A recent St. James’s Place Asia survey claimed that the majority of wealthy Singaporeans attributed their better decisions to financial advisers.
The study also found that the wealthy are more likely to work with a professional at 78%, compared to those who are financially stable at 45%.
Those who are wealthier are more inclined to make smarter decisions due to financial advice and will advocate for improved engagement with financial advisers.
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“At a time when standards of living are under pressure, financial advice empowers people from all walks of life to secure their futures. Those who have successfully moved up the wealth ladder tend to be the strongest advocates for timely and meaningful engagement with advisers while those who have yet to reap the benefits of prudent advice are likely more sceptical,” said Oliver Wickham, Asia Partner Director, SJP. He also added that this presents a challenge and an opportunity for the industry to show its value and need across various generations and wealth levels.
Additionally, the study found that younger Singaporeans want to engage with financial advisors. Around 55% of those aged 27 to 39 have worked with a professional compared to only 34% of those between 50 to 69 years old.
The top three areas individuals seek financial advice include investments at 90%, retirement planning at 85%, and property and mortgage at 84%.
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