Establishing richer, successful, long-term relationships with clients means I’m able to understand their individual needs, helping them plan to achieve their short and longer term lifestyle financial goals.
The majority of individuals receiving professional financial advice across the nation have remained with the same adviser throughout. This was the finding of a new study1 by St. James’s Place (SJP), highlighting the power of longstanding advice relationships. The study found more than 62% have never switched their financial adviser, rising to 72% of those aged 35-54 and 74% of those aged 55 and over.
The Real Life Advice Report
The findings form part of SJP’s Real Life Advice Report which examines the relationship between a client and their financial adviser, and the impact this can have.
The study, which surveyed just under 12,000 individuals, found that the typical relationship with a financial adviser or advice firm lasts around 7 years, but this increases to over a decade for those aged 55 and over – with nearly a third (31%) of this generation having been with their adviser for 16 years or more.
The main reasons for adviser loyalty?
Trust, understanding and financial satisfaction are the main reasons for never switching financial adviser. Andy Payne, Head of the St. James’s Place Financial Advice Academy, explained:
© St James’s Place
“Financial advice is about much more than numbers on a page or graphs on a screen. It’s 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.”
Key findings
The Real Life Advice Report is SJP’s largest consumer survey into the impact of financial advice on people’s lives and our attitudes to receiving financial advice.
- Over 62% of those who receive regulated financial advice have had the same adviser since the start. This rises to nearly three quarters (74%) of those aged 55 and over.
- A typical relationship with a financial adviser lasts seven years; rising to a decade amongst the over-55s – with nearly 31% of this generation having been with their adviser for 16 years or more.
- 86% of those currently receiving advice from a professional financial adviser would recommend financial advice to family and friends.
- 1 in 3 (35%) said they stayed because they were happy with the advice and financial returns their current adviser had delivered (35%) and were confident their adviser understood their financial situation (34%).
- 86% of those currently receiving advice from a professional financial adviser would recommend getting advice to family and friends.
1 – Opinium surveyed just under 12,000 UK adults between May and August 2024. Quotas and post-weighting were applied to the sample to make the dataset representative of the UK adult population.