New consumer research by fintech provider Timeline has revealed that almost half of UK households with a net worth of over £500,000 do not use a financial advisor to manage their money.
Timeline, the fintech provider which supports Financial Advisers in the UK and that has just surpassed £10 billion in assets under management (AUM), polled 5,000 UK adults across three life stages.
The study found that 49% of affluent households manage money without a professional adviser, 38% say they’re “working on a plan,” while 12% have no plan at all.
The research also discovered that many people only consult an advisor for key life events. Retirement drawdown (43%), inheritance planning (42%) and sudden windfalls (38%) drive first adviser contact.
Despite this, 54% wish they’d sought advice earlier; retirees’ key message to younger people is “start investing sooner.”
The study found that inflation anxiety was the top concern among those polled. Rising living costs concern 57% overall and 67% of 20- to 39-year-olds.
“£10 billion AUM is a milestone for us, but the data shows the real work lies ahead,” said Abraham Okusanya, Founder & CEO of Timeline.
“Too many people make life-changing money decisions alone. Our job is to give financial advisers technology that wipes out admin friction so they’re there exactly when consumers need guidance.
“We’ll be releasing more detailed findings of this extensive research which identify areas where advisers can put themselves in front of those in need of their services in the right way at the right time.”
Read more about the research here.
