The Benefits of Independent Financial Advice
in Leamington Spa & Warwickshire
Navigating your financial future can be overwhelming, but it doesn't have to be. Working with a financial adviser can offer invaluable support and reassurance when it matters most. With their expertise and guidance, you can discover the true benefits of financial advice.
The value of financial advice
Research conducted by International Longevity Centre (ILC) suggests that seeking the help of a financial adviser can lead to better outcomes than managing finances alone. In fact, according to the research, you could potentially be £47,000 better off by the time you retire if you use the services of a financial adviser.
In a report in 2017, the ILC discovered that Brits who took professional financial advice between 2001 and 2006 enjoyed an average increase in their assets of nearly £48,000 after 10 years, compared to those who took no advice.
The combined benefits of financial advice over the 10-year period work out as approximately 2,400% greater than the initial cost of the advice.
The study, produced by the ILC with Royal London, compares people who took financial advice with those who didn’t, by looking at their assets, such as pensions, savings and investments over a decade.
The value of ongoing advice
While the report confirmed a significant wealth boost from one-off advice, it also revealed the greater benefits of additional or ongoing advice.
It compared those who had taken advice only once (at the start of the decade) with those who had also received advice two years before the end of the decade.
Those who had taken additional advice were found to be, on average, 61% better off overall.
However, this figure must be treated with caution, as the report does not account for the initial wealth levels of these two groups.
It could simply be that those with more assets were more inclined to seek ongoing advice.
Nor does the study identify how much additional advice was taken over the decade, but these findings make it highly probable there is a measurable boost from taking extra advice.
The long-term value of financial advice
The ILC study considers only a decade and measures the value of financial advice over that period.
In practice, the timescale of advice is much longer than this as savers build up their pension pots over the course of their careers, which could be 40 years or even longer.
Towards the end of their careers, these savers will be looking to secure their income over their retirement, which could be another 20 to 30 years.
Due to the nature of compound interest and investment growth, benefits from advice should snowball over time, resulting in a bigger contrast with the finances of those who took no advice.
Furthermore, the ILC report only considers the ‘saving up’ stage of financial planning – not what advisers call the ‘decumulation’ stage in which people draw on their pension pots.
It is particularly important to seek advice on, since you are planning for the next two or three decades, and mistakes made at the start are not easily fixable.
The point of retirement and the decade immediately preceding it are among the most crucial times to seek financial advice.
Other benefits of financial advice
Peace of mind
When it comes to managing your finances, having the support of an expert can provide peace of mind. A financial adviser can help simplify complex concepts and provide objective advice that is not influenced by personal interests or biases. This can give you the confidence that informed decisions are being made to help achieve your financial goals.
Time saving
Working with a financial adviser can take a lot of the stress out of managing your finances. They can handle the coordination of creating your financial plan and contacting the service providers, such as asset managers, so you don't have to worry about it. This frees up your time to focus on the things you love, whether it's spending time with family, pursuing a hobby, or simply relaxing. With an adviser, you can make the most of your time and enjoy life to the fullest.
Support
By working closely with a financial adviser, you can better understand your options and develop a clear and personalised plan tailored to your unique needs. This can help you feel more confident in your financial decisions, even during uncertain economic times. Your adviser will also regularly review the performance of your investments, mitigate risks, and make essential changes to your portfolio when necessary.
Staying on track
It's common to have financial goals and aspirations, but it's not always easy to stay on top of them. With the many distractions and unforeseen circumstances life throws our way, it's easy to fall behind and lose sight of our goals. This is where a financial adviser can be of great help. By having a plan in place and the right tools, a financial advisor can help you stay on track and guide you towards achieving your financial goals.
A tailored approach
A financial adviser can help you create a comprehensive financial plan that considers your current financial situation and your long-term goals. Depending on your situation, they may assess your income and expenses, review your investments, and help you make informed decisions about your future. It's important to remember that different people have different needs, so the information and advice you receive from a financial adviser will be customised to your specific circumstances.
Looking for independent financial advice in Leamington Spa & Warwickshire?
Jack Bewick is part of an experienced team of financial advisers providing holistic and tailored financial planning solutions for businesses, individuals and families throughout the UK, and specifically across the Warwickshire and Midlands areas including Warwick, Leamington Spa, Kenilworth, Stratford-upon-Avon, Coventry & Warwickshire, Lutterworth & Leicestershire areas.
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