The managing director of Cambridgeshire-based advisory firm Beacon Wealth Management said he had seen recurring themes each year when the firm held free surgeries as part of the Institute of Financial Planning’s campaign to raise awareness of money management.
Beacon joined advisory firms which opened their doors to the public when the week kicked off on 24 November.
The 14 firms in England which have pledged to offer free financial consultations include three London-based outfits, Bloomsbury Wealth, Addidi Wealth and FPS London.
Two firms in Cardiff, Penguin and Uniq, have offered the free service, along with Newport-based Heron House and Swansea-based Bevan and Buckland.
Forty Two Wealth Management in Glasgow and Acumen Financial Planning in Aberdeen are among the Scottish firms joining in the scheme, as well as Carbon Financial Partners which has numerous offices north of the border.
Belfast-based Carrington Wealth Management is offering clients the same opportunity in Northern Ireland.
Background
A survey by the Institute of Financial Planning found that more than one-third of British people were more likely to prepare spending plans for Christmas than put a comprehensive financial plan in place.
The research found that only 4 per cent had a long-term financial plan, while just 14 per cent would seek professional advice to help make financial decisions.
Steve Gazzard, chief executive officer of the IFP, said: “It’s worrying to see that many are failing to plan for the bigger picture.”
Guy Myles, managing director of fund manager London-based Octopus Investments, said: “It is important for advisers and those in financial services to help more people address their planning needs.”
Additional reporting by Mi Zhang
