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Advice needed now more than ever

The pandemic has clearly highlighted the fact that financial advice is more important than ever, prompting 1 in 25 people to seek advice for the first time ever. However, this research also indicates that a number of myths still exist, which could act as deterrents, with two in five people thinking they aren’t wealthy enough to seek advice and 27% thinking advice is only for those with savings of over £100,000.

The reality is that 77% of those who have either sought advice or who currently have an adviser, have savings and investments of less than £100,000, compared to just 5% with more than £500,000.

Taking a DIY approach has risks

Research found that two in five people feel they can manage their own finances, but it’s important to remember the risks or ultimate costs of taking a DIY approach, particularly when it comes to making more complex financial decisions.

Having an expert working with you, can help you to identify your financial goals and make things simpler and safer.

Advice throughout your life

There are many reasons that may prompt you to seek financial advice. Typically, this is driven by the need to solve an issue you have limited or no previous experience with and you need the help of a professional. Life events, such as marriage or the birth of a child or grandchild will often trigger the need for advice, rather than hitting an arbitrary financial milestone. The pandemic has proved to be a major event for all of us, often unsettling our well-thought-out plans.

We believe there is real value in employing the services of a financial adviser on an ongoing basis, so that we can help you to identify your goals and adapt plans when unforeseen events occur; our following blogs will investigate the added value that our ongoing service can provide.

Understanding value

Cost is often quoted as a barrier to seeking advice but nine out of ten people said that they didn’t actually know how much advice costs, so this is very much based on feeling not facts. It’s worth considering both how you might benefit financially from seeking advice, as well as how you will save time and reduce stress, knowing that a professional is managing your finances.