Financial advice: What are the benefits and where to start?

Seeking financial advice may at first appear to be a daunting task, but it is there to make your life easier. Financial advisers are highly qualified experts and should be considered just as essential as using an accountant or lawyer when you need one. They can help cut through the complexities using the benefit of their experience to give you the best possible chance of achieving your financial goals.

Ubiased, an organisation which aims to support people in finding quality financial advice, reported that Brits who took professional financial advice between 2001 and 2006 enjoyed an average increase in their assets of nearly £48,000 after 10 years, compared to those who took no advice.

How financial advice can help you:

Take the pressure off
The best advice follows a thorough review of your current financial position, as well as your long-term financial goals, your attitude towards investment risk, your tax position, and your available budget. Following this, a financial adviser will be able to help you understand and consider the options available to you. This process can often be challenging if faced alone, but an adviser can really help to take the pressure off and can make the process much simpler.

Help you achieve your financial goals
Your goals are individual to you. A financial adviser will get to know you, as well as what you hope to achieve for you and your loved ones and can make a real difference in making it a reality. By taking a holistic view of your finances and aspirations, they can use their experience and expertise to help you to consider the best options for you to help you achieve your financial goals.

Increase your financial confidence
Receiving financial advice can be greatly beneficial in terms of building an understanding of your finances and gaining confidence as a result. A financial adviser can support you in making well-informed decisions which will help alleviate the worries you may otherwise have had when it came to managing your finances, and you can be confident your finances are in safe hands.

What to do next:

Financial advice can provide support in all aspects of your finances, but can be particularly useful when considering products and solutions to ensure you make the best possible choices for your personal circumstances. This can include, but is not limited to:

  • Pensions and investments
  • Tax and inheritance planning
  • Mortgages
  • Long-term care planning
  • Life and health insurance

If you think financial advice is right for you, it is important to find an adviser you trust.

A good place to start may be the Financial Conduct Authority register, or MoneyHelper’s Retirement Adviser Directory.

Alternatively, MoneyHelper and Citizens Advice can provide free and impartial financial guidance.