Nearly two-thirds (62 per cent) of clients have never switched their financial adviser, with the primary drivers being trust, satisfaction, and understanding, analysis by St. James’s Place (SJP) has revealed.

It found that 72 per cent of those aged between 35 and 54 had never changed adviser, rising to 74 per cent amongst those aged 55 and older, which SJP said highlighted the power of longstanding advice relationships.

The typical relationship with a financial adviser or advice firm lasted an average of seven years, but this increased to over a decade for those aged 55 and older, with 31 per cent of this age cohort having been with their adviser for 16 years or more.

When asked about their reasons for never switching adviser, 39 per cent of clients cited trusting their adviser, while 35 per cent mentioned being happy with the advice and returns their adviser had delivered, and 34 per cent said their adviser understood their financial situation.

A third (33 per cent) of clients highlighted their good relationship with their adviser that had been built over several years, 29 per cent cited their adviser understanding their long-term goals and helping to deliver them, 21 per cent said that their adviser looking after both them and their family was a reason for never switching, and 18 per cent cited their adviser having helped them through key life stages.

“Financial advice is about much more than numbers on a page or graphs on a screen,” commented SJP Financial Advice Academy head, Andy Payne.

“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.”

The study also explored the benefits of ongoing advice, including putting the foundation in place for a stronger financial future, with 32 per cent stating this had helped them save more for retirement, and 22 per cent saying it ensured they had adequate protection in place if they need it.

Ongoing financial advice has helped more than one in 10 with major life goals or moments according to the research, such as getting on the property ladder (13 per cent) or navigating difficult periods like divorce or bereavement (13 per cent).

Others have been able to pass on money to their children or loved ones (19 per cent), to better manage the cost of raising children (12 per cent), or to provide more financial support to elderly family members (11 per cent).

Furthermore, financial advice has helped individuals to improve their quality of life, including giving them more flexibility in their job (16 per cent), affording larger purchases such as a car (13 per cent), and upsizing to a new home (9 per cent).

One in 10 (10 per cent) had used ongoing financial advice to start their own business, while 8 per cent found support in starting or expanding their families, including through IVF and adoption.

The vast majority (86 per cent) of those currently receiving advice from a professional financial adviser would recommend getting advice to family and friends.

“These goals, moments and milestones may be common to many throughout their lives, but the specific circumstances will always be unique,” Payne stated.

“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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