There are many times when you might think about asking a professional for advice. We turn to qualified and experienced individuals for many aspects of life. Careers, healthcare and even fashion choices see us looking for guidance and entrusting important decisions to strangers.
So, why should your finances be treated differently?
Your financial position affects most areas of your lifestyle and professional advice only serves to improve your outlook by putting a plan in place to help you work toward your goals. However, research has shown that thousands of people are not taking financial advice.
Why are people avoiding advice?
According to research from Retirement Advantage, the main reasons given by over-50s for choosing not to take financial advice are trust (42%) and cost (31%). Further to this:
- 31% do not see the necessity in consulting a Financial Adviser
- 18% do not think that an adviser would benefit their situation
- 15% are satisfied that their pension provider can provide the information they need
Unfortunately, that means many people are avoiding taking financial advice based on myth and misconception.
Let’s start with trust
Independent Financial Advisers are not bound to a specific company or product. As such, they offer a whole of market service, which ensures that you are shown the products and services which are best suited to your unique situation.
Furthermore, advisers work on an ongoing basis. Contrary to some beliefs, they are not looking to rush you out the door as they collect their fee and move onto the next person. In fact, professional Financial Advisers do their job best when they take the time to get to know their clients on a personal level. That gives them a complete understanding of their needs and potential obstacles they might face.
Is financial advice worth the cost?
Financial advice is not a service to consider on a single factor alone. When you hire an adviser who;
- Fits your needs
- Understands your goals and
- Is focused on making sure that you achieve them,
…you learn that there’s more to finances than money.
The right Financial Adviser will be on your side, every step of the way. Unfortunately, those who choose to get their financial advice from their pension providers will only hear answers designed to keep them as a customer of that business.
Others may choose to scour the internet and the finance sections of newspapers for guidance. However, they could find themselves faced with biased accounts and marketing material which is not designed to help them as an individual.
According to research, people who take professional advice about their finances save an additional £98 per month, which leads to an extra £3645 per year in retirement income and an average boost of £41,099 in lifetime assets.
Learn more about the value of financial advice here.
Contact Ben to see how financial planning and advice can help you.