The number of people in the UK who visit independent financial planners (IFPs) annually is not widely reported in a centralized or precise figure. However, several reports and surveys provide insights into how many individuals seek financial advice from professionals like independent financial planners. Here are some relevant points:

1. FCA Survey and Estimates

   According to the Financial Conduct Authority (FCA), about 8% of UK adults (approximately 4 million people) received financial advice from a professional adviser in 2020. This includes independent financial advisers (IFAs) and other regulated financial advisers. While not all of these individuals visit independent financial planners specifically, many seek advice on investments, retirement planning, and other long-term financial strategies. (https://www.fca.org.uk/financial-lives/financial-lives-2020-survey)

2. Increasing Demand for Financial Advice

   The demand for financial advice has increased in recent years, partly due to factors like pension freedoms (which allow more flexible access to retirement savings), auto-enrolment in workplace pensions, and rising awareness of personal financial planning. As people approach major life decisions like retirement or purchasing a home, the need for professional advice often increases.

3. The Advice Gap

   Despite growing demand, there is still a significant “advice gap”—a large portion of the population that either does not seek or cannot afford financial advice. According to the Financial Advice Market Review (FAMR), millions of people could benefit from advice but don’t seek it due to cost, complexity, or lack of awareness. An OpenMoney survey in 2021 found that nearly two-thirds (63%) of UK adults have never received professional financial advice, often due to cost concerns or a belief that their financial situation does not require it. (https://www.fca.org.uk/firms/financial-advice-market-review-famr)

4. Key Clientele of Independent Financial Planners

   High Net Worth Individuals (HNWIs): Independent financial planners often serve high-net-worth individuals or those with complex financial situations, as these clients typically have greater needs in terms of investment strategies, tax planning, and estate management. Retirees and Pre-Retirees: A significant portion of those seeking independent financial advice are people nearing retirement, as they require specialized advice on pension drawdowns, inheritance planning, and managing retirement income.

5. Types of Financial Advice Sought

   Pension and Retirement Advice: One of the most common reasons for seeking advice is pension planning, especially following the introduction of pension freedoms in 2015. Investment Advice: Independent financial planners are frequently sought for advice on investments, particularly for long-term growth or income strategies. Inheritance and Tax Planning: People also consult IFPs for guidance on how to manage or reduce tax liabilities, especially around inheritance tax and estate planning.

6. Hybrid and Robo-Advisers as Alternatives

   The rise of robo-advisers (such as Nutmeg and Wealthify) and hybrid advice models has provided an alternative for those seeking low-cost financial advice. This may have reduced the number of people visiting traditional independent financial planners, especially among younger generations.

Conclusion

While around 4 million people in the UK receive financial advice annually from professionals, including independent financial planners, a large portion of the population remains underserved due to affordability or perceived need. The number of individuals seeking advice specifically from independent financial planners is likely a subset of this, primarily involving those with complex financial needs, high net worth, or retirement planning requirements.