A recent study* in Canada on the value of long term financial advice has revealed that clients who engaged with a Financial Advisor for between 4 and 6 years reported on average a 58% increase in wealth, while those who had been advised for between 7 and 14 years saw a 99% increase in their personal wealth. For clients that engaged with a Financial Advisor for 15 years or longer the increase in wealth rises to 173%.

*Source: Econometric Models on the Value of Advice of a Financial Advisor July 2012 Canada CIRANO.

A separate report** conducted in Ireland found that those who seek advice tended to be more prepared for a “rainy day” having set more aside in savings and investments (excluding pensions and property)  than those who have not sought financial advice.

Those who sought advice had an average of €37,300 set aside in savings and investments compared to €20,700 for those who did not seek advice.

**Source: The Value of Advice Ireland 2013 PIBA/Standard Life.

The same report conducted in Ireland stated that personal pension holders who consult their Financial Broker on a regular basis (at least once a year) had pension values 75% higher than those who did not consult their Broker regularly.

The average pension value for those who were regularly advised was €87,563 (excluding company contributions) compared to €49,819 for those who did not seek regular reviews.

Source: The Value of Advice Ireland 2013 PIBA/Standard Life.