Demand for financial advice remains strong, particularly among younger and affluent consumers, despite the rise of digital investing platforms, social media and artificial intelligence.
The findings come from a report on financial advice demand commissioned by Quilter, which this week launched its new Value of Advice Report study.
Almost three in five consumers (57%) questioned for the report said they were likely to seek financial advice in future.
The strongest demand comes from younger, affluent consumers, with 84% of HENRYs (high earners, not rich yet) and 81% of people aged 18-44 saying they would consider taking advice in future.
Women are particularly receptive to receiving financial advice, according to the report, with 62% saying they were likely to seek advice compared with 54% of men.
Despite this openness, the research suggests many consumers do not fully understand the breadth of support advisers can provide.
While 76% recognise advisers can provide a financial plan and investment recommendations, 44% were unaware advisers can help avoid paying too much tax, while 60% are unaware advisers can help consolidate pensions.
The report also highlighted a number of areas where consumers view Financial Planning as important but lack confidence managing it themselves, including dealing with market volatility, managing tax on income and investment growth and deciding where to invest.
The findings also suggest growing demand for more flexible forms of support. Nearly half of consumers (49%) would consider a one-off financial review, while 40% would consider targeted support. Among HENRYs, openness rises to 56% for comprehensive advice, 51% for targeted support and 37% for a one-off ISA review.
Steve Gazard, chief distribution officer at Quilter, said: “The purpose of this research was to revisit the value of advice in a world that looks very different to the one we examined in 2018.
“Consumers today have access to more information than ever before, yet many still lack confidence in some of the most important financial decisions they face.
“What is particularly encouraging is the strength of demand we see among younger affluent consumers. HENRYs are among the groups most open to advice, despite often not seeing themselves as traditional advice clients.”
He added that the research also highlighted that many consumers underestimate the breadth of support advisers can provide.
“As consumers face more choices and more information, the real value of advice increasingly comes from helping people make better decisions, avoid costly mistakes and build confidence that they are on track to achieve their long-term goals.”
• The research was conducted by Boring Money among 2,002 UK adults, including non-advised savers and investors with £50,000+ in savings and investments, alongside qualitative focus groups with DIY investors and savers.
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