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The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018. White Paper November 2017


The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

Contents Foreword............................................................................. 4 Impacting Financial Futures........................................5 Highlights.............................................................................6 Education, Engagement and Endorsement.........7 Retirement Planning........................................................8 Retirement Age.................................................................9 At Retirement...................................................................10 Savings and Investments............................................. 11 Reviewing Performance.............................................. 12 Engaging a Financial Adviser................................... 13 An Adviser’s View.......................................................... 14 Angela Murfitt.................................................................................... 14 Peter Savage........................................................................................15

Key Themes....................................................................... 16 Education.............................................................................................. 16 Engagement.........................................................................................17 Endorsement...................................................................................... 18

Backdrop to the Marketplace................................... 19 Themes for 2018............................................................20 Why Use Fairstone......................................................... 21

SOURCE ICM Worker’s Life Planning Survey, 2003 respondents, nationally representative survey, 24th-26th September 2010 On behalf of Fairstone Group, Ipsos MORI interviewed 2,200 adults aged 16-75 in Great Britain using i:omnibus, Ipsos MORI’s online omnibus. Interviewing took place between 17th-21st February, with fieldwork quotas set on age, gender region. The sample was further balanced according to social grade and working status, with the sample data weighted to known population profiles.

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The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

Foreword Over the last decade, there has been plenty of negative publicity about the economy, and that makes it easy to believe that there are many things, like a comfortable retirement, that are no longer affordable. However, Fairstone’s research shows that the hard work that millions of Britons have done over their working lives has paid off - people between the ages of 50 and 70 are sitting on a trillion pounds of liquid assets. Younger generations have more access to work-based pensions than ever before. The question is, will all this activity translate into a better standard of living for older people? If families don’t have a financial plan, they will end up missing opportunities to turn their wealth into a stable, secure income that can see them through retirement in comfort. So we have a job to do to persuade people of the benefits of making a plan and getting help with managing their finances, and we have to do this at a time when public trust is in short supply in any walk of life. This paper takes a big step towards achieving this - making a clear, evidence-based case for the benefits of advice and listening carefully to what consumers are telling us about the barriers they face when planning for the future. In this way, it’s a blueprint for better news in the years ahead. Dr Matthew Connell Director, Policy and Public Relations Chartered Insurance Institute (CII)

Chartered Insurance Institute Standards. Professionalism. Trust.

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The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

Impacting Financial Futures The financial advice industry has always been dynamic. New regulations and an ever-changing landscape mean a richer, deeper understanding of the marketplace and customers is crucial if we are to keep our clients at the centre of everything we do. At Fairstone we are always striving to be ahead of the market and to offer innovative solutions for our clients. With this in mind, we commissioned a wide-ranging independent survey to throw light on the changing attitudes towards investing, retirement and financial planning. We surveyed 2,000 consumers across the UK in 2010 and repeated the activity in 2017 to establish how attitudes have changed over the last seven years. The results of the survey were surprising and it is extremely worrying to see that the level of financial engagement amongst a representative portion of the population seems to have deteriorated. Despite the headlines and promotion of automatic enrolment and pension freedoms it is staggering to see that more than half of the people we surveyed did not have a retirement plan in place. In addition, in such a volatile political environment and with markets still so uncertain it is disappointing that respondents were reviewing their savings and investments less frequently than in our original survey. We understand that pensions are a complex area of savings, but we would urge people to seek advice and not ignore such an important part of planning for retirement.

Lee Hartley, CEO, Fairstone Group The opinions expressed are those of Fairstone Group and the information contained herein should not be taken as financial advice and should not be relied upon by any other persons. Fairstone Group incorporates Fairstone Financial Management which is authorised and regulated by the Financial Conduct Authority – FRN: 475973 Registered in England. Company No: 05574120.

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% 52 % 52 Highlights % 52% 52 % 23 % 23 % 23% 23 % 24 % 24 % 24% 24 10% % 10 % 10 The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

of respondents currently do not have a retirement plan in place compared with 37% in 2010

of respondents currently do not have a retirement plan in place compared with 37% in 2010

of respondents currently do not have a Almost retirement plan inofplace a quarter respondants

with 37% in 2010 ofcompared respondents currently do not have a retirement plan in place Almost a quarter respondants compared with 37% in of 2010 had no savings or investments at all Almost a quarter of respondants

had no savings or investments at all Almost a quarter of respondants had no savings or investments at all

had no savings or investments at all of respondents had a pension in place which would provide all the income required down 9% on 2010 of respondents had a pension in place which would provide all the income required down 9% on 2010 of respondents had a pension in place which would provide all the income required

downhad 9% on 2010 in place of respondents a pension which would provide all the income required down 9% on 2010REDUCTION in those that have engaged a financial adviser over the last seven years REDUCTION in those that have engaged a financial adviser over the last seven years REDUCTION www.fairstone.co.uk | insights@fairstone.co.uk in those that have

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The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

Education, Engagement and Endorsement. In 2010 Fairstone surveyed 2,000 UK consumers to establish attitudes towards investing, retirement and financial planning. We repeated the survey in 2017 to understand how attitudes have changed over the last seven years. What is clear is that people are less informed about how they can impact their financial future and as a result are engaging less with their finances and with financial advisers. It is surprising that there are still a staggering percentage of respondents who are not saving or have no savings at all. As we expected to see, it is the older participants that tend to have savings. There is evidence to suggest that of those that do save, they have a low engagement/interest in their savings and don’t regularly review them or seek to check costs and value for money. Of those that do, they appear cost conscious. The survey has highlighted that only a small percentage of respondants seek independent financial advice, favouring instead to seek help from friends and family or search for information published on the internet. The main driver for this decision appears to be the cost of advice and trust in the advice source. It is astonishing that we have recently seen the biggest change in history regarding pensions and the freedom of choice from retirement options, yet a large proportion of the population indicate they have no knowledge of this whatsoever. Interestingly though, of those aged 55 plus who could now access their pension, only 27% have done so, and significantly, only a minority have stripped out their whole fund. One quarter of self-employed people say they expect to never retire and worryingly over half of respondents say they have no retirement plan at all. Unsurprisingly with retirement being closer for them, the “baby boomer” 55 plus age range seem to be more focused on having a plan, whilst those “millennials” and “generation x” categories appear to have little interest in making a retirement plan. From the research, it is easy to conclude that consumers still have little motivation to engage with their finances and despite major changes in how pensions can be taken, the introduction of automatic enrolment and the continuing period of historically low interest rates, the level of education and engagement amongst consumers is still not anywhere near where it needs to be.

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The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

Retirement Planning In our 2010 survey, respondents were asked whether they had a retirement plan which would provide all the income they would need when they stopped work. At that time, 33% believed they had adequate retirement provision to meet their income needs; 21% had a retirement plan but it would not provide all the income required whilst 37% had no retirement plan at all. The 2017 survey revealed that a worrying 52% of respondents have no retirement plan in place. The latest survey also highlights that 24% of respondents had a pension which would provide all the income required, down 9% on 2010, and 11% of those with a retirement plan do not believe it will produce sufficient retirement income.

52%

of respondents have no retirement plan in place

82%

of respondents now have a company workplace pension

24%

of respondents had a pension which would provide all the income required, down 9% on 2010

Despite this, 82% of respondents now have a company workplace pension. This can largely be attributed to the introduction of automatic enrolment. This scheme requires all employers across the UK, regardless of size, to put certain staff into a pension scheme and pay into it. Since its official launch in October 2012, more than 7.5 million people have been automatically enrolled into a workplace pension scheme. This number will continue to rise as small and micro employers gear up to comply with their 2018 staging date. Interestingly, there is little difference between the number of men and women saving towards retirement, however of those asked, 6% more male respondents had a SIPP compared to the female respondents. The survey indicates that a quarter of respondents are looking to retire prior to state retirement age and yet the statistics show that more than half of all respondents have no retirement plan in place. This seems to be at odds and perhaps indicates that there is some over reliance on the provisions that they may have already made as well as dependence on a State pensions to support their needs. There is clearly a gap between reality and aspiration.

The number of people planning for the future is going down and 52% of respondents have no retirement plan in place. Automatic enrolment has encouraged 7.5 million people to opt-in to a workplace pension but with only 24% of respondents believing they have a pension that will provide all the income they need; will a workplace pension be enough?

52% don’t have a plan in place but 82% have a workplace pension showing a disconnect and the need for more education around what constitutes a retirement plan. 19% of people would only look to retire when they could access their state pension showing an over reliance on what the Government will provide.

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The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

Retirement Age The 2017 survey shows that when it comes to retirement age, only six people thought they would retire before age 50 with 25% of people looking to retire between the age of 50 and 65. 18% believed it would be between 66-70 years old and 14% between 61-65 years old.

25% 19%

of people looking to retire between the age of 50 and 65

26%

of people would only look to retire once they could claim a state pension

Perhaps as a reflection of fewer people admitting to having a retirement plan in place, 19% of people would only look to retire once they could claim a state pension and worryingly 26%, over one quarter of respondents, did not have a clear idea of when they would retire.

Perhaps because of fewer people having a retirement plan in place, 26% of respondents have no idea when they will retire.

over one quarter of respondents, did not have a clear idea when they would retire.

This could be because they choose not to think about it or because, time wise, retirement isn’t imminent. Retirement can often seem a long way off, however, the earlier people start to plan, the less expensive this can be or the easier the objectives can be achieved. We need to be encouraging people from a young age to plan for their future. And for those who think they are too old to try, saving at any age can be the difference between survival income and enjoying retirement.

The statistics show a short-term attitude to retirement age as for many it seems a long way off and is something to plan for later in life.

The earlier you start planning the more likely it is that you will achieve your financial goals.

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The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

At Retirement Perhaps unsurprisingly, the survey shows an increase in awareness around pensions as respondents get closer to retirement age. As an example, 70% of 55-75 year olds had heard of an annuity compared to only 35% of 25-34 year olds. What is of greater concern is that when asked to identify seven common pension terms, including income drawdown and defined benefit, 30% claimed to have heard of none of the terms. 84% had never heard the term “2015 pension freedoms�, despite the campaigns around this huge change to how pensions can be accessed.

We believe that this could be due to longstanding attitudes towards retirement. Arguably, people are sticking to their long-term pension plans, choosing not to withdraw their pension funds to spend as they invested in a pension to provide an income in retirement and that remains their intention.

When it comes to pension freedoms, 70% of people haven’t used the opportunity to take a lump sum pension payment and of those that have, only 16% have used it for its intended purpose, to fund early retirement.

You said that you have taken out some or all of your pension as a lump sum, what are you using the money for?

Which, if any, of these terms, which relate to pensions, have you heard of before today? 50%

20%

Pass on Money

Extra Income

Pay off Mortgage

Early Retirement

Debt

Holiday

Terms

New Car

Home improvements

% of respondents

Any Terms

Defined benefit

Encashment

Defined contribution

Income drawdown

2015 pension freedoms

Annuity

% of respondents

25%

10%

Money being used for

It is arguable that we are yet to see the effects of the implementation of the pension reforms of 2015.

The research shows that over 70% of people have not chosen to access their pension early, preferring to stick to their original plan and use their pension pot to fund their retirement.

Of the 30% that have chosen to access their funds, 56% of withdrawals were used to fund lifestyle expenses, such as a new car or a holiday, as opposed to funding their retirement.

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The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

Savings and Investments Currently, of the vast majority of savings nationwide, 66%, are held in cash savings accounts (including ISAs) with 31% in a private or company workplace pension and 15% held in equities or shares. Looking deeper into the figures, whilst women were slightly more likely to have cash savings (67% vs 64%), men were more likely to have a private or company pension (36% vs 26%) and are more likely to invest in shares (19% vs 11%). Almost a quarter of respondents, 23%, had no savings or investments at all. Launched in April 2017, a Lifetime ISA (LISA) lets those under 40 save tax-free for either a property or retirement. The crucial difference to standard ISAs is that savers also get an annual government bonus equal to 25% of savings which is payable until the saver reaches 50.

In spite of considerable attention on the new Lifetime ISA only 13% of respondents said they were very likely to take one out and 28% were fairly likely to do so. 42% were either not very likely or not at all likely to use one, perhaps reflecting the lack of clear guidelines over the sale of such products. Those with higher education qualifications were more likely to take out a Lifetime ISA, with 51% responding positively. The large percentage of cash savings could be a reflection of political elections globally and the trust people place in cash during times of uncertainty.

Lifetime ISA only

75%

of respondents have savings or investments - however the number taking time to review their savings and investments was 48%, down 9% on the 2010 result.

13%

of respondents said they were very likely to take one out

66%

of respondents hold cash savings in 2017

Fewer people are reviewing their savings and investments compared to 2010 suggesting a short-term attitude amongst respondents.

- and-

28% were fairly likely to do so.

66% of respondents have cash savings implying that fewer people are looking at the longer term, preferring easy access cash to tied-in investments.

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The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

Reviewing Performance

Savings and Investments

Mortgages and Protection

In the latest survey, fewer respondents had reviewed the performance or cost of their investments or savings in the past 12 months compared with 2010. Of those, 23% chose to review these themselves rather than using the services of a financial adviser (just 9%).

Interestingly since 2010, there has been a 40% increase in the amount of people that annually reviewed their life and health insurance policies, with a view to saving money.

23%

of respondents chose to review their investments themselves rather than using the services of a financial adviser

Startlingly, in the context of an uncertain political climate and volatile markets, 49% of respondents had not reviewed their portfolios in any way. 41% of respondents were aware of tax efficient savings and investments, a 28% increase on 2010. Despite the rise in awareness, a huge 59% of those asked were not aware of the options available to them, reflecting the general lack of engagement between consumers and their finances. Consumers need to be made aware of what is on offer, how it can benefit them and how they can access the best solutions for their individual circumstances.

59% of people have made no attempt to review the performance of their savings and investments over the last year showing a lack of engagement from respondents.

40%

increase in the amount of people that annually reviewed their life and health insurance policies

This attitude extends to mortgages with a significant rise from 39% to 66% in those who are aware of how their mortgage rates compare to the best in the market. This could be a reflection of stricter affordability criteria and more detailed application processes combined with competition amongst providers meaning people are looking at this more closely.

66%

rise from 39% in those who are aware of how their mortgage rates compare to the best in the market.

In contrast, 40% more people have reviewed their life and health insurance policies, reiterating the short-term attitude we have seen elsewhere with respondents looking for quick wins rather than looking at the bigger picture.

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The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

Engaging a Financial Adviser Over the last seven years there has been a 10% decrease in respondents that have used a financial adviser to review their personal finances. 23% of those asked chose to personally review their pension while an alarming 28% of respondents didn’t know where to look to seek financial advice. Those living in the South East were 38% more likely than the national average to use recommendations from third parties such as Which, indicating a more informed and engaged audience in this area.

Worryingly, when it comes to planning for retirement, 19% of people trust the advice of family and friends above everything else, including professional advice.

Perhaps as a result of the Retail Distribution Review (RDR) and the subsequent increase in transparency around costs and fees, cost was seen as the most important factor when choosing an IFA, closely followed by trust and recommendations.

28%

of respondents didn’t know where to look to seek financial advice

If you were considering using/are using the services of an Independent Financial Adviser-IFA to help you make retirement choices, which of the following would most influence your decision? Please select the most important.

Don’t know

Well known brand

Locality of IFA

Type of pension

Previous experience with an IFA

Which etc

Reviews

Personal knowledge

Recommendation from f&f

Reputation

Trust

Cost

% of respondents

40%

Influences for using and IFA

As people are engaging less with their finances they are simultaneously engaging less with professional financial advisers.

10% fewer people engaged with an IFA in 2017 compared to the original survey.

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The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

The Adviser’s View The percentage of respondents who engaged with a financial adviser to review their financial position in the last year is at a staggeringly low level. To see this reduced by 10% over the seven-year period between surveys from 10% to 9% is incredibly worrying. More respondents reviewed their own finances at 23% but collectively and the most concerning statistic shows that 49% did neither. Financial plans are perishable and need to be reviewed regularly to ensure that they remain suitable for the intended purpose. Plans often need to be adapted to meet changes in objectives or new circumstances and to rebalance funds to ensure risks remain under control and within the boundaries originally decided upon. It is a foolish notion to expect to set out on a course and never check on progress but to later arrive at that destination and find things have gone as planned. The danger here is that, when things don’t go to plan, the years have passed and there is no time to make amends, so the only option is compromise. Compromise may mean future financial insecurity, living life on lower income and not having the financial capacity to enjoy life but merely survive it. As advisers, we need to take time to really understand this lack of interest in respondents’ willingness to engage with their finances and look at how we can raise awareness around the importance of financial advice. It is interesting that since the costs structures of the financial world have become more transparent (which in many cases has resulted in a squeeze and downward pressure on the price of advice services) the level of engagement has gone down. This could be because the cost of advice is now made clear at the outset whereas previously, adviser fees were linked to commissions from providers and any costs were bundled in with the product so that it wasn’t easy to identify the specific cost for the advice. Now that we agree remuneration separately at the outset, clients can sometimes be shocked by the cost of advice, as historically they may not have paid much attention to the level of fees/commissions involved. As a profession, financial advisers should be doing more to demonstrate how we can add value over and above the cost involved in engaging with us. We need to be able to show that costs are fair and add value and therefore are worth paying for. Cost can’t be the only factor for this downturn in engagement with the financial services profession. Interestingly, the survey highlights that upon retirement 28% of people didn’t know if they would seek financial advice. 19% would rely on the guidance of family and friends, while 12% would look to a Government source of information as their first port of call for advice. This shows that as an industry we need to do more to raise awareness among consumers around the role of the financial adviser and the impact their support can have.

Angela Murfitt Chartered Financial Planner angela.murfitt@fairstone.co.uk Angela has worked in Financial Services for over 28 years. She began her career working for Norwich Union in an administrative role, later running and managing a team of support staff in corporate pension administration. In 1996 she took her first advisory role joining a local firm of independent financial advisers where she developed her specialisms of complex pension work, investments, estate planning and trust work. She continues to work with many of those original clients to this day. She is a Chartered Financial Planner as well as a Chartered Member of the Chartered Institute for Securities and Investment. She has worked with a local college running courses in financial planning as well as the Chartered Insurance Institute, the Institute of Financial Services and the Institute of Financial Planning in training roles and as an assistant examiner helping others achieve their qualifications and improve their knowledge.

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The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

The Adviser’s View 52% of respondents currently do not have a retirement plan in place compared with 37% without a plan in 2010. You may ask how is this possible given the recent introduction of automatic enrolment workplace pensions. If we look at the ‘at retirement’ financial landscape over the last seven years, there has been an increase in activity within this market due to the baby boomer generation reaching retirement age. These people represent the majority of the saved wealth within the UK and as they move into retirement, the statistic shows the generation behind do not have sufficient plans in place. It is estimated that there is an average of £400 billion to be passed from grandparents to the younger generation over the next 10 years. Which suggests there has never been a greater need for financial advice. Some people may argue that is it more difficult now to save given the difference in house price inflation over the last 30 years compared to the rate at which wages have increased over the same period. I feel there are other factors to this ‘advice gap’ such as the avenues to enable financial advice to the mass market through an affordable and profitable channel. We need to be able to engage this market so that as financial planners, we can help create the wealth needed. Otherwise, we are creating a generation that cannot afford to retire. The survey results also show that fewer consumers had reviewed the cost or performance of their financial investments over 12 months in 2017 than 2010. It seems likely that at some point the majority of these individuals received financial advice otherwise they would not have been in a position to build up or make an investment. What is most interesting is that somewhere along the line, these individuals have stopped engaging with an adviser. The question is why? There are certainly fewer avenues to engage with financial advice in 2017 than in 2010. One of the largest avenues to consumers was advice provided by their bank which along with life companies before them, offered financial advice and financial products to their consumers. Since 2010, due to either cost, regulation or the banning of commissions, these avenues have closed down. Now that this easy access to advice has disappeared, unsurprisingly the level of people engaging with a financial adviser has reduced over the last seven years. As financial planners, we need to be able to market our services better. We need to be able to show how we add value to our clients and the tremendous job we do looking after our existing clients. I truly believe that all investors need on-going advice. As I say to my clients, your money is too hard earned to be ignored.

Peter Savage Chartered Financial Planner peter.savage@fairstoneni.co.uk Peter Savage is a Chartered Financial Planner and has been awarded the Chartered MCSI qualification through the Chartered Institute for Securities & Investment Institute. Peter is a business principal at Fairstone Financial Management NI (previously First Financial Management), the business that he set up with colleague, Sean Larkin in 2007. He started work in financial services in 1998 when he worked for Standard Life, primarily within their group pension department. Peter then took up a post with Barclays within their Wealth Management division, based in London before moving to Belfast. Peter works predominantly within the investment planning and pre and post-retirement planning division and also advises the firm’s corporate clients on their employee benefit and group pension requirements.

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The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

Key Themes Education It is clear throughout the white paper that as a profession, we need to work harder to educate our audience on their financial position, their options and the importance of financial advice. The results of the survey showed that:

Respondents didn’t fully understand a lot of the terminology commonly used to describe pensions. As individuals now have more freedom over how they access their pension pots, this understanding is paramount.

There was limited understanding of where to seek financial advice, especially on retirement. We need to show the value of financial planning and highlight the importance of starting to plan early.

Cash savings remain popular, perhaps showing that other saving and investment options are deemed too complicated. We need to look at how we demystify investments.

49% of respondents had not reviewed their portfolios in any way over the last 12 months, we need to educate the public on why it is so important to review their savings and investments.

The advice of family and friends was valued as higher than that of an IFA highlighting the need to raise awareness of the importance of professional financial advice and how we can add value.

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The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

Key Themes Engagement Despite the huge automatic enrolement and pension freedoms campaigns of recent years, our survey shows increased apathy over the seven-year period and an overall short-term attitude to financial planning. The results of the survey showed that:

The number of respondents taking the time to review their savings and investments is down 9% on the previous survey.

82% now have a workplace pension, yet 52% of people do not have a retirement plan in place, this indicates a lack of engagement and arguably respondents presume that their workplace pension will cover their retirement income and so haven’t looked at the bigger picture.

Savings tend to be in cash (66%) which is very much a short-term solution.

Over a quarter of people have no idea when they might retire. This could indicate a lack of engagement as to many, retirement seems like a long way off and with rising house prices and inflation, people are more preoccupied with managing their money to deal with the immediate future.

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The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

Key Themes Endorsement Even though the need for financial advice is growing, fewer respondents were seeking financial advice than in 2010. Of those that did seek an adviser, endorsement in the form of reviews and recommendations was paramount. The survey showed that:

There was a 10% reduction in respondents that had used a financial adviser over the seven-year period. This is worrying and perhaps explains why fewer people feel confident that they have a secure retirement plan in place.

The results also indicate a short-term attitude to accessing advice as when asked what would influence a decision to use an IFA, 25% of respondents chose cost as the overriding factor showing that immediate fees are more important than the longer-term objectives of effectively managing their portfolios.

Trust, reputation and recommendations from family friends were all seen as almost equal to cost and all were seen as almost twice as important as locality, brand and type of pension, showing the power and importance of endorsements.

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The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

Backdrop to the Marketplace Our research shows that there has never been a greater need for financial advice. UK consumers aged 50-70 have £1 trillion of liquid investable assets, yet our research shows, they don’t have a plan in place to manage their money

New pension legislation has effectively doubled the period of time that financial advice is needed, yet fewer people are engaging an adviser

£400 billion to be passed from grandparents to the younger generation over the next 10 years

New Inheritence tax legislation has the potential to cause an IHT Waterfall as this £400 billion hits the IHT threshold.

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The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

Themes for 2018 Brexit Political instability across the globe will continue to affect stock markets as fund managers remain defensive.

Sterling Value

In 2017, sterling’s value versus other major currencies fell to its lowest level since the 1960s, how will it fare in 2018?

Rising Inflation Inflation hit a four year high in 2017, where will it go in 2018?

Household Income Levels of real household disposable income have fallen drastically as consumer credit usage rises. What impact will this have in 2018?

The USA 2017 was a shock year for US politics, will we see the impact of President Trump in 2018?

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The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018

Why use Fairstone Seeking professional advice can have long term benefits and can open up choices and opportunities that you perhaps hadn’t even considered.

You don’t need to be a higher earner or super wealthy to benefit from expert advice, Fairstone advisers are completely independent and can help you whatever your personal circumstances.

Fairstone incorporates Fairstone Financial Management and Fairstone Financial Management (City), which make up one of the UK’s largest Chartered financial planning firms

Our team of 300 professional financial advisers stretches across the country and as we are completely independent, we aren’t tied into to any specific products or providers, meaning we can offer you the very best advice and products that are tailored just for you.

Fully Independent

Whole of market choice

Chartered Financial Planning Firm

No lower wealth limits

Zero exit fees charged

(Fairstone Financial Management and Fairstone Financial Management (City))

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Consumer Attitudes Towards Financial Planning and Themes for 2018.

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