A recent study from the Financial Services Compensation Scheme (FSCS)1 has shone the spotlight on the financial ‘advice gap.’
The FSCS data highlights that nearly two-thirds of adults in the UK with savings, investments or a mortgage have not sought regulated financial advice in the last five years. FSCS Chief Executive Caroline Rainbird warned that the financial advice gap is a concern as it places people “at greater risk of making poor decisions about their money” by leaving them open to scammers who “prey on people’s fears and exploit any gaps in their financial knowledge.” This highlights the key role we can play in helping clients take control of their finances, providing clarity and working towards ensuring they avoid taking any undue risks or make costly mistakes with their money.
Advice for everyone
Another finding from the FSCS study showed that over half of all adults with a financial product believe professional advice is just for the wealthy. Clearly a commonly held misconception, the reality is that everyone can benefit from expert advice, not just wealthy individuals.
Building a relationship
Developing a strong and enduring relationship by holding regular reviews builds in the flexibility for carefully constructed financial plans to be adapted when life events inevitably bring change. We’re here to help add clarity to your financial decision making as you progress through life’s exhilarating journey.
1FSCS, 2023
It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.