Families in the UK are increasingly turning to the same financial adviser to deal with the money matters of different generations, research by M&G Wealth found.
Currently, a third use the same adviser, of whom 65% share one with their grandparents, 57% with their parents, and 34% with their in-laws/partner’s parents.
As the cost of living crisis continues to impact family finances, many are turning to advisers to find support with wealth transfers and planning. More than half (53%) of respondents said they had received financial advice in the previous 12 months, while 20% in the last three.
One of the biggest benefits for sharing a financial adviser was being treated fairly (38%), followed by being aware of each other’s financial situations (37%) and saving money on tax (35%).
Families seem very comfortable with having the same adviser with their close relatives, M&G Wealth found. Over a third (37%) said they feel relaxed as their parents trust their adviser, while 34% were encouraged by the fact that all the family finances were in one place and looked after by the same individual, but a third admitted to wanting boundaries so not all their details and situations would be shared among all their family members.
Of those that share an adviser with their parents, 34% pay for advice separately; while 35% of those who have the same one as their grandparents split costs to pay individually, but 19% of grandparents confirmed they are also paying for the younger generation’s advice.
Vince Smith-Hughes, director of specialist business support at M&G Wealth, said: “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.”