The benefits of financial advice
There are many different types of financial products on the market. Choosing the right one for you and your situation is really important, especially as your life changes and evolves.
Whether or not you want to seek financial advice will depend on your knowledge and experience of investments and what you need. You may want to ask yourself:
A financial adviser may be able to help you if:
- Do you have much experience, knowledge or skills when it comes to investing?
- Do you have the time to do the research?
- your finances are complicated;
- you're not sure what is right for you;
- you want to plan for the longer term;
- you need advice on a particular financial product.
Financial advisers are regulated by the Financial Conduct Authority (FCA) and have to meet high standards of qualification, keep knowledge up to date and sign up to an ethical code requiring them to treat you fairly.
They will ask you some questions about your circumstances, your goals and how you feel about taking risks with your money. They will combine their knowledge and experience with the information that you give them to recommend financial products that are suitable and affordable for you. They will follow this up in writing setting out the reasons why they are giving you that advice. Once a plan has been established it should be reviewed regularly to ensure it is working as intended. As and when your circumstances or priorities change, the plan should be adjusted to reflect those changes.
Financial advisers have an up to date and broad understanding of all the most important aspects of the financial services market and are there to act in the interests of their clients. Seeking professional financial advice is the best way to increase the chances of getting the most out of your finances, whatever life stage you're at.
You can find out more about choosing a financial adviser here. Information about paying for financial advice is here.