Sound financial advice is for everyone - not just the rich

In this week's blog, Pete Selby discusses the value of expert input in helping to grow your assets.

Your finger is hovering over the keyboard.

Should you press “Enter”, or not?retail-risk

There is so much at stake, and you’re just a bundle of nerves...

You are about to transfer what feels like a lot of money from your pension pot into your bank account, in order to finally pay off your mortgage.

Is this the right decision?

You’ve done your best to research all your options online, you’ve canvassed friends and family for their opinion, and you think you’re doing the right thing.

But are you?

There’s still an uneasy feeling in the pit of your stomach...

You close your eyes, press the button anyway, and pray you haven’t just made the biggest mistake of your life…..

What would really give you peace-of-mind when you find yourself in situations like that is advice from a financial professional who deals with these issues day-in, day-out.

But good financial advice might feel out-of-reach.

After all, isn’t professional financial advice only for people with A LOT of money?

Like someone with several hundreds of thousands in savings – not “just” tens of thousands, or a couple of hundred thousand?

If you’ve ever felt like that when making a big financial decision, you’re not alone.

Most people would love to get input from a professional adviser, but don’t even consider it, because they think the cost would be prohibitive.

It’s one of the key reasons so many try to handle their finances on their own.

Maybe you have been feeling the same way...retail-piggybank

But the reality is, even a relatively small amounts of money can deliver a healthy return on investment. (Although remember, the past performance of any investment is not necessarily a guide to future performance and investments can rise and fall.)

Financial advice isn’t just for “the rich”, as many believe.

I mean, why should something so valuable, which gives people such a financial leg up, be reserved for others, and not you?

It shouldn’t.

Sound financial advice is for everyone smart enough to seek it.

Wealthy people rely on financial advisers, because they understand that when it comes to money matters, self-education is not enough.

Tax laws, pension regulations, the money markets – it’s all very complex, and often takes an expert to make the best arrangements…

…and to help to avoid making simple but costly mistakes that can decimate hard-earned savings in one fell swoop.

The wealthy enjoy the reassurance of working with expert input, instead of making financial decisions all by themselves...

...And I don’t see why you shouldn’t get the same advantages.

The biggest one of all, quite frankly, is that a financial adviser can potentially help you make more money!retail-gragh

According to a 2017 paper by The International Longevity Centre, by 2012-14, affluent people who took financial advice between 2001-2007 accumulated 17% more in liquid assets by 2012-14 than people who did not take advice.¹

They also added 16% more in pension wealth, compared to their non-advised peers.

Clearly, financial advice pays off!

But here’s the kicker.

The charity didn’t just look at affluent people – it also tracked the financial results achieved by people who were “just getting by”.

And in percentage terms, those who took advice did even better than the affluent group!

They added on average, a massive 39% more in liquid assets than their peers who did not take advice.

And their pension wealth grew by a whopping 21% more!

Don’t forget, all that was on top of the growth in wealth shown by people who handled their own money.retail-people

On average, it added up to £39,895 in extra cash and savings.

Of course, no one can guarantee exact returns. But I don’t know anyone who would scoff at an extra £39,895 added to their bank balance!

Imagine the difference it would make to your retirement… To your financial security… To your ability to sleep at night.

That’s why I believe everyone deserves to have access to high-quality financial advice

…Because as this analysis shows clearly, financial advice is even more crucial when money feels tight, or you are “just getting by”.

And a good adviser can really help you make the most of your money, even if you don’t have hundreds of thousands in savings, yet.

So if you haven’t yet spoken to a financial adviser this year, please do get in touch to see how we can help you.


[1] https://ilcuk.org.uk/the-value-of-financial-advice/

Posted by Peter Selby

Topics: Lifestyle, financial planning

Downloads

The Value of Advice

A guide to what we do

Read the guide
Value of Advice
Questions

Ask The Experts

Want to get in touch?
Just fill out the form below and we will be in touch shortly.

Financial Planning: How we help

investment-graph

Wealth management

Planning with a goal in mind is critical in today's complex financial world. We tailor solutions that match your future vision.

plan
life-assurance

Life assurance

The right cover for you and your family helps to give you peace of mind, whatever life throws at you.

check
mortgage

Mortgages

Mortgages can be complex and confusing. We'll equip you to find the right one for your next move or investment.

Find out more
pre-retirement

Before retiring

The earlier you can start saving for retirement, the more you'll potentially benefit. We'll help you with every step.

get ahead
post-retirement

After retiring

Our financial planners make your money work for you once you've stepped back from working hard to earn it.

learn
inheritance-tax

Passing on your wealth

We help you navigate the complexities of estate and inheritance tax (IHT) planning to help you dispose of your assets as you wish.

talk to us