SJP Real Life Advice Report
The Real Life Advice Report is our largest consumer survey into the impact of financial advice on people’s lives and our attitudes to receiving financial advice. The survey, conducted on our behalf by Opinium between May and August 2024, contains real life stories and the results of a survey conducted with just under 12,000 UK consumers.
The findings of this report will be released in six chapters, which will assess our current financial confidence, and crucially, how access to simple financial advice can prove invaluable to people's wellbeing.
Chapter 3: The advice relationship - available now
Over 62% of us have had the same financial adviser since we first sought advice or guidance – and 1 in 3 of those people cite the quality of the relationship as their main reason for staying. Trust, understanding and financial satisfaction are the key drivers of relationships between clients and their advisers.
Chapter 3 of our Real Life Advice Report: The Advice Relationship analyses the enduring power of the client-adviser relationship.
Key findings from Chapter 3:
- Over 62% of those who receive regulated financial advice have had the same adviser since the start. This rises to 74% amongst the over-55s.
- A typical relationship with a financial adviser lasts seven years; rising to a decade amongst the over-55s.
- Almost 1 in 3 (35%) cited their strong relationship with their adviser as their top reason for staying.
Complete this form to receive Chapters 1, 2 and 3 and register for the upcoming chapters of the report.
St. James’s Place Wealth Management is the data controller of any personal data you provide to us on this form and St. James’s Place Wealth Management has a legal obligation to comply with applicable data protection legislation.
Your rights and how to contact us
For further information on our uses of your personal data, and your rights in relation to your personal data, please see the Privacy Policy of St. James’s Place Wealth Management, which can be accessed at https://www.sjp.co.uk/site-services/privacy-policy.
Should you have any enquiries relating to the personal data that we may hold about you or how your personal data is processed, you can contact the St. James’s Place Data Protection Officer at [email protected].
Chapter 2: The advice journey
Chapter 2 of our Real Life Advice Report: The Advice Journey, reveals that almost half (48%) of those surveyed first took financial advice due to a major life event or milestone, such as getting married, buying a house or to cope with an unexpected challenge such as job loss or divorce.
Key findings from Chapter 2:
Almost half (48%) of those who have accessed advice or guidance did so due to a key moment such as buying a property or an unexpected change like divorce.
12% said a change in job status had triggered a need for financial advice or guidance.
18-34 year-olds are more likely than older generations to look for financial advice or guidance when dealing with complex issues.
Chapter 1: Why advice matters
Chapter 1 of our Real Life Advice Report, Why advice matters, reveals that 84% of those that take financial advice say it significantly improves both their mental and financial wellbeing. However, over half the population don’t believe financial advice is for them, nor realise how it can help.
Key findings from Chapter 1:
- A third (33%) don’t think advice is relevant to them, while others aren’t aware of its benefits or don’t believe it’s the right time to take advice (8% and 7% respectively)
- 24.6 million people have never accessed any kind of financial advice or guidance
- Among those who have received advice or guidance, 84% say they benefitted mentally or emotionally
- The findings reveal that financial advice can - and does - transform lives.
Opinium surveyed just under 12,000 UK adults nationwide in two polls between May and August 2024. Quotas and post-weighting were applied to the sample to make the dataset representative of the UK adult population. Quantative data referenced is sourced from the first poll which had a total sample of 7,995 respondents. Survey included those aged 18-34, n=1,940, aged 35-54, n=2,654 & aged 55 and over, n=3,401