Financial advice is often considered to be a luxury, taken up by those with sizeable wealth. However, research suggests that actively seeking financial advice can play a valuable role in increasing the assets of those that seek advice, regardless of their initial financial status¹. The study confirmed that those who received financial advice in the period 2001-2007 accumulated significantly more financial assets and pension wealth than their unadvised peers by 2012-2014, only some 5 to 13 years later. This increase, depending on individual circumstances, equated to over £40,000¹.
The number of people having received regulated financial advice is increasing, but in 2018 it was still only one in ten UK adults². So why do more people not take advice, especially when nine out of every ten people are satisfied with the advice they receive².
Is it the expectation of initial consultation fees or ongoing charges? Is there an element of trust which should play a key role in adviser-client relations?
Greaves West & Ayre is very aware of the importance of trust, having provided accountancy, tax and business advice to clients for over 100 years. We offer a free initial consultation offering clear, non-obligatory advice for anyone who may be reviewing their future finances. As for ongoing advisory charges, we offer a competitive framework of service levels – clients only pay for what they need, with total fees ranging from 1.20% of assets under management (AUM) to 2.00% per annum, depending on each client’s attitude to risk and ethical views.
A difference of over £40,000 in value between the investments of the advised versus the non-advised seems considerable. However, closer examination of some of our in-house fund offerings shows that this is hardly surprising. Our Balanced Portfolio has delivered an average of 8.67% gross return per annum for our clients over the last five years (inclusive of fund charges, but before adviser and product charges)³. This outperforms the market benchmark and the FTSE All Share Index over the same period.
As independent financial advisers we are not limited to a few products or providers. Instead we examine the whole of the market, bearing in mind your unique requirements – whether you are looking to secure a deposit for a first-time home; build a retirement fund or even pass on funds to grandchildren. That means you can have the utmost faith that when we say we believe something is the best option for you, we really mean it.
The UK financial services industry is now more regulated than ever before – meaning that there has probably never been a better time to get in touch with an adviser. Next time you think to yourself, why get financial advice? Answer yourself this, why not?
If you would like more information on Greaves West & Ayre’s wealth management services, or would simply like to talk to someone about how to ensure your financial wellbeing is best managed, please do come and have a chat with one of our qualified advisers.
Please be aware that your capital will be at risk when you invest, and that you may get back less than you invested. Greaves West & Ayre Wealth Management is a division of Greaves West & Ayre, a firm authorised and regulated by the Financial Conduct Authority for Investment Business (FRN 100825).
¹ International Longevity Centre – UK – Publications – The Value of Financial Advice – 13 June 2017
² FAMR 2018 Survey
³ Morningstar 01/11/2014 – 31/10/2019