How financial advice can help you
Financial advice isn't just for the rich and famous. Financial advisers can advise you on lots of money matters, from pensions and investments to life insurance for your mortgage. Our Consumer Finance Specialist Sarah Pennells talks through the importance of getting financial advice and how it could benefit you.
And once you're ready to start looking, we can show you where to find a financial adviser.
Advisers may charge for their services although they should agree any fees with you upfront.
THE VALUE OF ADVICE
You may have thought about taking financial advice, but been unsure about how it might benefit you. Or maybe you’re unsure about what a financial adviser does.
So in this short video, I’ll explain what a financial adviser does and how to find one.
A financial adviser can help you in several ways. They can understand your needs by building up a picture of your overall personal financial circumstances and agreeing with you the areas you should prioritise.
They can discuss potential solutions - considering which products could be right for you.
A financial adviser can highlight pros and cons - they’ll make you aware of how the products differ - because they’re not all the same.
And finally an adviser can make a recommendation. This will be tailored to your needs, making sure you get the right balance between what you can afford and the quality of products you need.
The are two different types of financial adviser - and it’s important to understand the difference between them.
Independent financial[i] advisers, or IFAs, are able to consider all types of products from firms across the whole market when making their recommendations.
Restricted advisers are limited to certain types of products or certain providers they can choose from.
If you’re in the market for a financial adviser, then there’s a number of directories you can use to search for one. But however you find an adviser, it’s important to check they’re listed on the Financial Conduct Authority’s register. You can find this at www.register.fca.org.uk.
Make the most of your money
Our guides are packed with hints and tips like things to consider when approaching retirement or how to cut your bills when money is tighter than normal.
We also have a financial wellbeing service for our workplace pension customers who are close to retirement but don’t have a financial adviser. Our wellbeing service provides information and guidance on a wide range of issues to help you make the most of your pension savings. And it's available to our workplace pension customers at no extra cost.
Your pension savings need to last a long time so it’s important you’re making the right choices. How will you withdraw your money? How much will you take? And when?
With flexible access, or pension drawdown, if you take too much money, live longer than expected or investments don’t perform as well as you’d hoped, you could run out of money before you die. There are also tax implications to consider, as well as limits on how much you can continue to pay into your pension if you decide to get a part-time job in retirement.
A financial adviser can advise you on the best options available to you before you make any decisions.
Why get financial advice?
An advisor will consider all your options to make sure the products they recommend suit your individual needs.
Peace of mind
Talking to a financial adviser can help you feel more financially secure when you make the most of their knowledge and experience.
Stay on track
An adviser will keep an eye on things, and will take short-term fluctuations in the market into account before making recommendations.
The cost of living crisis
The UK is facing a cost of living crisis where the price of essential goods is increasing faster than household incomes. While we might not be able to predict or control what's happening in the world, we can help you to understand what these changes mean for you and your finances.
We have a range of guides to help you make the most of your money, and our articles can show you how you can brush up your knowledge and manage your money better during these challenging times
Reasons you might choose to seek financial advice
A financial adviser can help you consider the best financial product for your needs and life stage.
How to save money on your energy bills
Energy bills can be a major expense, but there are some simple steps we can all take to try and keep costs down.
Top 10: tips to manage your money
Monitoring where our money’s going can have a big impact on our attitude to spending and how much we save. Read our tips to help get you started.
Financial advice improves emotional wellbeing
New research from Royal London shows that professional advice delivers so much more to customers than the expected financial benefits. It also helps to improve their emotional wellbeing by making them feel better about themselves and their finances – especially in times of crisis.
Is financial advice the secret to feeling good about your money and yourself?
We surveyed over 4,000 customers and they told us how advice makes them feel better about their money, themselves and their future.