Financial Advice

Financial Advice

Seeing a Best Financial Advisor – financial advisor is an excellent way to find motivation and guidance for your financial situation. Our financial advisors all offer an initial free consultation to see where you are at financially and where you want to be with your financial goals.

These appointments with our financial advisors who are all regulated by the financial conduct authority, are a great way to get all the financial queries and questions you have answered. Our financial advisors are there to advice and guide, even if you don’t proceed with financial advice after the initial consultation we hope the advice our financial advisor would provide will help you going forward in life in relation to your finances.

Below are the most common FAQ's in relation to financial advice:

How much should you pay for a financial advisor?

To establish how much a Financial Advisor might charge, there are a number of elements to consider, both personally (for the client) and professionally (for the firm that has been hired).

To provide a clear understanding of what they offer, most Financial Advisors first arrange a meeting with the client to discuss their terms and fees, free of charge. This will give a sense of how they work and how much they might charge, though fees tend to vary based on what the client is charging them for.

Financial Advisors can offer or negotiate various ways of payment, for example:

• Hourly rate – In the UK, the average hourly rate is £150 per hour, but this can fluctuate from £75 to £350 per hour.

• Monthly fee – Depending on the client’s investment, the monthly fee would be either a flat fee or a percentage.

• Set fee – This would cover an entire piece of work or project, so could cost from hundreds to thousands of UK pounds.

• Ongoing fee – If the Financial Advisor provides an ongoing service, they can charge an ongoing fee, but not if the client is still paying off an initial fee.

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What does a financial advisor do?

A Financial Advisor is an experienced expert in the industry who can offer financial and investing advice. They provide guidance and coaching, helping to create strategies to avoid financial risk, and offer advice on how to build wealth moving forward to reach an individual’s own financial goals.

Financial Advisors offer an extensive range of services, but some may work specifically in one major area, such as financial coaching, investment, tax, wealth managing, and financial planning. They provide a high level of knowledge within these categories and explain the in-depth information to avoid any confusion for their client within the process.

To hire a Financial Advisor, it is advisable to research how much it will cost in advance. The fees vary and individual advisors may charge in different ways (for example: fee-only, fee-based or commission-based). Some may charge a percentage based on the assets they manage on their client’s behalf. These can range from 0.5% to 2%.

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Is it worth it to get a financial advisor?

It might seem contradictory to share well-earned money to pay for expert advice, but there are many aspects to consider and compare.

A Financial Advisor can enhance personal savings, organise tax bills, assist with career changes and advise on mortgages to buy a new house. Hiring them can be a sound investment, potentially saving their client more than the £150 (on average) fee that they require.

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Can a financial advisor steal your money?

Finance Advisors are relied on to assist their clients in planning for the future. It is very important that they can be trusted and provide strong guidance in all areas, such as investing, income tax, insurance, retirement planning, amongst others.

Since they work on commission, it makes sense for Financial Advisors to assist their clients in generating good returns on investments and both sides will benefit from this.

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Why you should not use a financial advisor?

It is important for a client to consider the specific reasons why they want to work with a Financial Advisor and how this will benefit them most. Success is not always achieved just by hiring a professional, though persistent marketing in the industry might suggest otherwise.

Investors may be able to perform just as well managing their own money without any high fees attached.

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