Less than a fifth (18 per cent) of high net worth individuals (HNWI) took professional financial advice over the past 12 months, research from wealth management firm Saltus has found.

Its survey of 2,000 people with assets of £250,000 or more, and an average net worth of £1.6m, also revealed that 13 per cent of HNWIs had not spoken to a financial adviser in more than two years.

Furthermore, just 5 per cent of HNWIs had seen a financial adviser or planner over the past three months.

The research found that many were prioritising wellness over financial wellbeing, with 32 per cent having started a regular exercise routine in the past year, adding to the 49 per cent who already had one.

Almost a third (29 per cent) had taken on a personal trainer, meaning 71 per cent now have one, while 32 per cent started yoga, bringing the proportion of HNWIs regularly practicing yoga up to 73 per cent.

Other ‘wellness’ habits that HNWIs have started in the past year include mediation (31 per cent), buying organic food (32 per cent) and regular therapy sessions (31 per cent).

Commenting on the findings, Saltus partner, Mike Stimpson, said: “While it's great to see HNWIs prioritising their physical and mental wellness through activities like yoga, personal training and therapy, it's equally important to look out for their financial health.

“Seeking advice from an independent financial adviser on your wealth for many people ensures that they can manage their finances effectively, plan for retirement, and avoid costly mistakes.

“By combining wellness habits with sound financial planning, it is possible to achieve a balanced, secure, and fulfilling life both now and in the years to come.”

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