More often than not, we all have to make big financial decisions during one time or another, whether it’s deciding how best to maximize your income or where to invest your pension funds. Working out which course of action is best can be difficult. This is why most people opt to seek the help of a Personal Financial Advisor on the various investment options available.
Who exactly is a Personal Financial Advisor and how can he/she help you?
A Personal Financial Advisor is an expert who helps you manage your finances so that your money is making a lot of returns on your investments. There are two types of Personal Financial Advisors, ‘restricted’ and ‘independent’. If an advisor is restricted, he/she may either specialize in a specific area on investments or may only be able to recommend products from certain providers. If the financial advisor is independent, he/she can recommend products from across the whole of the market.
What’s the value of getting expert advice from a personal financial advisor?
Whether you’re saving to buy your first home, investing in the stock market or trying to build your pension pot, hiring a personal financial advisor can significantly boost your assets d return on investments. Having a good personal financial advisor to help you decide will give you the right leverage you need. There are several benefits in getting help from a personal financial advisor, some of which include;
1. Industry knowledge – A good personal financial advisor understands how complex financial products work and how these products may get your profits up.
2. Suitable solutions – A personal financial advisor will readily provide you with a range of solutions tailored to fit your individual circumstances. A personal financial advisor gives you a tailored financial plan that will help you put your finances exactly where you want them.
3. Exclusive product knowledge – A personal financial advisor may have access to a few financial products which are only available via intermediaries rather than directly from providers. There are numerous investment and pension solutions available and each comes with its own rules, regulations and nuanced complexities. A personal financial advisor will narrow down a particular investment option that is most suitable for you.
4. Research all options – A personal financial advisor will perform all the hard work on your behalf, by researching financial products. This would take some time and effort, and it’s often difficult to know whether you’ve explored every available option. But a personal financial advisor can research all the opportunities on offer and help you come to the right decision.
5. Tax efficiency – A personal financial advisor will help you minimize your current and future tax liability. The tax system is complex and difficult to navigate, and a small oversight could cost you a lot in unnecessary tax. A personal financial advisor will be aware of the traps and make your finances as tax-efficient as possible.
6. Protection – You’re protected if anything should go wrong. If an investment you signed up for takes a nosedive, you have the right to hold your personal financial advisor for giving you misleading information or bad advice. If inadequate advice from a personal financial advisor causes you to suffer losses, you can refer your complaint to the Financial Ombudsman Service, which has the legal power to award compensation.
So, are you ready to improve your finances? Contact the seniors answer for more information on how to get a financial advisor.