Don’t need a financial adviser? Think again

Reader's Digest Editors

One of the most common questions people ask when you bring up the topic of financial advice is: “Do I need a financial adviser?

A survey last year suggested that financial advice leaves people an average of £40,000 better off* but everyone’s situation and needs are different.

To help you decide if you could be leaving money on the table, we’ve partnered with VouchedFor.co.uk (the UK’s leading rating and review site for financial advisers) to offer you a free 30 minute Financial Healthcheck with one of the 5* rated advisers on their platform.

Claim a Free Financial Healthcheck

A good way to understand the role of an Independent Financial Adviser (IFA) is to compare the way you manage your money with the way you look after your car.

Most of us are able to sort the basics like checking the tyre pressure, renewing the wiper blades and topping up the oil and fluids.

But when it comes to the annual service or sorting out the electrics, we take our vehicle to an experienced, qualified mechanic who we trust.

In a similar way, while we may be capable of dealing with our basic day to day finances, when we talk about the more complex areas of wealth management, it makes sense to seek expert independent advice.

The car maintenance/finance advice comparison doesn’t end there – for example if you don’t maintain your car, miss out on servicing or go for bodged repairs on the cheap, it can cost you far more in the long run – the same applies to your financial planning.

Not all IFAs offer the same services. Typically, they can help you put in place a robust financial plan to help you achieve your goals e.g. enjoying a comfortable retirement or leaving a legacy.

IFAs can help manage your investments and pensions, put the right level of insurance in place and reduce your tax bill (whether that’s income tax, capital gains tax or inheritance tax). They can also help with things like equity release and mortgages.

IFAs will undertake detailed research and scenario modelling to help demystify your options and guide you to the best decisions for your situation.

If you understand the complicated laws around pensions, inheritance tax and selecting theright investments for your risk profile then by all means go solo.

But if like many you aren’t sure then it’s worth seeking help from an IFA, a good placed to start is requesting a Free Financial Healthcheck or calling VouchedFor on 0203 641 0346.

*Research from the International Longevity Centre - July 2017. Those who received advice from 2001-07 accumulated significantly more assets than their unadvised equivalent peers by 2012-14.