Three in five (59%) retail investors who do not get support from a financial adviser are considering do so in the next two years, Investec Wealth & Investment (UK) has revealed.

A study by the firm found that 31% of investors with stock market investments currently work with a financial adviser, with Investec adding that there is “significant potential” for new adviser clients among the rest.

As well as the three in five that are considering getting adviser support in the next 24 months, a further 29% said they are looking to get advice within the next year.

Investec found that around 21% estimate they will have investible assets of £250,000 or more when they contact an adviser for help.

The results stated that planning for retirement (28%) is the main reason for seeking out advice for those that do not already have it, while 17% said it was because they are expecting an inheritance.

A further one in five (19%) said they increasingly do not have time to manage their investments or admit to doing a bad job and needing help, while 13% believe they will need more help as the value of their investments increase.

Senior investment director at Investec Wealth & Investment (UK), Nick Vaill, said: "Demand for advice is set to rise given the high number of retail investors who do not currently use an adviser who are considering seeking help in the next few years.

"It is good to see that retirement planning is the main reason for people to get support from an adviser, but it would be even better if people were planning as far in advance as possible and not waiting until the last minute."

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