Getting Financial Advice

At some point in everyone’s life, there will be a time when you’re not sure about what to do with your money or how to plan your financial future. Fortunately, there are plenty of financial products to help you manage your money wisely, as well as financial advisers that can help you invest and manage your finances.

For those that don’t have any financial experience or are confused about how to properly invest their money, consulting with a financial adviser is the smartest option available because they offer a wide range of services, and they will give you the best tools to help you manage your finances.

These are some of the services offered by financial advisers.

  • Retirement planning.
  • Saving or investing money.
  • Making the most of lump sum payments.
  • Buying property or taking out a mortgage.
  • Helping you deal with life changes like death, divorce, or starting a family.

One of the things a person has to understand when it comes to their finances is the fact that there is a difference between financial guidance and financial advice.

Financial guidance simply refers to being provided with information about the various options that are available to you. None of the options mentioned will be recommended over another because you are being provided with options and not suggestions on which option to pick.

On the other hand, a financial adviser will recommend an option for you to choose over other available options because it is their job to help you find something that suits your needs.

For example, a relative left you a large amount of money, and you decide to save it. A financial adviser will tell you about the options you have when it comes to saving the money, and which one they believe that you should pick.

A financial adviser will tell you the benefits and disadvantages of savings accounts and other types of investment accounts you can use. They will then recommend the type of account they believe best suits your needs.

Retirement investment is something else a lot of people struggle with because they find it difficult to plan too far ahead or they keep putting it off. A financial adviser will help you prepare for your retirement by helping you set up an individual retirement account (IRA), or help you set up a retirement portfolio.

Types of Financial Advisers

There are two types of financial advisers, which are discussed below:

Independent Financial Advisers: These type of financial advisers provide you with information about all the types of financial services provided by different financial institutions.

Restricted Financial Advisers: These financial advisers provide you with information about the services provided by a limited number of financial institutions.

Before you hire a financial adviser, you should make sure that the adviser is certified, which means that they must have a Level 4 or higher national Qualifications and Credit Framework.

Your financial adviser must also have a Statement of Professional Standing, which means that they have agreed to follow a code of ethics and complete at least 35 hours of professional training every year. Since the SPS certificate has to be renewed every year, make sure that your financial adviser has an up-to-date certificate.

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