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Clients prize advice process ‘peace of mind’ – research

by: Jenna Towler
  • 17/10/2012
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Most clients go to an adviser primarily for practical reasons but many value the emotional reassurance the process brings them, research from Standard Life has found.

A poll of 1,600 people who had used a professional financial adviser found financial confidence and security was the most desired outcome at 36%. This outweighed other concerns such as more wealth, 7%, greater income at 9%, or a bigger pension, 11%.

Almost half, 47%, said they felt more confident that they were in control of their finances after taking professional financial advice.

Stephen Ingledew, Standard Life managing director, customer and marketing, (pictured) said: “Our research has shown that the real value of financial advice lies in how it makes consumers feel.

“It’s clear for many people that reassurance and confidence are more important than more material considerations such as being demonstrably better off. In other words ‘peace of mind’ can be priceless.”

He said the cost of advice had been highlighted in the run up to the Retail Distribution Review (RDR) but the regulatory change would help more people recognise the value of professional advice.

“While many advisers have been moving away from product-based sales for some time to provide a holistic, long-term financial planning service, RDR will make this the industry standard as advisers will be required to clearly articulate their on-going services and client engagement.

“This can only be good news for the industry and the customer and we believe there will be a thriving advice profession in the post-RDR market for many years to come.”

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