By Chartered Financial Planner Ryan Steward FPFS CII.
An often-overlooked adviser role is also in helping clients avoid costly mistakes, again these are varied in nature, but some of the more common pitfalls advisers can help clients avoid are:
Falling victim to scams,
Making poor investment decisions such as chasing the current investment trend or sitting in underperforming or expensive products,
Unknowingly paying too much in taxes
Or even helping avoid emotional decisions, such as reacting during short-term market volatility
As a society, we value expertise and experience in nearly every aspect of life, and it should be no different when it comes to making decisions on your life savings
If someone has decided they’re interested in speaking to an adviser, another common challenge faced is both in finding one they feel they can trust that comes with an established reputation, but also dealing with a company they know has a high level of skill and expertise
Using some simple online research, consumers trying to locate a firm that ticks these boxes can have a look at independent online reviews of a company to see for yourself what other people’s experience has been like with a firm
In addition to this, you can look for firms that carry the Chartered Financial Adviser Firm status
Less than 14% of firms in the UK hold this status, and it can be a strong indicator that the firm is a leader in the industry as they’ve been able to continually demonstrate the highest levels of knowledge and expertise
If you do find a firm that ticks these boxes then 97% of advice firms in the industry offer a free initial consultation, giving you peace of mind that you can have a no obligation chat to discuss your circumstances and help you decide whether you should take financial advice
After this call, should you agree to proceed with advice then many consumers aren’t aware that more often than not they don’t have to actually pay anything directly from their bank account for advice, instead an agreed fee can typically be taken from their investment vehicle, such as their pension pot
To avoid wondering whether you’re delaying a good financial decision or even prolonging a poor one, some online research followed by a free initial consultation is a great way for you to see if you should take financial advice
