Friday, November 27, 2020

Why should I use a financial advisor?

financial advisors near me

Taking financial advice on your pensions and investments could leave you significantly better off within a decade according to a study by Royal London. Few people possess the detailed financial knowledge needed to make informed decisions themselves, which is why financial advisors are required to take so many exams and a long period of training before they can advise clients. Areas that a financial advisor can help with include:

  • Pensions and retirement
  • Investments
  • Savings & ISAs 
  • Tax planning
  • Insurances
  • Financial planning
  • Long-term care

Yet some people can be reluctant to speak to a financial advisor, even when they know that they would probably be better off from taking expert advice. Commonly cited reasons include fear of being judged for perceived lack of financial understanding (different types of pension schemes and how they work for example), worrying that they don't have enough money to work with an advisor, concerns about advisor fees and if they can afford the fees. Others simply have a distrust of financial advisors. In most cases, these concerns are unjustified. In fact, many clients feel more confident that they have their financial affairs in order, that their families are protected for the future and a comforting reassurance from knowing that the right financial decisions have been taken. This particularly true when planning for retirement and protecting your family's inheritance.


financial advisors near me

It's important to remember that most advisors offer a no-obligation, initial meeting where you can discuss your requirements, the work involved and what the fees will be. You are under no obligation to proceed beyond that point.

Choosing the right advisor for your own particular circumstances is also important in ensuring that you receive the best advice from an advisor with many years experience in the area that you are interested in. Often, advisors will specialise in one area such as tax planning or pensions. So how do I find financial advisors near me? There are many websites that list advisors by location. However, its always useful to do some background research on the advisor and ask questions such as:

  • How many years experience do they have?
  • What qualifications do they hold?
  • What services do they provide?
  • What areas do they specialise in?
  • What areas do they cover?
  • Are they independent or tied?
  • What reviews and ratings have their clients provided?
  • How much do they charge and what is their fee structure?

All financial advisors must be authorised and regulated by the Financial Conduct Authority, which provides you with protection and peace of mind. By doing your own research you can narrow down the list of financial advisors and ensure that you pick the best one for you and your family.


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