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    Why you should consider speaking to a financial adviser (even if you have some hesitations!)

    In our latest blog, PM+M’s financial planning director, James McIntyre, takes a look at some of the reasons why individuals may be wary of obtaining financial advice. James looks to banish these myths below… 

    ‘I didn’t think that I had enough funds…’

    We all have to start somewhere. If you do not consider your own financial planning at an early stage, there is less opportunity to be able to build up sufficient funds to meet your future objectives, such as retiring at the right time with adequate assets to sustain you.

    A report* published by the International Longevity Centre UK (ilcuk) in November 2019, highlighted that those who engaged with a financial adviser for ongoing advice had nearly 50% higher average pension wealth than those only receiving advice at the start.

    Your adviser can use cashflow planning forecasting tools to test your objectives and determine what needs to be saved now, in order to get you where you need/want to be in the future.

    Throughout this journey, your adviser will review your investments to ensure that your funds and asset allocation (blend of various investments) remain appropriate in order to manage the investment journey  as efficiently as possible.

    It is also important to highlight that a financial adviser does not simply ‘manage wealth’. Financial advisers can implement a contingency plan to ensure that there is not a financial disaster in the event of premature death or illness, in order to protect family or a business.

    ‘I didn’t think that I could afford it…’

    At PM+M, we look after an array of individuals and have a team of advisers suited to different clients; financial advice at PM+M is accessible to all.

    If you are starting your financial planning journey, we can set you up for success via a one-off advice service. We can produce a cashflow forecast, set up a financial plan and consider your contingency planning requirements too.

    As pensions/investments start to accumulate to a level where an ongoing financial planning service is viable from a cost perspective, we can then engage with clients to receive ongoing advice. The ‘efficiency’ level is probably going to be at around £75,000 worth of assets under management.

    I see it time and time again where an individual visits to review their pensions or investments and we assess fees, only to find out that on a like for like basis, we can find them a better and more cost-effective solution.

    Yes, there is the added cost of advice. But, based on the ilcuk research detailed above, this might represent great value for money!

    ‘Life has been busy…’

    This will never change. However, the earlier you access financial advice, the greater the chances of success.

    A financial adviser will conduct a review meeting, ask you a series of questions, determine your objectives and establish what they believe should be on your agenda. They can review your present position, establish a cash flow forecast and produce a recommendation report. A financial adviser does the hard work for you.

    If you are pushed for time, there is always the opportunity to use video technology to conduct the meeting no matter where you are in the UK, however, most financial advisers would travel to visit you, at your home, place of work or at an offsite location, wherever is most convenient

    ‘Can I trust a financial adviser?’

    Consumers in the UK are blessed with the knowledge that financial advice is regulated. Individuals are able to check the FCA register to check that the firm you are dealing with are registered and your protections when dealing with them. Search the register here.

    Regulated advisory businesses also have professional indemnity insurance in place which is used to protect clients in the event that an advisory mistake is made.

    It is essential to find someone who you connect with and whom can be on the journey with you. A financial adviser becomes part of your life and will be there when you need them.

    Ensure there are no exit fees when deciding who to work with, therefore if things don’t work out, you can always engage with another adviser if things didn’t work out. When choosing a financial adviser, there is no harm in speaking to two or even three people before you make the commitment.

    ‘I didn’t know where to start…’

    This is incredibly common, as trying to research different financial planning options on your own without the support of an adviser can be confusing and daunting.

    If you are reading this article and think that you could benefit from financial advice, but don’t know where to start, please do not hesitate to give me a call for a chat or email me using the button below – I would be happy to help you begin your financial planning journey.

    • International Longevity Centre UK (ilcuk) report ‘What it’s worth – revisiting the value of financial advice’. Published on 28 November 2019
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    For more information about anything in the above article, please get in touch using the button below.
    James McIntyre
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