One in three or 33 per cent advised families use the same financial adviser as another generation of their family or in-laws, according to M&G Wealth.
According to the second edition of M&G Wealth’s Family Wealth Unlocked report. Among those who have an adviser, 57 per cent share it with their biological, step, or adopted parents. While two-thirds of people or 65 per cent share an adviser with their grandparents, and a third or 34 per cent share an adviser with their in-laws/parents. partner’s
Many families are looking to financial experts for help with wealth transfer and planning during what continues to be a difficult period for families across the country. More than half of respondents or 53 per cent said they had gotten financial advice in the previous 12 months, with one in five or 20 per cent saying they had received it in the previous three months.
According to respondents, sharing an adviser has a number of advantages, including tax savings, ensuring that everyone in the family is treated equitably, assisting younger family members, ensuring that the family is aware of each other’s financial condition, and supporting a parent or grandparent.
The report, which examines intergenerational planning and wealth transfer between advised families in the face of continued financial volatility and insecurity, particularly in light of the rising cost of living, also looked into how families feel about having the same financial adviser as their families. Over a third, or 37 per cent, said they would feel at ease since their parents and relatives trust them, while 34 per cent said it would be beneficial to have all of their family’s finances in one location that they could review together. Despite being comfortable with sharing an adviser, a third of respondents, or 33 per cent, stated that they want boundaries and would not reveal all of their personal information and circumstances.
Many people still desire financial freedom. A third, or 34 per cent, of those who share an adviser with their parents, pay separately, while 35 per cent of those who share an adviser with their grandparents split costs to pay separately. Almost 19 per cent of each of the older generations stated that they pay for the counsel of the younger generation.
M&G Wealth director of specialist business support Vince Smith-Hughes says: “Our research shows the positive power of financial advice, particularly in today’s challenging economic climate. With families contending with the increased cost of living, there has never been a more crucial time to get support and plan financially for the weeks, months and years ahead.
“Our research indicates that families feel happier talking to an adviser who is known to them and who they can trust. Many of the families we spoke to are also investing in each other’s financial futures, with almost a fifth of grandparents paying for their grandkids to receive financial advice. The fact that people are taking steps to not only get their own finances in order but also those of their family members is heartening to see, especially amid all the economic uncertainty.”
