More adults turning to IFAs with four million taking advice in 2022

Three quarters of advised adults use an IFA from a financial advice firm

Isabel Baxter
clock • 1 min read

In 2022, 8.3% (4.4 million) of adults had received regulated financial advice in the previous 12 months, up two percentage points since 2017, according to the Financial Conduct Authority’s (FCA) Financial Lives Survey.

Three‑quarters (74%) of advised adults used an adviser from a financial advice firm, such as an IFA. This meant that 6% (3.2m) of adults received advice at a financial advice firm in the last 12 months. The FCA noted in the report that "unsurprisingly" the use of regulated financial advice increases with wealth. It showed that almost one in three (31%) adults with investible assets of £100,000 or more had had regulated financial advice in the last 12 months, compared with just 2% of adults with less than £10,000. This comes after the Financial Services Compensation Scheme found ...

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