Chances are that if you’re asking yourself “Should I get a financial advisor?” or “What can a professional financial adviser do for me?”, then you’re likely contemplating an unusual financial move.
Much of this depends on what this financial move consists of. Financial advisers provide general financial planning and investment advice alongside specialised advice concerning the suitability of specific financial products, such you’re your pension.
Financial advisors are absolute experts that can give you advice on a wide variety of investment products. Pensions, as an example example, are hugely complex, and it is their job to help you fully understand what all of your options are.
If you’re thinking about a significant investment, then you’ll have the security of much better protection when you purchase an investment product on professional advice. You will have protection if you are mistakenly sold an inappropriate investment product or your advisor doesn’t act in your best interests.
Any financial advisor you’re connected with through Local Financial Advice will have your best interests at heart.
Most banks, building societies and specialist investment brokers will supply you with all the information about different finance options, then leave it down to you to decide as to which product suits you best. They serve a purpose as information suppliers as opposed to financial advisors, and they aren’t liable or responsible for any decision you make. You will also get far less opportunities to claim compensation if the financial product turns out to be the wrong one. Any advisor for a bank, for example, tend to only offer you products from their own company, even though there will no doubt be far better options available elsewhere.
Professional financial advisors, in contrast, will talk you through the product that they feel is the best fit for you, which then means you are entitled to compensation should it turn out to be a bad choice. Please keep in mind that this doesn’t apply if market fluctuations bring losses, but if you are making an intricate financial decision that involves a significant amount of money spread across an array of products, then hiring a financial advisor is absolutely the right choice to make.
