Just over a fifth (21%) of people find an adviser through their own research or through work while just 15% find one through a friend, according to wealth manager Investec.

Some 16% of people said they found their financial expert through a bank.

People start using an adviser when they turn 36 on average, according to the study. However women seek financial advice later in life (aged 41) than men (aged 35), the research showed.

The figure climbed to around a third of women (32%) who found their Financial Planner, IFA or wealth manager through a family member, compared to 18% of men. Men are more likely to find their IFA through work (24%) or through their own research (23%).

Table to show how people found their Financial Planner, IFA, or wealth manager

Those with a higher value of stock market related investments tend to seek advice earlier in life, according to the study. The average age of those interviewed with more than £1million of stock-market related investments was 26 when they first started seeing a financial adviser, compared to those with between £100,000 and £249,999 who were, on average, aged 39.

Nick Vaill, senior investment director at Investec Wealth & Investment (UK), said: “Despite the ever-increasing ways in which IFAs and wealth managers are able to market themselves to new clients, our research shows that a family recommendation is still the most likely way for people to find themselves a financial adviser.

“There are many reasons for this – some people want to keep their financial affairs and even the fact they are seeing financial advice very private and for others, it’s only their family that they trust when it comes to making such an important decision.

“Adviser firms need to build capacity in their businesses to enable them to take on these new opportunities.”

• Investec Wealth & Investment commissioned independent research agency Viewsbank to interview 535 UK consumers with stock market related investments between 30 June and 3 July 2023.