Financial advice can benefit many people, irrespective of where they are in life: accumulators ensuring they are contributing enough to their pension (within investments that match their risk tolerance); first-time buyers making sure they have adequate protection in place; retirees knowing they will have enough income to last; even those with large estates making sure they can leave enough for their families – the list continues…
As people are unique, and advice is not a one size fits all situation, the value of advice comes in many different forms. Finances can be confusing, even for the more money-minded. One of the main values of professional advice is translation, allowing clients to fully understand the detail of products and investments; to have figures and percentages shown as likelihoods of reaching their goals. If the client is not where they need to be, advisers can step in to make them aware of other products or methods that could better help them reach their financial goals.
There may also be issues that the client could be completely unaware of until highlighted by an adviser, such as potential inheritance tax issues their beneficiaries may face – this is where advisers become your eyes and ears! Another aspect of the value of advice, access to expert knowledge. Through ongoing service with an adviser, clients will have annual reviews where any adjustments to their situation or objectives will be noted and factored into their plan going forward.
Overall, financial advice is all about transferring the stress and confusion of finances from clients to advisers. Some clients have great levels of knowledge but not a lot of spare time and others may have certain anxieties about money and could benefit from some guidance. Then there’s others who’d rather think about holidays rather than worrying their funds aren’t diversified. Advice is not just about selling products or talking about pensions. Professional financial advice can have significant benefits for the end client, adding value that is not just monetary. There is knowledge, resource, research and simply support that can help clients reach their financial goals. The end goal is the destination, but the client doesn’t necessarily know the best way to get there – the adviser can provide the directions (and possibly a map!) to help the client find the best way for them. Advice as unique as they are.
This post was kindly written and produced by Apricity Compliance, part of the Verve Group.