While there’s certainly no shortage of financial advice in today’s digital age, making sense of all the information and determining what applies to you can be overwhelming.

As we get a bit older, our lives get much more complex. We find ourselves planning for a variety of events, such as the purchase of a home, a child’s education, a parent’s elder care or a possible career change.

Additional complexities could be introduced with second marriages, unique living arrangements, a changing job market – or even in times of inflation. Against this backdrop, financial advice has become more important than ever.

first-time investors

What is the value of financial advice?

If you’re ill, you go to the doctors, if you’re moving house you use a solicitor – we seek out professionals for important decisions because that’s their job – to have the knowledge that we don’t.

Our life savings, our pension, how we support ourselves are huge fundamental decisions and impact all aspects of our lives. And yet when it comes to our money there seems to be a nervousness or mistrust in getting advice from specialists.

But if we need financial advice, why don’t we ask for it?

Is it because as a nation we generally don’t like discussing money? Are we put off by the myths that surround advice – for example you ‘have to be rich’, ‘it’s too expensive’, ‘it’s not worth it? If you have ever thought any of these things, ask yourself if these thoughts are based on facts or ’just what people say’?

There are probably many factors that put people off getting advice but given that we all need money to support ourselves, you could potentially be much better off with talking to a financial adviser – is it at least worth exploring?

Is financial advice worth it?

If you have never visited a financial adviser before, paying someone money to advise you on what to do with your cash might seem counter-intuitive. After all, modern technology makes it perfectly possible to manage your own investments and pensions without paying anyone a penny.

However, just as you might live to regret a decision to plumb in your own bathroom using a YouTube video and some parts you’ve bought from the internet, you could well end up missing out if you don’t ask a professional about how to make the most of your money.

A study calculated that those who used a financial adviser around the turn of the century ended up £47,000 better off a decade later than those in similar situations who did not – a figure that spectacularly dwarfs the average cost of financial advice, which varies, but is an average of £150 an hour when charged hourly according to the Government’s Money Advice Service.

Key benefits of financial advice

There are a number of important reasons for choosing to seek professional advice.

A financial adviser can help you by:

  • Providing objective insights into your finances
  • Putting in place a comprehensive financial plan to meet your goals
  • Building up your wealth through better savings behaviour and increased financial knowledge
  • Monitoring and updating your long-term savings strategy to build for a comfortable retirement
  • Ensuring your investments are diversified in order to lower your risk
  • Selecting tax-efficient investments to help you keep more of your money
  • Preparing you for unexpected events, such as job loss or disability
  • Helping to prevent emotional investing decisions, especially during periods of market volatility

What to expect from an adviser?

An adviser will meet with you and chat about your financial goals, any savings you have, your pensions, your income and outgoings. They will then put together recommendations based on your circumstances to see how they can get your money working harder.

The best advice starts with a conversation

Our team of financial advisers are highly qualified with experience in financial planning to work with you to create a financial plan that’s right for you and evolves with you – answering your questions, providing advice and updating your financial plan along the way to help you achieve your life goals and ambitions. You’ll also have access to additional resources and advice as advisers work with a range of specialists in multiple sectors, such as solicitors, business advisers and accountants.

PLEASE NOTE: Grosvenor Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority. The value of investment can go down as well as up and you may not get back the original amount you invested. Tax treatment is dependent on individual circumstances and may be subject to change. Tax planning is not regulated by the Financial Conduct Authority.

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