The costs of not using an adviser? One is time and the other is money. Any independent financial adviser worth their salt takes into account two aspects: your needs and your circumstances. Notice the second person pronoun – your. It’s about you. Or should be.
The other aspect sometimes forgotten is that an adviser often has “whole of market” access – they have the means to find products for your needs that you’re unlikely to find from a Google search.
Time is another aspect. That time searching and weighing up pros and cons can often be mitigated by professional financial help.
So what services can you expect advice on?
- Insurance: like life insurance, critical illness, buildings, contents, travel and car insurance.
- Mortgages and equity release: the types of options available to you, with or without fees, the cost of a fixed rate versus a tracker and access to specialist mortgage brokers. Equity release may require specialist advice too.
- Pensions: we touched upon this in the previous blog post. With life expectancy rising you need to be financially healthy in later years.
This industry knowledge should mean answers are found to your needs; you can rest easy too that most financial advisers are qualified and certified to give advice.
You may tire of PPI calls, but if you’re mis-sold a product or given poor advice, you have the umbrella organisations of the FCA and the Financial Ombudsman to call on.