Money Buys Happiness – And Your Own Financial Adviser

Ah, the bliss of being wealthy. According to Canada Life’s Life100+ report, if you’ve got an independent financial adviser (IFA) on speed dial and a hefty chunk of inheritance to look forward to, you’re practically destined for life satisfaction. Forget about the nuances of real life – the secret to happiness, it seems, is a bank balance large enough to catch the attention of a financial adviser.

The report gushes over how people with an IFA feel more "in control" of their lives, with a whopping 75% claiming to be satisfied compared to a lowly 61% of those without one. Well, of course! If your net worth is soaring north of £200,000 in investments, it’s hardly surprising that you might feel life is a bit more manageable. Apparently, money does buy happiness – or at least the illusion of it, wrapped up in financial products you probably don’t need but were expertly sold to you by a smiling adviser.

But don’t worry if you’re under 35 and scratching your head, wondering where to turn for financial advice. According to the research, 42% of your peers are equally clueless. But here’s the catch: even if you wanted advice, unless you're rolling in assets, most advisers won’t give you the time of day. They’ve got bigger fish to fry – or rather, wealthier clients to sell products to. You see, financial advisers are like truffle pigs, but instead of sniffing out rare fungi, they’re trained to sniff out clients with a juicy portfolio.

And then there’s the inheritance discussion – or lack thereof. Apparently, it’s a topic no one wants to broach, because why talk about money when you can avoid awkward conversations about who’s getting the house and who’s stuck with the collection of porcelain cats? But, Canada Life assures us, those who do have these chats – likely orchestrated by their IFA – are much better off for it. It's almost as if the adviser is more excited about your inheritance than you are.

But let’s be real: isn’t it convenient that the report’s findings fit so neatly into the narrative that financial advisers are the key to unlocking your best life? Of course, they’d want us to think that our satisfaction in later life is all down to their ‘pivotal’ advice, while conveniently glossing over the fact that those who seek advice are already more likely to be in a better financial position. It’s almost like being well-off gives you the luxury of affording someone to tell you how to manage your wealth – and surprise, that makes you feel in control.

So, let’s raise a glass to the IFAs, the gatekeepers of happiness for those fortunate enough to meet their investment minimums. As for the rest of us? Well, I suppose we’ll have to make do with a sense of control that doesn’t come with a product brochure.