You Ask, We Answer – Is Financial Advice Worth It?

18 Sep 2015 | COMMENTS: 0 | Author: Liberty Howard | General

Sometimes, we turn to the internet for answers to our financial questions, only to find that there’s nothing out there that can help. We’ve had a look at what people are searching for, and will be shedding some light weekly on the most commonly asked questions. This week, we’re answering  “Is financial advice worth it?”.

Q: Is financial advice worth it?

“Worth it” is a subjective term: what’s worth it to one person may look like terrible value to someone else. And when you’re trying to make the most of your money, it can seem counter-productive to spend money on advice.

For choosing simple financial products, such as an ISA or a credit card, you might not need an FA as there’s plenty of information online, which should enable you to make an informed decision.

There’s also a lot of advice online about investments, pensions, life insurance and critical illness cover, but as these products are far more complex – and there’s often a far wider range of them to choose from – it can take a lot more time and effort to determine what’s best for your circumstances, and in this instance, there’s a lot at stake if you make the wrong decision. For example, getting to retirement age and realising your pension had been set up incorrectly, or losing money in bad investments.

For the majority of us who don’t have time to dedicate trawling through webpages to become experts in personal finance, a financial advisor takes on the job for us, and has the time and connections to access an even wider range of products: which can result in a better deal for you, offsetting the cost of the advice somewhat. An advisor will also have an expert, objective view of your financial situation and can often offer invaluable insights that can save or make you a lot of money.

Ultimately it depends on your own personal circumstances whether or not financial advice is truly worth it. If you’re on the fence, we can connect you with a financial advisor for a free consultation with no obligation – so you can fully consider your options.

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