What stops people from tapping into the benefits of financial advice?

18/11/2022

Receiving expert guidance from a professional financial advisor is incredibly empowering, and has a wide variety of benefits. So how come so many people fail to tap into the benefits of financial advice?

When we discuss the benefits of seeking financial advice, we tend to focus on the monetary plus points that professional guidance can bring. Think plentiful retirement pots, clever tax management, and smart insurance plans. Aside from the material benefits, it has to be said that working with a financial advisor can have an incredibly positive impact on your stress levels alone, enabling you to feel clearer and less overwhelmed when it comes to your financial goals and management strategies. This feeling of being informed and in control can lead to improved mental health overall.

So, if the benefits are so plentiful, how come so many people avoid seeking professional financial advice? And do any of the following sound pretty familiar to you?

You’re hitting the comparison sites instead

Let’s face it, a great number of people are using price comparison sites instead of seeking out professional financial advice.

The promise of the best possible deal draws thousands of individuals into comparison websites each and every day. The younger, more tech-savvy among us are particularly fond of turning to the web, rather than to a personalised, professional service.

Whilst comparison websites can be great for getting an initial idea of what sort of deals are out there, or perhaps for searching out a deal on your more common-or-garden, straightforward types of insurance, there are a number of disadvantages to using them over a professional advisor.

Of course, there’s the simple fact that comparison websites will not provide you with every deal available, and often the very best deals on loans and insurance policies are only available through an advisor.

It’s also important to consider that these websites cannot provide you with personalised advice that is tailored to your unique needs. Nor can they create a clear, informed picture of your circumstances and, as such, provide you with an entirely accurate price.

Working with a financial advisor means that you will not only be able to tap into the very best deals when it comes to things such as mortgage loans and insurance policies, but you’ll also get the chance to work with a professional who can ensure your unique needs are met.

Oh, and if you like the convenience of managing your finances from the comfort of your own home, here at B-Advised we are more than happy to arrange for your consultations to take place over the phone or via video chat.

You’re unsure about what financial advice involves

We’ve all heard of financial advice, but do we know what it really involves?

The reality is that plenty of us are pretty unsure.

Put simply, a financial advisor is the co-pilot that will help you navigate major life events, such as retirement or purchasing your first home, as well as minor twists and turns along the way.

When you approach a professional advisor, such as ourselves here at B-Advised, the first port-of-call is to carry out a ‘fact find’. Here, we’ll ask you detailed questions about your circumstances, such as your goals, your current financial situation, and your appetite for risk. That information is then used to create a tailor-made plan, and advise on any financial products.

Of course, you could take care of your financial planning entirely on your own, and plenty of people do, to varying degrees of success. However, if your finances give you a headache, and you take little to no pleasure in managing them, you’re sure to benefit from working with an advisor.

You don’t think you can afford it

Unfortunately, thousands of people are put off by the idea that professional financial advice will surely cost them an arm and a leg.

This popular misconception means that many miss out on the chance to receive the carefully tailored, expertly informed financial guidance that they truly need. Here at B-Advised, we are keen to address this concern. The best way to go about doing so is to provide an entirely transparent insight into our charges, which is why we’ve listed some of our most popular services and their fees below…

Mortgage: £495

Buy to Let/Portfolio mortgage: A cost of £495 each for your first 2 properties. Additional properties then charged at a fee of £395. Further discount is applied for volumes of 10+ properties. Please note that mortgage complexities (e.g. CCJ’s) may increase costs.

Equity release: £995

Pension advice: £600-£3000 (depending on complexity)

Investment/ savings advice: £500-£3000 (depending on complexity)

Protection: No fee charged on all insurances including life, business, health, buildings & contents, income protection, ASU cover etc.

Plenty of people avoid using a financial advisor because they aren’t really sure if it’s worth the incurred costs. In a world where money matters, however, the importance of managing your finances well is certainly very pressing. The reality is that skipping out on professional advice now in order to save money could ultimately end up costing you more in the long term.

Looking for professional guidance from an experienced financial advisor? We can help you work towards your goals and make the right choices for your needs. Simply get in touch today.