from Black Swan, they have got my investments sorted out which was in a bit of a mess.

Roy Jakens

A client since 2012

A good, efficient team providing clear ideas to shape a winning strategy.

Adrian Michael Levenstein

A client since 2011

Black Swan is a company to be trusted, with friendly staff and professional advisors.

David Brian Jennings

A client since 2017

I have been with Black Swan for many years. I have never wished to change anything. They give a good straight forward service.

Martin Barrett Brooks

A client since 2010

Andy Peters has been invaluable in firstly combining several pension pots and then giving excellent investment advice. It has given us a great deal of comfort to know that our financial affairs are in such good hands.

James Guillum Scott

A client since 2014

I find my financial advisor easy to talk to and feel that she understands my lifestyle. She is always available for help when I need her and explains in words that I can understand.

Margaret Ena Glasgow

A client since 2000

Andy is a first rate Director, excellent communicator and leader.

Ross Perry

A client since

Black Swan Financial Planning and Andrew in particular, are very clever at working out how risk averse we are, and coming up with solutions that we feel comfortable with. We are happy in the knowledge that we can continue to enjoy a comfortable retirement. Andrew Peters is a very, very friendly person who is great to chat to and easy to deal with. He explains things very clearly in layman’s terms, and if we still don’t understand, he explains it until we do!

Alan & Jane Dyer

Clients since 2012

We have always found Rob [Young] to be very approachable and knowledgeable. We have every confidence in the advice given and feel comfortable with the decisions we’ve made. There are certain opportunities that we wouldn’t have known about if Rob hadn’t brought them to light, which makes the advice good value for money as far as we’re concerned.

Peter & Pauline O’Halloran

Clients since 2013

Rob [Young] is extremely knowledgeable. I knew nothing about the different types of trusts which will not only secure my income in retirement, but also leave a legacy for my children. I’m glad that I sought his advice when I did.

Sarah Wilson

A client since 2015

I am extremely happy with the service afforded to me by the company and my adviser Julie Cooper.

Geoff Coxell

A client since 2010

My wife and myself have been dealing with Black Swan for a number of years. We have met with different representatives from the company over the years and have found all very helpful in their own way. We met with James [Anderson] a few years ago and found him very helpful and knowledgeable. He keeps in contact with us on a regular basis. We find the Company information very helpful and we feel very secure with our finances.

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A client since 2015

I have always found my adviser to be easy to contact, very professional in his approach, yet friendly and understanding. I have a sense of an experienced company behind him, really on the ball financially and with good standards.

B McBean

A client since 2011

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