Professional financial advice, where’s the value?

Making more informed decisions about money leads to better financial health in the long run

We readily trust medical professionals with our health and legal professionals with complex legal matters. Yet, some people hesitate when seeking advice on financial matters. This might be attributed to a few different factors.

Firstly, finance can feel incredibly personal and private, leading to discomfort at the thought of discussing it openly. There’s also a common perception that financial advice is only for the wealthy, which isn’t necessarily true.

Informed decisions about our money
Secondly, the perceived cost of financial advice can also deter some people. However, considering it as an investment in your financial health is essential. The insights and guidance you gain will help you make informed decisions, saving you money in the long run.

Financial professionals are highly trained and qualified experts like doctors and solicitors. They can provide valuable insights and advice tailored to your unique circumstances and goals. By overcoming any hesitations, informed decisions can be made about our money, potentially leading to better financial health in the long run.

Providing emotional support
There are numerous benefits to seeking professional financial advice. These range from developing a holistic personal financial plan and regularly reviewing progress towards financial goals to investment diversification, proactive retirement planning and rebalancing portfolios.

Financial professionals also work with clients to create personalised investment plans and can help identify opportunities to help grow wealth. They assist in managing money and mapping out plans for the future, including retirement. Importantly, they provide emotional support, especially during challenging economic conditions, which clients highly value.

Feel more confident about your finances
A recent study highlights that peace of mind and reassurance are the main benefits of seeking professional advice[1]. This emotional support helps clients feel more confident about their finances, particularly during difficult times such as the current cost of living crisis.

The study also found that rising costs have forced many UK households to find an extra £441 a month on average compared to last year. This has caused significant concern, with nearly half (46%) saying they’re incredibly apprehensive about costs.

Expertise helps mitigate concerns
However, this concern is much less pronounced among those with access to professional financial advice, with only 21% of advised clients expressing concern.
Given the current financial climate marked by high inflation and rising interest rates, financial professionals are crucial in providing guidance and reassurance. Their expertise will also help mitigate concerns related to inflation, market volatility and the impact of interest rates on mortgage payments. τ

Source data:
[1] Surveys by Opinium commissioned by Royal London between 1-6 March 2023, with 218 financial advisers and 4,000 nationally representative UK adults between 27 February and 6 March 2023.

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