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Personal Finance

What Is A Financial Adviser?

Written by Katie Clarke on Apr 22nd, 2022 Time to read: 3 minutes

If you don’t have a financial adviser, but find yourself feeling overwhelmed at upcoming financial decisions, exploring the different options available to you is a good place to start.

Whether you’re thinking about your short-term or long-term goals, having an expert to offer professional advice and guidance might be the right option for you.

So, what is a financial adviser? A financial adviser is a qualified professional who will help you to make decisions on what to do with your money, including investments. As well as investing, this can include planning around savings, budgeting and tax strategies.

In other words, it is a professional who can help you to do more with your money.

Finding a financial adviser is a lot easier than you may of thought. Everyone’s needs are personal and when looking for a financial adviser this is no different.  As for cost, this will vary but often the consultation meeting will be free to assess your financial goals and needs.

Who needs a financial adviser?

As for who needs a financial adviser, anyone could benefit from financial advice. In 2018, the FCA undertook Financial Advice Market Research Survey and found that 4.5 million, or one in ten, UK adults took financial advice on investments, saving into a pension or retirement planning. You may not fully appreciate what an investment product could do for you to help you achieve a financial goal. Certainly, as you add more assets and liabilities in life such as properties, financial advice will become more necessary to ensure your wealth is managed accordingly.

Areas such as tax and pension rules can get complicated, so a financial adviser can often be essential to maximise your wealth and minimise your losses from things such as tax or inflation.

A financial adviser could also help you with decisions like how to take your pension pot, estate planning and inheritance tax which can all seem overwhelming when trying to tackle them alone.

Important financial decisions are worth getting help with. These are complicated areas where you could end up squandering your money if you haven’t studied these subjects at a professional level as a qualified financial adviser will have. Financial advisers must have appropriate qualifications, maintain competence and training needs and follow strict guidelines when providing investment advice.

How often do you see a financial adviser?

In terms of how often you will need to see a financial adviser, it really depends on your circumstances. In your initial meeting, they’ll carry out a fact find and assessment of your needs, helping you to set goals and invest in financial products to help you do more with your money.

If you are younger, it may be a case of seeing your financial adviser once a year, setting goals, investing, and letting your investment do the work.

On the other side, if you are older with more wealth and an estate to think about, and perhaps considering how to take your pension, then you may need to see your financial adviser more often. More wealth brings more financial decisions, and that’s when a financial adviser’s expertise is best utilised.

To conclude

To conclude, never underestimate the value of good advice, particularity when it involves how best to look after your financial stability. You may find that seeking financial advice as you progress through life and start accumulating wealth will become more important.

Complicated considerations on tax allowances, or how to leave your estate, or how to take your pension, are all things that you could consult a financial adviser on if you are confused before making a decision. It is also important to know that whatever stage of life you are at, you could benefit from financial advice in how to set financial goals and benefit from investment products that could help you to do more with your money.

If you are looking for financial advice or to understand more about the different options available, please contact us today.

True Potential Wealth Management offers restricted financial advice. Our service is specifically designed for clients wishing to access their financial affairs online. With investing your capital is at risk. Investments can fluctuate in value and you could get back less than you invest. Tax rules can change at any time. Please be aware that this communication should not be considered as financial advice.

True Potential Wealth Management LLP is authorised and regulated by the Financial Conduct Authority.  FNR Number 529810.  Registered Head Office: Newburn House, Gateway West, Newburn Riverside, Newcastle upon Tyne, NE15 8NX. True Potential Wealth Management is a Limited Liability Partnership. OC356611.

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