The value of advice

Unlike sunsets, smiles and the whiskers on kittens, financial advice is not one of the best free things that life has to offer. Many major banks and financial institutions are keen to dispense free financial advice, and sometimes customers who receive it will reap tangible benefits.

But often such advice can take a ‘one-size-fits-all’ approach that is not tailored to the specific needs of the individual. And inevitably, such advice will sometimes steer the customer towards a financial product – conveniently offered by the financial institution in question – that is not necessarily suitable to their requirements.

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So the key thing to consider is: what is the potential cost of receiving the wrong advice? The long-term impact of any poor financial decision is likely to far outweigh any short-term savings. And, of course, the decision to go it alone and take no advice whatsoever is likely to be the most detrimental of all.

In a recent survey, the International Longevity Centre UK found that people who receive financial advice are, on average, £40,000 better off than those who don’t. The survey also found that nine out of 10 people are satisfied with the advice they receive, and the majority decide to go with their adviser’s recommendation.

Engaging a professional financial adviser can result in significant rewards, the real value of which is likely to become clear over time. According to unbiased.co.uk, for example, a 35-year-old who spends £580 on a consultation with a professional pensions adviser will see an extra £25,730 in their pension pot when they come to retire – a 4,336% return on what they initially spent on financial advice.

A good financial adviser will listen carefully to your needs and put together a personalised package that protects your best interests. Crucially, they will assist you in navigating the sometimes choppy waters of investing and saving, helping you to minimise risk make the most of your money.

It is often said that financially successful people make their money work for them; more often than not, they’ll have a professional financial adviser in their corner as well.

Reader’s Digest have partnered with trusted pension and investment experts Flying Colours to provide you with the guidance you need to identify which option is best for you and help you plan successfully for retirement or make the best choices once you get there.

Click here to visit our dedicated pensions website where we clear up the confusion and help you decide which option is best for you so you are then able to access the appropriate guidance.

You can also call our pension experts on 0333 241 9919. We’ll only ever recommend the best pension investment approach to suit your circumstances at the best possible cost and we offer a no cost, no obligation exploratory meeting and at a venue convenient to you, including your own home.