Simply put, there are costs and charges, and then benefits, to allowing yourself to take financial advice.
So what are the benefits? Where is the value?
A study* entitled “Econometric Analysis of the Value of Advice in Canada” found that the value of household financial assets, for those receiving advice, for 15 or more years, was a huge 273% higher, than those with no advice!
This study showed that financial advice over the longer term has a multiplier effect.
- After 4-6 years the benefit was 1.58 X
- After 7-14 years the benefit was 1.99 X
- After 15 + years the benefit was 2.73 X
George Critchley, Director at Jones Harris Chartered Financial Planners, examines the benefits to paying for financial advice:
Tax Efficiency, the adviser makes sure you utilise as many of your tax allowances and reliefs as possible.
Outcome…your money grows faster.
Increased Investor Protection, how to best maximise your protection under the Financial Services Compensation Scheme (FSCS).
Outcome…your money is safer.
Reduce Portfolio Risk, by the use of sophisticated modelling tools. Aim to maximise returns for a given level of risk, acceptable to you.
Outcome…better potential performance with less downside.
Conduct Rigorous Due Diligence. The adviser does robust due diligence and research on all funds and products advised on.
Outcome…with over 9,000 UK investment possibilities, the adviser saves you time and worry.
Hold Your Hand Through Difficult Times. Whether it’s death, divorce, business transition, stock market crashes, the adviser can use their skills, care and knowledge to help see you through.
Outcome…with you when your need is the greatest.
Pre-fund Investment Dealing. Where is the most cost efficient platform to hold your investments?
Outcome…can save many £’s over the years.
Taking advice, helps you to make sense and understand the basics of how finance works. It helps you relax, knowing matters are taken care of. It can protect you in the bad times, and potentially enhance your returns.
The ultimate aim of the adviser is “To enable you to achieve what you want out of life”.
If you think you would benefit from seeing a Financial Adviser, please contact Jones Harris Chartered Financial Planners on 01253 874255 or email: firstname.lastname@example.org.
*Study by Claude Montmarquette, Professor Emeritus at CIRANO in Canada 2012