Introduction
At Transform FP, we believe financial advice should be accessible, personal, and empowering. Yet despite the wealth of resources now available, many people still don’t know where to turn. In this article Angus Kirk explores new research on financial advice awareness — and what it means for those trying to take control of their financial future.
Transforming Lives
Financial advice has the power to transform lives. From easing financial anxiety to helping people achieve long-term goals, the impact of a well-crafted plan can be profound. Yet, new research from adviser network Openwork reveals a concerning gap: more than two in five savers and investors don’t know where to access financial advice.
It’s a troubling finding — particularly in an era where digital tools have made it easier than ever to search for services. Despite the availability of online platforms and so-called ‘robo-advisers’, the majority of people still prefer a more traditional route. According to a recent Openwork survey, 73% of respondents said they’d rather speak to a human adviser than interact with an algorithm or online-only service.
This preference is not surprising. Real advice requires real connection. At its core, financial planning is a conversation — not just about numbers, but about fears, aspirations, and the life you want to lead. It asks the deeper questions: What does security look like for you? What matters most in your future? How do you want your wealth to support that vision?
Often, those considering advice for the first time don’t start with Google. They start with a chat over dinner, a quiet word in the office, or a heartfelt recommendation from a friend. Referrals remain one of the most trusted and effective ways for people to find a financial planner, which makes the role of word-of-mouth more vital than ever.
The Cost of Uncertainty: Why a Quarter Aren’t Saving for Retirement
The research also highlighted worrying behaviours — and potential consequences. A full 25% of respondents said they hadn’t started saving for retirement at all. Of that group, 40% said they don’t plan to begin until they’re 55 or older. That late start significantly reduces the power of compounding — the process by which savings grow over time, especially when invested.
Delaying pension contributions can have long-term implications, not least because contributions benefit from two valuable boosts: employer contributions (for those in workplace schemes) and government tax relief. Opting out means losing what is, in effect, free money. And yet, awareness of these benefits remains low among many would-be savers.
The knock-on effect? Two-thirds of those surveyed don’t believe they’ll be able to retire by their target date. One in five fear they may never be able to stop working at all. These concerns speak to a deeper issue — not just about income, but about freedom, confidence, and control.
Retirement planning is not just a numbers game. It’s about designing the future you want — and making sure your finances are fit to support it.
Angus Kirk
Advice Makes a Difference — and the Evidence Is Clear
So, does financial advice really make a difference? The data suggests it does — and not just to people’s bank balances. A report from Aegon found that clients who work with a financial adviser report higher levels of wellbeing and life satisfaction. For example, 34% of advised clients said they enjoy life more because of how they manage their money, compared to 25% of those who don’t receive advice. Nearly half of advised clients (49%) also said they felt they were doing all they could to secure their financial future — a significant jump from the 37% among non-advised respondents.
The emotional benefits are clear: less stress, greater peace of mind, and the reassurance of having someone to turn to. But the financial benefits can be just as striking.
Research by Royal London and the International Longevity Centre found that receiving professional financial advice could result in a total wealth uplift of £47,706 over a 10-year period. Interestingly, those described as “just getting by” — rather than the affluent — were often the biggest beneficiaries. That’s because financial advice isn’t just about managing wealth. It’s about making informed decisions. Whether that’s choosing the most tax-efficient investment, understanding pension allowances, or avoiding costly financial missteps, good advice can unlock opportunities that might otherwise go unnoticed.
Making Advice More Accessible: Why Referrals Matter
Despite the benefits, many remain uncertain about how to begin. That’s why a personal recommendation can be so powerful. If you’ve experienced the value of financial advice — whether through peace of mind, strategic guidance, or enhanced wealth — consider passing it on.
By referring a friend, colleague, or family member to a trusted adviser, you could help them take the first step towards financial security. In doing so, you’re not just sharing a name — you’re potentially opening a door to better decision-making, stronger resilience, and a more confident future.
We’re Here to Help
At Transform FP, we specialise in helping people gain clarity and confidence in their financial lives. Whether they’re looking to plan for retirement, invest wisely, protect their family, or simply feel more in control, our tailored financial advice makes it easier to take the next step.
If someone you care about is unsure where to begin, we’d be happy to speak with them. A short, no-obligation conversation could be the start of something transformative. Get in touch today.
Important disclaimer: This article is for general information only and does not constitute financial advice. The information is aimed at retail clients only. The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. The Financial Conduct Authority does not regulate estate planning, tax planning, or will writing. We recommend that you speak to a qualified financial planner for advice tailored to your individual circumstances and goals.
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