The Treats of Professional Financial Advice

Halloween is just around the corner. So, naturally we thought we’d be topical and blog about the tricks and treats of professional financial advice. Financial Advisers are often good at glibly stating ‘there are many benefits to securing professional financial advice.’ However, they’re often not so good at spelling out what these benefits are. Some, agreed, are probably obvious – but others are more covert. So this is our chance to put it all out there for the taking.

This blog is the first of two. It’s designed to list out the top five reasons why we think professional financial advice is key to financial well-being. These are what we consider the ‘treats’ of professional financial advice.

Here goes with the Treats…

Treat 1: A sense of direction…

Professional Financial Advice, above everything else, is designed to give you a plan. It’s all about knowing where you currently are and getting to where you (realistically!) want to be financially. If you don’t know where you’re going, it’s likely you’ll end up somewhere else. So, professional financial advice can be a real blessing in keeping you on the right track towards your desired future!

Treat 2: Adding objectivity into the mix…

Many people do admirably organising their financial affairs themselves. However, how much further could they have gone with the professional know-how and tricks of the trade at their disposal? It’s incredibly difficult to be objective about your own situation, especially when you need to factor in your bias, failures and shortcomings (we all have them!). Yet in order to build up an accurate and honest picture of your financial situation, absolute objectivity is key. Often the best way to ensure this is by having your financial assessment done by an objective third-party – i.e. by seeking professional financial advice.

Treat 3: Securing peace of mind…

One of the greatest ‘take-aways’ from securing professional financial advice is the peace of mind it should mean for you. A good and regulated(!)  financial adviser will give you confidence that your finances are being carefully looked after. They will update you regularly and will want to know of any changes in your life or goals that night need reflecting in your plan. Above all, they should give you confidence that someone ‘in the know’ is tending to your financial affairs. So whatever happens, you should be in a good position come what may.

Treat 4: Reaping the rewards from someone else’s knowledge…

This may sound obvious, but professional financial advice is all about putting ‘you’ in ‘your’ best financial position. This means that your advice needs to be based upon your situation, your goals and your attitude to risk. Financial planners spend pretty much all of their time keeping up to date with legislation, learning new theories, paying attention to markets, researching and thinking about the best ways to invest and manage money. This is their bread and butter! Most people will have limited time to tend to these tasks. So having ready access to the bank of financial knowledge in an advisers head is a solid way of making sure you’re on track to live your ‘best life.’

Treat 5: Reaping the rewards of the ‘smarts’ in financial planning…

As with all professions, the financial industry has unique resources that help professionals do their job better. Inevitably, the best ‘smart’ investment and financial planning tools are costly. So, it makes little sense in an individual purchasing them. This is obviously not so for a financial planner who will be using it for multiple clients.

Also, advisers usually hire a variety of people with a variety of skillsets to support their efforts. These often include smart research analysts and tax experts who play pivotal roles in your financial plan. Duplicating these resources, while trying to manage money on your own would be incredibly difficult and not to mention stressful. So letting professional financial advice absorb all of the hassle really is a good idea!

If you would like some impartial, regulated advice on the information in this blog, please do call us on 01243 767 469, or email us from our contact page. We’d be happy to help!