The Value of Financial Advice
In February 2016 Brokers Ireland in association with Standard Life published a research report on the Value of Professional Financial Advice. The results highlight that such advice benefits consumers in terms of better financial protection, higher savings and investments, better pension provisions and higher financial confidence.
The main findings of the report show that those who use a financial adviser are:
- more financially confident
- more knowledgeable about finances ,
- are 3 times more likely to own a pension,
- have more than double the value of savings and investments
The PIBA Financial Advice article surveyed the academic literature on the value of advice. The article found clear evidence of the impact of financial advice on wealth when adjusted for income, starting wealth and other factors. This impact of financial advice was greater the longer the consumer had received financial advice. This diagram is representative of the wealth increase gained by customers who had been advised for between 4 and 15+ years.