2 min Read
01 Feb 2019

Written by Damien

Damien is one of the most widely quoted money and investment experts in the national press and has made numerous radio & TV appearances. He created MoneytotheMasses.com while working in the City when he became disillusioned with the way the public were left to fend for themselves because they could not afford financial advice.

More about Damien

Do you need financial advice?

When to use a financial adviser?

There is a common misconception that financial advice is only for the wealthiest in society which is not necessarily the case. Many people could benefit from some degree of financial advice, be it just a brief conversation, but few people can or are willing to pay the fees of a regulated financial adviser.

It could make sense to consider consulting a financial adviser if you have experienced any of the following or they are on the horizon:

  • You have inherited money or received an unexpected lump sum
  • You are planning for your childrens’ future
  • You are planning to pass on money to family and/or friends
  • You are going through a divorce
  • A spouse or loved one has passed away
  • You are acting as a trustee, executor or power of attorney for someone else
  • You are planning to invest your pension
  • You are considering whether to consolidate your pension pots
  • You are deciding whether to transfer your pension from one scheme to another
  • You wish to consolidate legacy ISAs
  • You are planning to retire and want to plan how and when to take benefits from your pensions

If you have little in the way of savings and no private pension, then it potentially may not make sense to seek professional financial advice, particularly when you consider the fees involved.

How to find a good financial adviser?

One of the simplest and quickest ways to find a good financial adviser is to ask friends and family if they can recommend a financial adviser that they have used recently and that they still trust.

There are also a number of online services dedicated to helping people finding a good financial adviser in their local area. These include VouchedForUnbiasedFinanciable or the Chartered Institute for Securities & Investment’s WayFinder.

An adviser who is either Chartered or Certified is considered well qualified and you can check an adviser's qualifications before you use them on the Chartered Insurance Institute’s website.