According to research conducted by the Financial Conduct Authority in 2020, only 8% of UK adults use a financial advisor. There is a huge number of British adults lacking the knowledge of how to maximise the potential of their finances.
Financial advisors can add value to your financial assets. In 2019, Royal London published an article stating that those who received financial advice between 2001 and 2006 had boosted their wealth by £47,706 within a ten-year time frame. So then why aren’t more people consulting financial advisors? Well, seeking out advice can be daunting for newcomers, with a vast array of options available such as ‘DIY’ investments and pensions. Some people may even believe that they do not have enough assets to warrant consulting a financial advisor.
Financial advice is not just for high-net-worth clients. Financial advice is about planning for your future and your family’s future to ensure that you have financial security, no matter what your current financial situation is. For most people, cost should not be a barrier to receiving advice. Financial advisors are not inherently expensive and, depending on the services and the complexity of advice given, are accessible to all people.
How much does a financial advisor cost?
Pricing structures vary from firm to firm, but most use a percentage of your funds under management. At Scott Fyffe Wealth Management, we use both an hourly rate and a fixed fee basis.
At Scott Fyffe Wealth Management, we offer our initial consultation for free, and it lasts for up to one hour.
During your meeting, we discuss your needs, demands and plans to gain a holistic image of your financial situation.
Should you decide to proceed and start receiving ongoing financial advice, we will go over our transparent and upfront pricing guide to enable you to make an informed decision.
Can I do financial planning myself?
Yes, you can manage your assets, but it can be time-consuming and complex. Therefore, many people decide to utilise a financial advisor.
Financial advisors have vast experience in navigating complicated financial markets to help you minimise risk. The market space is forever changing, but a financial advisor has the up-to-date market knowledge and the expertise to use this information for your benefit.
In short, if you want to handle your money like an expert, it is best to hire an expert!
Are financial advisors worth the fee?
Yes! As both products and financial regulations are constantly changing, hiring a financial advisor will take the hassle out of finding the most appropriate strategies for your money. Financial advisors will methodically research your investment options to lower investment and administration costs while strategically placing your money where it can perform appropriately. Whether you are looking to enhance your retirement, find the right mortgage or stepping into investing, a financial advisor will give you the professional advice you need.
Financial advice is not about just increasing wealth but is so much more. Your financial advisor is on the journey with you; to help you navigate complex financial markets, mitigate against falling foul of common mistakes and ensure that you avoid scams.
When you consider the benefits that professional advice offers both you and your wallet, the rewards are well worth the fee.
Book in for a consultation
Financial advice need not be an exclusive club – everyone can benefit from guidance. Seeking out advice will help you bolster your financial security and take meaningful steps to grow your money.
To make an enquiry or book a consultation, email us at info@scottfyffewm.co.uk or call on 01382 721191.
Click here to read what our clients have to say about our services.
When investing capital is at risk. The value of investments can fall as well as rise. You might get back less than you invested. You should only consider these products if you are willing to take some risk with your capital. We will consider whether such products are suitable for you before recommending an investment.
Sources:
Scott Fyffe Wealth Management Ltd is an Appointed Representative of Lyncombe Consultants Ltd which is Authorised and Regulated by the Financial Conduct Authority No 618025.
Scott Fyffe Wealth Management Ltd is registered as a company in Scotland SC669958. Registered Office Unit 9C City Quay, Camperdown Street, Dundee, DD13JA, Scotland, UK.