One in five HNWs have never spoken with adviser – Sanlam

Around one in five of HNWs have never spoken with a financial adviser, according to the new What’s your Number? report by Sanlam UK.

The report revealed that 19% of HNWs – those with more than £100,000 in savings and investments excluding a pension – had never spoken with a financial adviser, and that just one-quarter of HNWs had spoken with an adviser in the last year.

The latest data also suggested that based on the number of people that have spoken to an adviser within the last ten years, HNWs are more than twice as likely as those with smaller savings pots to have spoken to a financial adviser – although 28% of HNWs had still not done so.

Sanlam said HNWs are ‘demonstrably more engaged’ in their longer-term finances, but that the report findings ‘highlight a worrying reality gap’ – with 78% of HNWs saying they were confident of achieving the amount they need in an overall savings pot to retire when they wish, and the same percentage saying that setting targets in financial planning was important to them.

Sanlam head of UK intermediaries distribution, Lawrence Cook, commented: “The irony is that while many of us obsess over day-to-day finances, the important number, the amount of money needed for a happy and comfortable retirement, is neglected.

“Our report notes that advisers identify saving for retirement as the most common challenge for their clients and this is reflected in the broader findings of the report. Planning to retire is the great ‘hit and hope,’ even among HNWs – often despite their best intentions.

“Talking to an adviser is an important first step, but the impact of these conversations relies on clients being able to detail and express their financial hopes, fears, and aspirations.

“By identifying the key numbers in their life, advisers can help build a robust financial plan to help HNW clients achieve the certainty and security that they strive for.”

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