It’s no secret that regulated financial advisers tend to target a very specific group of people: wealthy delegators.
These are often older clients, time-poor but asset-rich, who are happy to pay for someone else to manage their finances. As long as their portfolios grow ahead of inflation and their lifestyle feels secure, they are unlikely to scrutinise the costs.
And so, the industry naturally focuses its attention on the optimists—those who already feel ahead of their goals, or at least on track. Firms like St. James’s Place (SJP) build their business around this top decile of financial-capital wealth. It should therefore come as no surprise that when these clients are surveyed, they report feeling optimistic about their financial future.
The SJP Real Life Advice Report 2025 is a case in point. It proudly highlights that:
- 51% of those with ongoing advice feel optimistic about their financial future (compared to 34% without).
- 85% of advised clients say they are ahead of or on track with their goals (compared to 65% without).
- 95% of those with advisers say advice helps them reach and stay on track with their goals.
On the surface, this sounds like a resounding endorsement of advice. But look closer, and a different story emerges.
The optimism and progress reported is less about advice itself, and more about who is being advised in the first place. Wealthy, confident clients are selected into the sample. The survey methodology even confirms that those with higher investable assets are far more likely to be in the advised group.
Here lies the sleight of hand: correlation is being sold as causation.
Yes, advised clients are more optimistic. But is that because they receive advice? Or is it because advice firms only target people who already have wealth, confidence, and the luxury of optimism?
The industry often goes further, shaming those who are pessimistic or behind target for not being advised clients—as if their struggles are a consequence of failing to hire an adviser. This is not just misleading. It’s manipulative. It weaponises statistics to sell advice, rather than serving the truth.
The reality is simple: no one is immune to uncertainty. Wealth does not eliminate risk—it only cushions it. Yet the financial services industry continues to trumpet selective surveys as proof of its own value.
As Mark Twain famously said: “There are three kinds of lies: lies, damned lies, and statistics.”
We must set the record straight.
Financial wellbeing comes from transparency, empowerment, and planning that begins with life—not with money. It is not the preserve of the wealthy, nor should it be distorted by selective reporting.
If the industry really wants to serve society, it must stop congratulating itself on the optimism of the already wealthy—and start addressing the advice gap for everyone else.
👉 If you share my concern for those who feel pessimistic or behind target, and want to explore how human capital strategies can empower them to thrive, I invite you to connect with us at the Academy of Life Planning. Together, we can make financial empowerment accessible to all.
Academy of Life Planning 