Benefits of Having a Financial Adviser

A lot of people would face huge financial choices during their lifetime – whether it is choosing how best to make the most of their income in retirement, or where to save a lump sum. 

Financial Adviser  

It could be hard to work out what course of action to take. That is why a lot of individuals look for expert financial advice on the various available options. 

What is a Financial Planner? 

As the name suggests, a financial planner is a person who helps you manage your finances, so that the money you have is working as hard as it could possibly for you.  

There are 2 major types of financial adviser – Independent and Restricted. They might either specialize in a certain area, like investments, or they might only be able to suggest products from a specific number or manufacturers if an adviser is restricted. They could suggest products from across the whole world if they are independent.  

Advantages of a Financial Adviser 

Here are some benefits of having a financial adviser: 

  • Industry Knowledge 

They would understand how hard financial products work and how the products might be able to profit you.  

  • Suitable Products 

They might have access to financial products that are available only through intermediaries instead of directly from manufacturers. 

  • Certified 

They should be qualified properly to provide financial advice. Before they could give financial advice, every financial adviser should have gained a “Level 4” qualification like a Diploma in Financial Planning. They should also be able to show that they keep their knowledge updated by having a yearly “Statement of Expert Standing”. 

  • Research Every Option 

They could do all the hard work on behalf of you. Examining financial products could take a huge amount of effort and time, and it is frequently hard to know whether you have explored each option available. An adviser could examine all the chances on offer and support you to come to the correct choice.  

  • Peace of Mind 

You are protected if everything goes wrong. You could complain if you have been provided bad advice or misleading information. As long as they are authorized by the Financial Conduct Authority, you could take the complaint to the Financial Ombudsmen who have legal authority to put things correctly if you do not feel your complaint has been satisfactorily answered by the adviser.  

Disadvantages of a Financial Adviser 

  • Paid 

Financial adviser would cost you. Financial advisers could no longer get commission on the investments they sold, and rather should charge fees for the advice they provide. However, they could still accept commission for insurance and mortgage advice.  

  • Varied Fee Structure 

Charging structures could widely differ depending on where you want to have an advice. That is why it is not always simple to compare prices. Several advisers would base their fee on the percent of the value of the investment portfolio. On the other hand, others charge a rate per hour.  

So, if you think that you really need a professional financial adviser right now, simply click here 

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