I'm not wealthy enough for financial advice.

  • 28 April 2020
  • 10 mins

Wealth is for oligarchs, landed gentry, celebrities and business leaders – those who fly in their helicopters to sprawling country estates and super-yachts. These are the sort of people we tend to think of as needing financial advisers.

The ‘ultra-high-net-worths’ are famous for their multiple homes and complex business arrangements. This sort of lifestyle would definitely put you in the category for extensive financial advice. But what about the rest of us?

Sitting at home in a suburban semi, having commuted home by train and done the hoovering, would we also consider ourselves wealthy? Well, maybe not as wealthy as a super-yacht owner; but are we wealthy enough to benefit from professional financial advice?

Research has shown that almost three quarters of those asked do not consider themselves ‘wealthy’ [1]. But, according to the Financial Conduct Authority, around 30% of the UK population has more than £100,000 in pension savings [2]. That’s about 20 million people [3]. We’d like to suggest this is definitely wealthy enough to benefit from sound financial advice.

And that’s just pension savings. If you look at total wealth, combining pensions, property and other savings, the wealthiest 25% have acquired at least £740,000 by the time they reach 64 [4]. You probably won’t be shopping for a private jet, but if you’re about to retire, it’s quite a responsibility to make sure your money will last for the rest of your life. You might want some help with that.

Myth buster: most people with pensions, savings and debt can benefit from financial advice

A strategic financial plan can help anyone to maximise their assets to attempt to build wealth over the longer term.

For those of us with busy lives and brains, even apparently straightforward arrangements are tricky to stay on top of. You may think you’re simply ‘saving for the future’, when in fact you may be managing retirement saving, saving for your children, paying down debt, paying different kinds of tax and backing it all up with a range of insurance policies.

Then there’s the host of ever-changing regulations, product and account options, investment performance stats and economic outlook opinions to keep up with. Throw in never-seen-before circumstances, like the economic effects of COVID-19, and you may well be feeling that actually some expert financial advice wouldn’t be a bad idea.

Read more: Glimmer of light an article discussing our economic analysis for 2021 and opportunities for long-term investors.

A sound financial plan is not just for the super-rich. Wealth doesn’t mean having a personal helicopter to take you to your country pad – true wealth is the freedom to follow your path to wherever you want to go. It could mean being able to look after your family, having the home you want or the education you need; it could mean more travel, more time for your priorities, or the ability to retire when and how you want. What we mean by ‘wealth’ is different and personal to all of us.

Whatever wealth means to you, financial advice and a workable financial plan could improve your journey to achieve it. Get in touch, so we can help to put you on the path towards your very own idea of wealthy.

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In preparing this article we may have used third party sources which we believe to be true and accurate as at the date of writing. However, we can give no assurances or warranty regarding the accuracy, currency or applicability of any of the content in relation to specific situations and particular circumstances.


[1] Fifty Shades of Advice, Boring money insights, Page 25, June 2019

[2] , page 6, May 2019

[3], March 2020

[4], page 7, May 2019

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