Surveys
Majority Of Clients Loyal To Financial Advisor – SJP Survey

The third chapter of St James’s Place’s Real Life Advice Report, issued last week, examines the relationship between a client and their financial advisor, and the impact this can have.
The majority of individuals across the nation who receive professional financial advice have remained with the same adviser throughout, a new study by UK wealth manager St James’s Place (SJP) reveals.
According to the survey, more than three-fifths (62 per cent) of respondents have never switched their financial advisor, rising to nearly three-quarters for those aged 35 to 54 (72 per cent) and those aged 55 and over to 74 per cent, the survey shows.
The study by Opinium, which surveyed just under 12,000 UK adults nationwide in two polls between May and August 2024, found that the typical relationship with a financial advisor or advice firm lasts around seven years. This increases to over a decade for those aged 55 and over – with nearly a third of this generation having been with their advisor for 16 years or more.
Trust, understanding and financial satisfaction are the main reasons for never switching financial advisor, the survey shows.
“Financial advice is about much more than numbers on a page or graphs on a screen. It’s about building deep, meaningful relationships, and as our research shows these can last many years and span generations,” Andy Payne, head of the St James’s Place Financial Advice Academy, said. “Whether you’re navigating the early stages of wealth creation, planning for retirement, or managing an unexpected life change, having a trusted advisor by your side can make all the difference.”
The study explored the benefits of having financial advice. These include putting the foundations in place for a stronger financial future, with 32 per cent saying that it has helped them to save more money for retirement and 22 per cent saying it has ensured that they have adequate protection in place if they need it.
Ongoing financial advice has helped more than one in 10 with major life goals or events, such as getting on the property ladder (13 per cent) or navigating difficult periods such as divorce or bereavement (13 per cent), the survey reveals. Others have been able to pass on money to their children or loved ones (19 per cent), manage the cost of raising children (12 per cent) more effectively, or provide more financial support to elderly family members (11 per cent).
Additionally, financial advice has enabled individuals to improve their quality of life – from giving them more flexibility in their job (16 per cent), affording larger purchases such as a car (13 per cent) to realising the dream of upsizing to a new home (9 per cent). Moreover, 10 per cent have used financial advice to start their own business, while 8 per cent found support for starting or expanding their families, including through IVF and adoption.
Given these benefits, 86 per cent of those currently receiving advice from a professional financial advisor would recommend family and friends to seek financial advice, the survey reveals.
Over the coming weeks, St James’s Place’s Real Life Advice Report will continue to explore the benefits of accessing financial advice or guidance through diverse real-life stories from its advisors and clients. The report, released in a series of chapters, aims to highlight how financial advice and guidance can benefit everyone.
In chapter 2, the survey revealed that almost half (48 per cent) of those who have accessed advice or guidance did so due to a key moment such as buying a property or an unexpected change such as divorce. It also showed that 18 to 34-year-olds are more likely than older generations to seek financial advice or guidance when dealing with complex issues.
In chapter 1, the survey revealed that 84 per cent of those who take financial advice believe that it significantly improves both their mental and financial wellbeing. However, over half the population don’t believe that financial advice is for them, nor realise how it can help.