Research by a financial provider has found that 4.8m people who could ‘comfortably’ pay for financial advice reject seeing an adviser even though it could be of financial benefit to them.

More than six in 10 millennials have no clue about their financial plans when it comes to IHT despite being likely to inherit around £4trillion by next year, according to a major survey for a wealth manager.

Almost half of UK adults (48%) are shunning financial advisers despite 88% of advised clients saying they were financially prepared for retirement.

Trade association PIMFA, which represents 1,000 investment managers and financial advisers welcomed over 100 delegates at their Women in Wealth Forum last week, in Central London.