HNWs confident of reaching retirement targets – without advice

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.

©2019 funds europe

HAVE YOU READ?

THOUGHT LEADERSHIP

Innovative US companies are providing some of the solutions to the climate crisis and transition to a more sustainable economy. We see potential opportunities in areas including renewable energy and…
FIND OUT MORE
This white paper outlines key challenges impeding the growth of private markets and explores how technological innovation can provide solutions to unlock access to private market funds for a growing…
DOWNLOAD NOW

IRELAND SPOTLIGHT

Visit our dedicated Ireland channel for all the latest news and analysis on the country's investment industry.
READ MORE

PRIVATE MARKETS FUND ADMIN REPORT

Private_Markets_Fund_Admin_Report

LATEST PODCAST