The financial advice industry can be unpicked with the help of two questions:
- What do you seek financial advice for?
- Is this service worth paying an ongoing fee?
Every year, roughly 4m of us seek financial advice. In search of support for pension planning, inheritance management or investment savings, we turn to one of the UK’s 28,000 financial advisers, most of whom work in small, regional firms. And - after an initial consultation which captures a full picture of our finances - our portfolios are added to the estimated £300bn in assets currently being looked after by financial advisers.
For those pondering the value of financial advice, it is useful to know what the process entails.