Around one in five high-net-worth (HNW) individuals have never sought guidance from a financial adviser, while just a quarter spoke with an adviser over the past year.
Sanlam UK research also found that nearly 80% of HNWs said that setting targets in financial planning is important to them and the same percentage of people said they will achieve their desired overall savings pot for retirement – but under 30% had actually set a savings target for their retirement.
Lawrence Cook, Sanlam head of UK intermediaries distribution, said: “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.”
According to the study – which used data from various online surveys of around 1,750 individuals with over £100,000 in savings and investments – reluctance to set a saving target is driven by self-confidence, with 60% of HNWs who haven’t sought financial advice saying they can do it themselves.
Just under a third of HNWs don’t trust financial advisers, while 20% said they would cost too much.
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