Almost half of wealthy households in the UK do not use a financial adviser to manage their money, new research from Timeline has found.
According to the fintech provider, 49% of UK households with a net worth of over £500,000 manage their finances without professional advice, while 38% say they are “working on a plan.”
Just over one in 10 (12%) said they have no plan at all.
The research showed that a large number of individuals only consult an adviser for key life events, with retirement drawdown (43%), inheritance planning (42%) and sudden windfalls (38%) driving contact.
Yet, more than half (54%) admit they wish they had sought advice earlier.
Timeline said inflation anxiety was the top concern among those they surveyed, with rising living costs concerning 57% overall and 67% of those aged 20-39 years old.
Abraham Okusanya, founder and CEO of Timeline, said: “Too many people make life-changing money decisions alone. Our job is to give financial advisers technology that wipes out admin friction so they’re there exactly when consumers need guidance.”
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