Majority of UK adults remain with same financial adviser

The majority of individuals that receive financial advice across the UK have remained with the same adviser throughout, new research by St. James’s Place (SJP) has shown.

More than three fifths (62%) have never switched their financial adviser, rising to 72% of those aged 35-54 and 74% for over-55s.

The SJP study, which surveyed just under 12,000 individuals, found that the typical relationship with a financial adviser or advice firm lasts around seven years, but this increases to over a decade for those aged 55 and over – with 31% of this generation having been with their adviser for 16 years or more.

Trust (39%), financial satisfaction (35%) and understanding their financial situation (34%) were the main reasons for never switching financial adviser.

Head of the SJP Financial Advice Academy, Andy Payne, commented: “Financial advice is about much more than numbers on a page or graphs on a screen. It’s about building deep, meaningful relationships, and as our research shows these can last many years and span generations.

“Whether you’re navigating the early stages of wealth creation, planning for retirement, or managing an unexpected life change, having a trusted adviser by your side can make all the difference.”

Payne added: “Having support from an expert financial adviser, with not just the technical expertise but the empathy to deploy it sensitively and with their clients’ needs in mind, can be the difference between a hope dashed and a dream realised.”



Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


Is 2025 the year of the remortgage?
An estimated 1.8 million fixed rate mortgage deals are due to expire in 2025, 400,000 more than in 2024. This surge in remortgaging presents a critical opportunity for mortgage brokers to offer essential advice and financial support to homeowners across the UK, ensuring they transition smoothly to new deals amid stabilising interest rates and heightened affordability checks.


The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.

The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.