Deciding to pay for financial advice is a big step. It is normal to question yourself, especially as the results of this particular investment may not be apparent for years to come.
Pembroke Financial Services have put together a booklet which we believe will help anyone going through that decision making process. Promoting the benefits of paying for good financial advice and understanding what you are paying for is something we should all be doing, not just for self-serving reasons but to promote the future of Independent Financial advice as a whole.
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We read today that research commissioned by the Nottingham Building Society, which surveyed 1,069 consumers, has found that they think they would be saving £134 a month more if they had financial advice. Further the research shows that 21 per cent of adults say they aren’t saving as much as they could without advice, and are losing out on around £1,600 a year as a result.
Among savers under the age of 35, nearly a third say lack of advice is holding them back from saving, compared to 12 per cent of over 55s. The report shows that many feel that they have struggled to get advice, with 20 per cent reporting access issues for savings advice and 11 per cent for investment advice.
It’s no coincidence that according to Which?, over 1,000 bank and building society branches closed between 2015 and 2016, and over 600 are expected to close this year. Branch closures are making it difficult for savers to get the advice they need to make major financial decisions but this is where the help of a professional, unbiased Independent Financial Adviser (IFA) with a solid financial base, a well thought out investment offering and IFAs in the practice who cover many specialisms – such as Investment and Savings advice; Mortgage advice; Pension and retirement income planning; Business protection and Tax planning – will always come into their own.
“21 per cent of adults say they aren’t saving as much as they could without advice, and are losing out on around £1,600 a year as a result”
One of the most valuable things an IFA can do for you is to draw out a clearer vision of your financial future. They can help you understand what options you have around longer term issues, such as retirement, estate planning and looking after your family. If you have an obvious and immediate need, they can also help you to meet this, in the form of a financial product.
Talking to an IFA you may even find you have financial needs you’ve not yet considered. An IFA’s professional experience can help to tease these out and address them for you.
We hope you find the booklet helpful, and please don’t hesitate to ask if you have any questions or would like to talk to us in more detail about the advice service we can provide.
The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investing in shares should be regarded as a long-term investment and should fit in with your overall attitude to risk and financial circumstances. The value of tax reliefs depends on your individual circumstances. Tax laws can change. The Financial Conduct Authority does not regulate tax advice.