An overwhelming majority of clients (98%) said they thought starting a financial plan as early as possible was beneficial.

However, only a third of the youngest clients - those in their twenties - said they wished they had started taking advice earlier.

Only 1 in 10 Fairstone clients over 65 started receiving financial advice in their twenties, with 40% starting to take financial advice in their forties.

Fairstone clients appear to be taking a multi-generational approach to finances with 69% having introduced their children and/or grandchildren to the concept of financial advice.

The survey also showed that women were more interested in responsible investing than men. Over 4 in 10 (42%) of female clients said they currently invest in responsible portfolios compared to 36% of men.

Women were also more risk averse with a third more male than female clients seeing market fluctuations as an opportunity to make investment gains.

Over 8 in 10 (87%) clients said they had made provision in their savings for the fact that people are living longer.

Fairstone CEO Lee Hartley said that the latest survey painted a picture of a changing landscape for the future of Financial Planning.

He said: “One statistic that stood out was that 98% of clients thought that starting a financial plan as early as possible was critically important. This clearly shows that our clients see the value of expert advice with a long-term view to maximise their investments, navigate volatility and achieve financial security.

“On a broader stage though, there is still much to be done across the sector to educate people about the importance of seeking financial advice and the value in starting that journey as early as possible.

“That poses a challenge and a wake-up call to our sector; as financial institutions we need to be focussed on assisting consumers to have access to first-class advice and support at the right time in their lives, to empower and enable them to make better financial decisions.”

As part of the new report, Fairstone also published its Annual Client Index. The Index showed the firm has 98% client satisfaction.

Fairstone polled over 1,600 of their clients, seeking their attitudes over a range of financial issues.