Financial wellbeing is directly linked to financial advice

Financial wellbeing is directly linked to financial advice

A recent and substantial survey by Aegon created a Financial Wellbeing Index. The survey found that just 10% of people who have never used any financial advice are “fortunate to combine healthy finances and a positive money mindset.”

Well, clearly that means that 90% were considerably less fortunate.

According to Aegon UK’s interpretation of the stats, ‘People using the services of a financial adviser are four times more likely (than those without) to have high levels of financial wellbeing’.

The report also highlights that the positive correlation between advice and financial wellbeing stems primarily from advisers helping clients accumulate.

It is, perhaps, a reflection on large organisations that they need to carry out such surveys simply to prove that obvious. But, the proof is heartening nonetheless.

It substantiates and reflects the brand-shift that Greycoat Financial Services have taken to create Money Life Balance.

“We can not properly achieve the ‘right balance’ for you by looking at ‘money’ alone. The financial services industry has tried to focus on money alone, through financial products that might save this, increase that, release a bit of cash here and maybe afford something there”. Said Michael Hunt – Founder and financial innovator.

“BUT… the balanced wellbeing for the good life and lifestyle you desire has to understand and must account for all five elements of wellbeing – hence – Money Life Balance.”

To understand the 5 Essential Elements of Wellbeing, take a look at our last blog – HERE – where we comment on The New York Times bestseller by Tom Rath and Jim Harter – “Wellbeing: The Five Essential Elements” – provides a holistic view of what contributes to our wellbeing over a lifetime.

Back to the survey. Ronnie Taylor, chief distribution officer at Aegon UK, commented that the UK is undergoing a growing momentum which examines issues beyond wealth, with financial advice and planning “growing at speed” focused on behaviours, feelings and attitudes.

“This approach doesn’t start with the money, it starts with the vision. The hopes, anxieties, relationships, influences alongside attitudes to life, family and work are all core to the financial wellbeing of a client and should be given as much attention than the amount of investible assets.

Planning a financial future based on a client’s purpose as well as their financial needs is likely to lead to better financial wellbeing for both the client and your business,” Taylor said.

“Insight like this can deliver a more fulfilling client experience with better outcomes for clients and long-term, valuable client relationships for advisers.”

“For someone who likes to feel safe and wants to be prepared for all life can throw at them, the financial safety net protection provides could be a real boost to their financial wellbeing,” he said.

To take a much-used phrase – It’s not just about the money !


Well frankly – yes.

If we were simply to sit down with you, find out how much you’ve got and are getting and calculate how much you need to retire on – the investment, savings, and tax strategy we suggest might be enough. But only ‘might be enough’. Sign here.

Yes, we still need to know ‘how much you’ve got and are getting’. But we also need to know so much more about you.

It is only by fully understanding who you are; what’s important to you; who is precious to you; what you want from life and when might you need it; what you expect from a pre and a post-retirement lifestyle … etc. … understanding the ‘true you’, is the only way we can even begin to appreciate just what your personal ‘enough’ might be.

Only when we have agreed your ‘enough’, can we start to plan a strategy to get you moving towards it, financially, healthily and socially.

That’s why we do not need to run major surveys to understand and deliver Financial Wellbeing. We already do it.

We don’t need a Financial Wellbeing Index to prove that every single person is an individual, with individual status, dreams and fears that need supporting, delivering and protecting. We already know it.

Our clients don’t need to see the statistics and findings from thousands of canvass reports, to appreciate that the Money Life Balance approach to planning their futures is a confirming, supportive, protecting relationship. They already enjoy it.

Look again at the Wellbeing Cycle:

Only 1 of the 5 elements is ‘Money’. The other 4 are ‘Life’.

Again … hence – Money ‘Life’ Balance.