Is Financial Advice Worth It?

In a world where we are becoming much more savvy and frugal with our hard-earned savings, have you ever found yourself asking, ‘is financial advice worth it?’ and ‘should I get financial advice?’.

Well you’re in luck, in this article Hilltop Finance will answer those questions and more all around the topic of financial advice so hopefully, this topic is somewhat clearer for you. 

What Is Financial Advice?

According to the FCA, Financial Advice is the recommendation of specific financial products or course of action to be taken, depending on your personal circumstances or financial goals. 

This isn’t to be mistaken for guidance, which will help you to identify and narrow down your options, however unlike advice, it will not tell you what to do, and what’s the best course of action for you. If you make the wrong decision, you could end up losing your money. 

Should I Get Financial Advice?

When deciding whether or not financial advice is worthwhile, it’s crucial to consider why people seek it in the first place. There is a range of advice types you can get such as: 

• Financial Planning
• Pension Advice
• Investment Advice
• Tax Advice

To grasp how these different markets work, you’ll need a certain amount of competence in these areas, which is where a professional financial adviser comes in.

An independent financial adviser will assist you in making the most of your pensions or investments within the financial risk you’re comfortable in taking. A financial adviser will guide and advise you to figure out the best approach to take advantage of the various tax regimes available.

What are the benefits of financial advice?

In an ageing society, it is vital for people to be able to plan for their financial security in retirement. In a report taken out by ILC, it was found that between 2014 and 2016, receiving financial advice resulted in a total boost to wealth of over £47,000 in pensions and financial assets (report). 

If this is the case, it would seem daft for people not to have financial advisers. So why don’t they? It is most likely due to the general suspicion around the topic of financial advisers and that many have the belief that they cost more than they are worth, which ILC actually reports being the opposite.

In fact, the same report by ILC asked respondents that took out financial advice whether or not they were satisfied and results actually showed that more than 9 in 10 people reported being glad to have taken it out. 

How much does independent financial advice cost?

The cost of financial advice depends on case to case as everyone will have a unique situation dependent on their work and investment history.

At Hilltop Finance we offer a free, non-obligatory consultation via phone or video call so we can understand a little more about you and what level of service you would require. From there we can openly discuss the costs and pick a solution that suits your needs and expectations.

How to get financial advice in your best interest

If you are looking at how to get financial advice in your best interest, Hilltop Finance will do exactly that. Because we are a team of expert, independent advisers it means we have access to the whole market.

We would help you pick something suitable from across the market and not just the limited few partnering companies as with a restricted financial adviser. We pride ourselves in our 5-star bespoke service meaning that you get expert advice, tailored to you.

Hilltop Finance Limited is authorised and regulated by the Financial Conduct Authority. Our friendly, expert team of independent financial advisers can help you with your range of investment queries over the phone or even a video call from the comfort of your own home – just contact us here. 

Capital at risk, the value of your investments can go down as well as up, and you may get back less than your investment.