The majority of advised clients have remained with the same adviser throughout, a new survey from St James’s Place has found.
More than three-fifths (62%) have never switched their adviser, rising to 72% among 35-54 year olds and 74% of over-55s.
According to SJP’s Real Life Advice Report, the typical relationship with an adviser lasts around 7 years, but this increases to over a decade for those aged 55 and over, with nearly a third (31%) of this cohort having been with their adviser for 16 years or more.
The biggest driver behind choosing to remain with their adviser is trusting them, with 39% citing this reason. Being happy with the advice and financial returns was the second biggest reason (35%), followed by their adviser understanding their financial situation (34%) and having a good relationship with their adviser (33%).
A similar proportion (29%) said their adviser understands their long-term goals, while a fifth (21%) said their adviser looks after both them and their family and 18% said they had remained with their adviser because they helped them through big life stages.
Andy Payne, head of St. James’s Place Financial Advice Academy, said: “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.”
The survey also explored the benefits of ongoing financial advice, with a third (32%) saying it has helped them to save more for retirement and a fifth (22%) saying it has ensured they have adequate protection in place if they need it.
Additionally, 13% said advice had helped them getting on the property ladder, while 19% have been able to pass on money to their children or loved ones and 11% have been able to provide financial support to elderly family members.
As a result, 86% of those currently receiving advice said they recommend seeking advice to family and friends.
Payne added: “These goals, moments and milestones may be common to many throughout their lives, but the specific circumstances will always be unique. Having support from an expert financial adviser, with not just the technical expertise but the empathy to deploy it sensitively and with their clients’ needs in mind, can be the difference between a hope dashed and a dream realised.”
