When deciding whether or not you should engage with a financial advisor, firstly consider what you would like to achieve. Is it a particular issue you would like to be addressed? For example, options about your retirement income? Investments? Maybe life insurance or income protection insurance? Or do you want someone to look at the whole picture and tell you what is missing? Usually the first contact with a financial advisor is driven by the need to address a particular issue and then upon speaking to the advisor other challenges or weakness in your financial plan can be uncovered, discussed and resolved. One of the main aims of an advisor is to remove emotion from the picture and provide expert objective views.
Reasons our clients said they came to us;
As seen above, the most common reason to seek advice is to plan for retirement. This makes sense as retirement spending is massively important and those approaching retirement want to make sure that their pension savings are adequate and invested correctly before they begin to draw an income. Closely followed is investment advice – this is becoming more popular amongst new clients due to low cash ISA interest rates for savers. More and more are considering moving to an investment ISA but don’t know how to pick a suitable investment strategy.
Goals and Objectives
An important part of the financial advice process is to help you to define your goals and objectives. Often clients aren’t sure what they ultimately want to achieve out of the advice process and having goals will change the way they think about their finances. Once your goals are defined, a plan can be designed, implemented and reviewed to ensure you have the best chance of achieving them.
How does financial advice add value?
A financial advisor wears many hats during the client/advisor relationship. They become your go-to professional and trusted confidant. We have written a more detailed article on the value added by advice here (link to “how we add value” blog), however here is a summary;
Making sure your plan is well defined and that you get started and stay on track.
Keeping you on track despite the tough times, adjusting and reviewing your plans regularly if needed.
Keeping your wealth safe, minimising tax and maximising growth
The value of financial advice remains throughout your life. The ultimate aim is to give you peace of mind, the feeling that everything is covered and under control and to protect you and your family, making sure that contingencies are in place if the worst happens. These two aims lead to the third and final component of advice…. a happy retirement – making sure that you have enough money to do what you want to do for the rest of your life.