Ferguson Dean’s Post

**Why Financial Advice Is Crucial, Now More Than Ever** Did you know that 24.6 million people in the UK have never taken financial advice? This staggering statistic comes from the latest SJP Real Life Advice Report. According to the report, a shocking 11 million people are deterred by perceived barriers. The consequences? Many miss out on the benefits that financial advice can bring to their mental, emotional, and financial wellbeing. Breaking down these barriers is essential. One-third of respondents believe their personal situation doesn't warrant financial advice. Yet, those who do seek advice experience significant improvements in their quality of life, financial resilience, and mental wellbeing. 84% of individuals who received financial guidance reported feeling better mentally or emotionally. The industry faces significant barriers without there being a potential of untapped clients who have not received the financial education to participate. Is this due to a sense of the industry being the preserve of the few? Or is it lack of awareness of availability of financial advice. Feel free to get in touch or visit www.fergusondean.co.uk to learn more about how professional financial advice can benefit you. #FinancialAdvice #UKFinance #Wellbeing

💡 The value of financial advice: new insights from SJP 💡 St. James's Place (SJP) has unveiled its largest consumer survey to date highlighting the impact of financial advice across the UK. Key findings: 💰24.6 million people in the UK have never sought financial advice or guidance. 🧠84% of those who have received advice report significant mental and emotional benefits. 🏠 65% note improvements in their quality of life, such as achieving major life goals like home ownership or savings growth. 👥 75% would recommend receiving financial advice, increasing to 86% for those receiving ongoing support. Despite these benefits, many still believe financial advice isn't for them with 33% of survey participants believing their finances are too simple to warrant professional help. Find out more about how financial advice can make a difference: https://shorturl.at/F4G70 #FinancialWellbeing #FinancialPlanning #WealthManagement 

What the Public Really Thinks About Financial Advice 🤔 A report named ‘State of Flux from Canada Life UK has provided some eye-opening insights of the general public’s approach to financial advisers, showing areas where we can better connect with those who feel hesitant to engage with our services. Key Findings ⤵ While 45% of UK adults have seen a financial adviser, a significant portion still hesitates: 👉 21% believe they don’t have enough wealth to seek advice. 👉 11% lack trust in financial advisers, highlighting an ongoing challenge in the industry. 👉 9% are apprehensive about pushy sales techniques. For Clients, the Value is Clear For those who engage with an adviser regularly, the benefits go far beyond simple advice. Clients value: 👉 The human connection—with 19% valuing access to someone who truly understands their financial journey. 👉 Peace of mind over financial decisions, cited by another 19%. 👉 Regulation and accountability matter too, with 18% feeling reassured by the regulated nature of our work. The report also revealed that 12% of consumers regret not seeking financial advice sooner, often only understanding its benefits later ⌛ 🤕 Moving Forward The data highlights an opportunity for advisers: to break down barriers and address lingering misconceptions about our role. Financial advice isn’t about wealth thresholds or sales tactics—it’s about trusted guidance, genuine understanding, and strategic planning for the future. For those who are uncertain, I encourage you to reach out—financial advice is about bringing clarity, confidence, and support to your financial journey. #FinancialAdvice #TrustAndTransparency #WealthManagement 

We believe in transparency, so you know exactly what to expect and how to be involved. Many new clients hesitate to seek financial advice because it can seem daunting. But, with us, you'll never have to worry about that. Our process is simple, but it's comprehensive. Here's a snapshot of what you can expect: 👉🏻 First, we get to know you and get a complete picture of your current situation 👉🏻 Next, we explore your short-term and long-term goals 👉🏻 Then, we dive into the specifics of your financial landscape 👉🏻 Finally, we assess your risk tolerance by discussing your investment preferences Along the way, we address any additional goals or challenges you may have. Whether it's moving to Europe, supporting a family member with a disability, or funding private education for your children. Our process is straightforward and comprehensive, designed to craft a plan tailored to your aspirations and set actionable steps to achieve them. Interested in finding out more about our approach? Start here 🔗 https://bit.ly/3Y0gRWw #financialfoundationsaustralia #financialplanning #financialwellness #moneymanagement

Comment WELLBEING and I'll send you my top tips on how to improve yours. Every person will have own version of what financial wellbeing means to them. Financial well being is defined as follows   “Being in a state of financial security that gives them choice in their career and the freedom to enjoy life – as well as the ability to provide for family and loved ones and feel secure in their financial future.” In the survey below people who said they experienced good financial wellbeing had following characteristics   * Control of month-to-month spending * Capacity to absorb financial shocks such as period without work * Confidence you are going to meet your goals * Choices to enjoy life * Clarity and security for those you leave behind   Source: The Consumer Financial Protection “Financial Well-being: The goal of financial education” 2015 Financial planning it the starting point for taking control of your finances and building a plan to give you confidence in the areas above This will lead to improved financial wellbeing

What type of financial plan are you offering your client? Is it a personal plan? Does the plan help your client achieve a life well lived? Or is the plan just a compliance plan ensuring you ticked all the boxes according to legislation? Here's another post from our CEO, Marius Van Der Merwe, who is currently doing research for his Masters degree on the topic of #financialwellbeing Visit his page and view his recent posts if you would like to follow the thinking and share in his journey. Like, share or leave your comments below

Financial Wellbeing Report highlights financial concerns of affluent https://lnkd.in/dr5KXSFf

24.6 million people in the UK have never accessed financial advice 😮 SJP’s Real Life Advice Report examines the UK's relationship with advice and found that 33% don’t think it’s relevant to them The perceived barriers that hold back more than half the population from seeking advice include: ‘it isn’t for people like me’ ‘it’s only for the very wealthy’ ‘or those in financial difficulty’ One third of respondents thought their personal finances were ‘too simple’ to benefit from advice However… For those who HAVE sought financial advice, the survey found: 84% say they have benefitted mentally or emotionally 65% say it has improved their quality of life 47% say it's enabled them to reach a specific life goal At Re:Source we’re passionate about working with Advisers to break down those perceived barriers and help close the advice gap 🙌 Source: Real Life Advice Report, SJP, Sep 2024

SJP's largest consumer survey, the Real Life Advice Report carried out by Opinium, examines the UK population's relationship with financial advice. At a glance 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.

The four cornerstones of financial wellbeing   How do your clients define financial wellbeing? This question has been answered through research conducted by, amongst others, the Consumer Financial Protection Bureau (CFPB). The CFPB is the financial regulator in the United States, the equivalent of the FSCA in South Africa.   They asked ordinary people from different spheres in life, levels of income and phases in life, in other words people like our clients, to describe what it means to experience financial wellbeing. Their answers can be categorised into four key emotions which I would like to describe as: experiencing a sense of financial control, having peace of mind, enjoyment of life and having hope for the future.   Knowing that they can maintain their current standard of living and that provision has been made for life events that could result in financial distress, provides a client with a sense of security. However, they also want to know that they can spend some money on experiencing life without guilt and that they are working towards achieving some dreams. This satisfies the need to have a sense of freedom.   Financial advice is often focused on providing security for some future life event like death, disability, or retirement, whereas what clients are telling us is that they want financial plans that are more personal, and which will help them experience a life well lived.