If you are struggling to manage your finances, or are looking to make a big purchase and need that extra help, then you could benefit from the support and advice of a broker, or financial adviser.
What is a financial adviser?
A financial adviser is a trained individual who can recommend the best products for you and your financial situation, based on a series of detailed questions. They are there to help you manage your money sensibly and to optimise your experience with the many products that are on the market.
A financial adviser can help you in a general sense, dealing with all of your finances, or in a more specific sense, giving specialised advice that can be product specific. Either way, the advice provided from a financial adviser can help you avoid or manage debt, or it can help you find a deal that will benefit your finances in the long run.
Is there a catch?
A financial adviser does ask for a fee for their services. However, this cost must be specified up front, being charged if you are seeking specific advice, and you must agree with the adviser beforehand on the mode of payment.
Though it may seem costlier to hire a financial adviser, some products are only available for those who go through an adviser, saving you money in the long term; and even so, it is also important to note, that if the product you choose from the adviser’s recommendation is unsuitable, you have a chance of claiming back for ‘financial mis-selling’.
How do I know whether I need a financial adviser?
Most money transactions can be seen as low-risk, such as dealing with savings accounts, so you are generally okay to do that yourself. However, such financial dealings as negotiating a private and workplace pension, choosing and dealing with a mortgage, and investing, may require the expertise of a financial advisor to help you protect your money.
Where can I find a financial adviser?
First you need to know what advice you are asking for, so that you can find the adviser that is right for you. Once you know what service you are looking for you can find many recommendations if you: ask family or friends; look through a newspaper; or look online both in a search engine, such as Google, or on a financial adviser website, such as Unbiased, Your Money Adviser, and Vouched For.