Customers most prize emotional support in this cost of living crisis with advisers saying their key service has been helping clients to feel more confident about money, according to research from Royal London.
Two thirds of the 200 advisers surveyed by the mutual identified peace of mind and reassurance as the main benefits of professional advice being given at the moment.
Rising costs mean UK households are having to find an extra £441 a month on average compared to this time last year, causing real concern, the insurer said.
However, the findings showed much less concern from those who were able to turn to a financial adviser.
Nearly half (46%) of all consumers said they were extremely or very worried about costs, compared to just 21% of advised clients.
Clare Moffat, pensions expert at Royal London, said: “Rising costs are having a dramatic impact on people and their emotional health and it’s at times like this with so much economic uncertainty that an adviser’s range of skills comes to the fore.
“Having a financial adviser to actively manage a client’s wealth brings many benefits, other than just the expected financial benefits.
“It’s the softer skills that advisers deliver alongside advice, like reassurance and peace of mind, that bring the value of financial advice to life for clients, helping them to feel better about themselves and their finances, especially in times of crisis.”
