Advice could generate an extra £34,300 in retirement savings, 5,813% higher than a non-advised pension, it said.

This was using the example of someone aged 25 putting in a £200 a month pension contribution. The report stated that if this plan was followed from age 35, the return on the initial advice cost an extra £25,730 according to the research – equating to 4,336%.

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The figures come from the website’s third annual Cost of Advice guide combined with research from the Value of Advice report by unbiased.co.uk and MetLife.

Karen Barrett, chief executive of unbiased.co.uk, said: “These findings show quite dramatically how the cost of retirement planning advice can be dwarfed by the long-term benefits.

“The Value of Advice report found that, on average, people who take advice on their retirement planning have an estimated £48,279 more in their pot compared to those in a similar income bracket who do not take advice, with tax relief and interest factored in. It’s hard to think of a more clear-cut demonstration of value for money.

“It’s also important not to underestimate the additional benefits of advice, such as time savings, confidence and peace of mind. Our research has shown time and again that seeking professional advice sooner rather than later is the most game-changing factor when it comes to planning for retirement.”

The research also showed:

• The median hourly rate charged by advisers is £150, unchanged from 2014
• This was a drop of 14 per cent compared to 2013.
• The cost of retirement advice has also remained at a similar level to last year.
• The 2015 Value of Advice report by unbiased.co.uk and MetLife revealed that people who had taken financial advice saved on average £71 more per month than non-advised savers.