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.”

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