5 Reasons You Should Use A Financial Adviser
Why Financial Advice?
Unfortunately, there aren’t many people who are taking advantage of the expertise of an experienced financial adviser. Drewberry found that almost 2 out of 3 people in the UK have never received financial advice. With many people wondering whether financial advice is worth the cost.
Yet according to the findings of the International Longevity Centre and Royal London, clients have seen considerable improvements in their financial circumstances with the help of an adviser.
The report found that speaking to a financial adviser left people around £40,000 better off over a two year period than those who didn’t receive financial advice. This includes £13,000 more in financial assets and more than £27,000 in pension wealth.
Steve Webb, former pensions minister and currently director of policy at Royal London, had this to say about the results of the study:
“If we could just establish a norm that people take a financial health check at 50, this could significantly boost people’s wealth at retirement…
“The challenge is to get people through the door of advice firms. Hopefully these independent findings will help to persuade more people that taking high quality, impartial advice at the right time is the key to a secure financial future.”
There are a lot of ways a financial adviser could help you transform your finances and a lot of benefits that they offer that you won’t find anywhere else.
Wealth & Investments Expert at Drewberry
Financial Advisers Can See the Big Picture
While keeping track of your finances, there may be certain things that slip your mind that a financial adviser would be able to pick up on, such as making sure you utilise your annual allowances as well as setting key milestones to achieve your long term financial goals. One of the most common areas advisers add significant value is uncovering and consolidating forgotten pensions ensuring your retirement accounts get just as much love and attention as your current account.
More than 50% of people have admitted that they have no idea how much their pension is worth and workplace pensions are notorious for slipping under the radar and getting lost.
By taking a holistic approach to your finances, your adviser can build an accurate picture of your financial situation and provide you with tailored recommendations.
The best advisers will get to know you and your circumstances personally to give you more comprehensive recommendations and advice.
They take your opinion and your needs into consideration before pursuing any financial opportunities, so you can rest assured that the priorities of you and your adviser are aligned.
Senior Paraplanner at Drewberry
They were patient, thorough and good value for money. I regret not using them before and I will use them again in the future.
Get Financial Advice From an Expert
If there’s one thing that a financial adviser has that you probably don’t have, it’s inside knowledge of the way the world of finance works. The financial world is a rabbit hole that stretches on the further you fall getting more and more complex the more twists and turns you take.
For example, more than 4 out of 5 Brits have never assessed their inheritance tax liability, despite 42.4% of people saying that they are keen to leave as much to their beneficiaries as possible when they die.
Many people wouldn’t know where to start in order to assess their tax liability – 59.5% of people have no idea which of their assets are free from inheritance tax. It is exactly these type of scenarios where a financial adviser can provide you with peace of mind knowing your finances are in order.
Advisers can translate all of the industry jargon, direct you to useful personal financing tools, explain all of the financial products and concepts that you don’t understand and teach you about what it takes to nurture your wealth.
Understand Your Options With Good Financial Advice
By trying to find the right financial products and opportunities on your own, you could be missing out on a plethora of options that you might not have thought or even known about.
Say, for example, you were considering taking out some Mortgage Protection Insurance. There are a fair few different options to choose from when it comes to insuring your mortgage.
However, what you might not have thought about was the possibility that Income Protection may be a more suitable product to meet your needs.
At the same time, a financial adviser can provide you with exclusive options that you would not be able to get anywhere else.
Some companies offer exclusive products and discounts that are only available to intermediaries and can’t be found by going directly to the provider.
Independent Protection Expert at Drewberry
Independent Financial Advisers are Carefully Regulated
In the UK, independent financial advisers (IFAs) are regulated by the Financial Conduct Authority (FCA). This governing body provides a list of minimum requirements that companies and persons providing financial services must meet to ensure that they are providing a fair and quality service to their clients.
Regulated advisers approved by the FCA must meet minimum qualifications. In order to be approved by the FCA, they must demonstrate their honesty, integrity, competence, capability and knowledge of financial products and services.
So when you speak to a regulated financial adviser you can rest assured that they will provide you with informed, experienced advice and be a reliable source of information if you have any questions.
Being regulated by the FCA is, in effect, a stamp of approval that tells people that these financial planners provide a professional and ethical service.
You can find a list of companies approved by the FCA on the FCA Financial Services Register, which is where you’ll find the Drewberry name as well.
Wealth Administrator at Drewberry
Hire a Financial Planner to do the Hard Work for You
One of the key reasons why people use an adviser is to save themselves time. The world of financial services has a huge range of products and services for you to choose from and it’s not always easy to browse through them all to find the right one.
Rather than spending hours, days, or even weeks trawling through financial products and providers as well as pondering which one is the best, you can hand the task over to a financial planner.
They can do all of the research and summarise their findings for you along with their recommendations and comments, making the whole process quick and easy.
An insurance adviser, for example, will take on the task of reviewing the many different insurance policies and collecting quotes from insurance providers to get you the protection products you need.
Our wealth advisers can undertake cash-flow modelling with their financial planning reports which maps out your financial future and helps you visualise what you need to do to achieve your financial goals.
Similarly, a financial planner can take on the difficulties of investing on your behalf. Advisers have the time to review the market and map out a sound investment strategy in areas such as pensions.
This means you can reap the benefits of Pension Drawdown without the hassle of setting up and managing your own investment portfolio.
Pension & Investment Adviser at Drewberry
Get Expert Financial Advice
If you’re looking to purchase any financial products or services, a professional adviser can also help you find the best ones while leaving the ultimate decision entirely up to you. Consider speaking to a financial planner and take the first step towards securing your financial future.
While using an adviser might not necessarily be right for everyone, if you’re looking to explore your financial opportunities, speaking to a financial adviser is a good place to start.
If you’re in need of advice, get in touch today and contact our financial experts on 01273646484.
Director at Drewberry
Financial Advice in London & Brighton
Across our London and Brighton offices we provide holistic financial advice to individuals, families and businesses throughout the UK.
78 Cannon Street
125-135 Preston Road