It is thought that only around 10 to 15% of adults living in the UK have sought out professional financial advice. Yet, studies have shown that people who seek financial advice have, on average, in a better position ten years down the line than those who did not.
Of course, there will be many reasons as to why people may be reluctant to speak to a financial adviser. The two primary factors are thought most likely to be the perceived cost involved, as well as receiving poor quality advice (that could end up causing you a lot of money in the long run).
While we understand reservations regarding cost, many people do not fully recognise the long-term value that financial advice can generate. This will be covered later in the article, but you should know that a financial adviser can offer support with every aspect of your financial life, whether that be savings, investments, mortgages, pensions and retirement, tax planning, and more. Costs are transparent and flexible, and with a focus on clients benefitting from greater returns over the long term.
As for the fear of receiving poor quality advice, the risks can be mitigated with research and planning before you commit to choosing a financial adviser. It is important to choose a firm with a longstanding and successful history, an established clientele, and an outstanding reputation. With Cave & Sons, you can be assured of industry leading advice from a team of well-informed advisers with decades of combined experience.
The value that financial advice can bring
Setting out a plan
We often find that clients approaching us for the first time have not thought about their long term financial goals. Short and medium term goals – such as getting married or purchasing a property – may be in the forefront of their minds, but beyond that goals are often blurry at best.
Perhaps you’re planning to have children, and want to cover school fees or support them through higher education? The latter could be twenty years or more down the line, but it is worth considering today. A financial adviser will encourage you to contemplate your future self and his/her financial goals, and help you to formulate a roadmap designed to get there.
Checkpoints along the way
Over time, it is natural that your financial goals will change, develop, and grow. Regular review meetings with a financial adviser will allow you to make the best of changing circumstances – positive or negative – and ensure that you make informed decisions along the way, which best compliment your current circumstances.
Similarly, external forces can have a large impact on how you look after your finances. Economic booms and busts, updated legislation, or other global affairs may result in a requirement to make changes to your financial arrangements.
As within any industry, the financial services sector changes rapidly. While new products and services become available, older ones may become less competitive.
It is the role of your financial adviser to keep abreast of any changes in the industry that may impact you, directly or indirectly. They have the expertise, and will carry out the necessary research and monitoring on a regular basis to allow you to focus on things that matter to you.
Cave & Sons
Based in Northampton, our team of financial advisors have decades of experience in providing financial advice at the highest standard. We pride ourselves on offering objective, informed, and ongoing advice that is specifically catered to our clients’ requirements.
If you would like to find out more information about the value a financial adviser can offer, please contact us on 01604 621 421, or fill our contact form and we will be in touch at your earliest convenience.
Cave & Sons Ltd is authorised and regulated by the Financial Conduct Authority (FCA).
Financial Services Register number 143715