Just recently I returned “home” to continue my work under the wing of The Spectrum IFA Group. Two years ago I moved away thinking I could expand the range of services to offer my clients, but sometimes the grass isn’t greener. However, leaving one base for another also creates time for reflection and, sometimes, realisation that where you were was rather good.
Do I need a financial adviser?
By Susan Worthington
This article is published on: 1st October 2023
Change is always happening around us, but for some it can be unsettling. I am fortunate in that all my clients and contacts have been happy to stay with me on my journey.
It made me appreciate that a client’s commitment to one adviser for the duration of their financial arrangements is fundamental to developing a strong relationship and achieving successful outcomes. It’s what an adviser can help them with that matters, and supporting those requirements over the long-term creates a unique bond. Matching the actual advice and arrangements to a client’s needs should be the highest priority for any adviser.
So what can an adviser provide:
• Helps maintain perspective (and calm) during stock market turbulence. This is particularly relevant at the time of writing!
• Able to explain and problem solve when something goes wrong.
• They provide more accurate news and updates from the real experts, steering clear of the media hype and scaremongering that is everywhere.
• Recommend tax efficient arrangements geared to your lifetime and also very importantly, after it, for your family.
• Have access to investment fund experts who often fare better than self-selected choices.
• Keep you on track as your circumstances change. Nothing ever stays the same, part of life’s rich pattern, so having a hand to hold you through that change can be comforting and supportive.
• Liaise with your tax or legal advisers to ensure your overall interests are protected.
Not everyone chooses to work with a financial adviser. Some people can’t find one they can work with or trust or just simply prefer to manage their own affairs. Many don’t do anything at all.
It made me check some UK statistics. Did you know that:
• 39% of adults (20.3 million) don’t feel confident managing their own money.
• 11.5 million have less than £100 in savings.
• nearly nine million people are in serious debt, and only around a third receive help.
• 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.
• Most millionaires likely use some type of financial adviser to grow and protect their wealth.
According to a recent report from Prudential, more than half – 53% – of UK adults say that financial problems and changed circumstances over the last 12 months have caused them to seek financial advice. Of this figure, 33% have already sought financial advice, whilst the remaining 20% are planning to do so.
Most people will benefit from the knowledge and experience of a professional financial adviser, especially if they have a variety of assets. When deciding between working with a financial adviser or doing it yourself, you just need to weigh the benefits against what you could be missing out on. Just a thought…….!