Research shows the more money someone has, the greater the complexity of their financial arrangements, but not everyone knows their way around their personal finances.

Wealth management firm Saltus found 92% of high-net-worth (HNW) clients had underestimated how much money they would need for a comfortable retirement. There is clearly a need for financial education among wealthy clients, but how do advisers deliver this?

Partner at Secondsight, Darren Laverty, says that while HNW individuals have better access to financial education most clients are too busy to engage with their finances. “It’s about getting people to want to get advice and motivating them to want a better future. Just because a client has a lot of income, they’re not necessarily taking care of it. Some people focus on earning their income. But they’re going to get to the point of realising they’re paying lots of tax and their children may end up inheriting a fraction of their wealth if they don’t organise their affairs.”

Read the article in full on pages 24 and 25 in the Money Marketing Magazine here.