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15 May 20
Can I afford an Independent Financial Adviser?
When it comes to making life-changing financial decisions, perhaps the question ought to be how can you afford NOT to have an Independent Financial Adviser (IFA) to guide you through?
Potentially better off long-term
The idea of paying for financial advice can frighten some consumers, which is understandable. However, once you weigh up the potential benefits it becomes less frightening and much more pleasurable. After all, Roman Playwright, Plautus once said ‘You must spend money to make money!’. A recent study by Royal London found that those who took financial advice were better off in the long term than those who didn’t. Therefore, having an IFA might well save you money in the long run.
An investment in your financial future
An IFA should be viewed as an investment in your financial future, one that will enable you to understand your finances and could help you achieve your goals. If you choose an IFA who takes a holistic approach, looks at the ‘bigger picture’ and examines all aspects of your finances then you will have the greatest chance of achieving the best results.
Why should you pay for Financial Advice?
There are many benefits to taking financial advice from an Independent Financial Adviser. These benefits include:
- Your financial adviser will make sure that you utilise as many applicable tax allowances and reliefs as possible. This means that your money can grow faster.
- Your adviser will know how best to maximise your protection under the Financial Services Compensation Scheme (FSCS). This means that your money is safer.
- Your adviser will use sophisticated modelling tools in order to explain how you can maximise your returns for an agreed level of risk. This can give better potential performance for your investments.
- Your adviser will conduct robust due diligence on all funds and products prior to recommending them to you. This will save you time and worry, whilst giving you reassurance.
- Your adviser will have many years’ experience in the financial services industry so will be able to use their skills and knowledge to guide you through any unexpected issues such as death, divorce or stock market crashes. You can be sure that they have experience of all these issues and are well placed to advise you.