Financial advisers should prepare for an anticipated surge in new clients, according to a new report from Investec Wealth & Investment.

The firm has found that one in five retail investors are considering taking financial advice for the first time.

From this cohort, 60% expect to seek advice within the next two years.

Investec Wealth & Investment, part of Rathbones Group, points to impending retirement as the major driver for many. Inheritance was also a key motivator highlighted in the research.

Currently, 31% of investors with stock market interests work with a financial adviser, according to the study.

Of the rest, 59% are considering engaging with financial advice with 29% looking to do so within the next 12 months.

This research also delved into how much these new clients could be bringing with them to advice firms.

About 21% of investors expected to seek advice estimate they will have investible assets of £250,000 or more by the time they are ready to engage with an adviser.

Retirement has emerged as the most common trigger for this shift in the market, with 28% of investors identifying with this. Another 17% are anticipating receiving an inheritance and want help with this.

Help with investments was also identified as a push factor for engaging with a professional.

Out of those surveyed, 19% said they increasingly did not have time to manage their investments or were worried they were doing a bad job.

A minority, some 13%, believed they will need more help as the value of their investments increase.

Nick Vaill, senior investment director at Investec Wealth & Investment, welcomed the findings but warned about engaging with professional advice too late.

He said: “It is good to see that retirement planning is the main reason for people to get support from an adviser, but it would be even better if people were planning as far in advance as possible and not waiting until the last minute.”

These findings correlate with growing concerns among UK savers over retirement provisions.

A recent study from financial wellbeing and retirement specialists Wealth at Work found that 39% of workers believe they will never be able to retire due to rising prices, up from 33% in 2023.

Almost a third, or 32%, of workers are planning to delay retirement for this very reason – up from 21% the previous year.

• Investec Wealth & Investment commissioned independent research agency Viewsbank to carry out the research. In January 2024, Viewsbank interviewed 1,065 UK adults including 568 with stock market investments