Recent research from Royal London highlighted the main barriers to getting financial advice. Royal London spoke to more than 4,000 customers and they shared the six issues that stopped them from getting financial advice.
In this article Mark White, Lonsdale Wealth Management independent financial adviser in Chippenham, Wiltshire reviews the misconceptions about seeking financial advice.
Below we have listed the main six barriers to seeking financial advice.
Financial advice is too expensive
According to the survey 47% of non-advised customers believed that professional financial advice costs too much, although 40% of people surveyed didn’t know how much a financial adviser charged.
Costs vary and may be lower than you expect. At Lonsdale Wealth Management we offer an initial financial planning consultation so you can review the costs before you agree to proceed with financial advice. Our financial advisers agree a fixed upfront fee on a case-by-case basis dependent on the financial advice required. Read more about our Client Fees. It’s never too late to start investing and if you experience key turning points it may be prudent to seek financial advice.
I can look after my own money
Of the non-advised customers surveyed 35% thought they could look after their own money.
At Lonsdale Wealth Management our qualified financial planning teams offer personalised financial advice for our clients. We research and select the fund management providers who offer the best service at the lowest cost, and we also offer governed portfolio options. We strive for value and offer personalised financial advice. We also work with local solicitors and accountants to provide our clients with joined up legal, tax and financial advice.
I don't trust advisers
29% of those customers who hadn’t had financial advice before, believed they couldn’t trust a financial adviser. However, the survey also found that there was confusion about the role of financial advisers and how they add value.
Fifteen of our sixteen financial advisers have over twenty years financial services experience, so we are well placed to offer independent financial advice. We have built up long-term trusted relationships with our clients. For more information read the reviews and check the client satisfaction figures provided by Our Clients.
Some customers had never thought about getting financial advice
The survey revealed that 22% of customers didn’t think they needed financial advice.
However you decide to manage your money, we recommend you should give it the attention it deserves. If you don’t focus on financial planning, you could make it harder to achieve your financial objectives in future. It is never too late to start planning for your retirement to ensure you have enough money to live on when you stop work. We help you achieve your lifetime goals by cashflow planning, to help you visualise your wealth so you understand how your current and future income and expenditure and life events will impact your financial future.
I don’t want to talk about money
17% of those non-advised customers felt they were too embarrassed to discuss their money with anyone. Almost a third of those surveyed thought they would be more interested in taking financial advice if it was conducted digitally.
We appreciate that sometimes it is hard to discuss your financial affairs openly with a relative stranger, but we are used to working in confidence offering personalised financial advice to our clients. It is worth remembering that talking about money can be very important as it can support our health, relationships and ultimately our wealth. We also recommend building money conversations into our everyday lives to build financial confidence and resilience to face whatever the future throws at us.
Since the pandemic we are happy to conduct new business normally via Microsoft TEAMS, but we can also use other online platforms. Where clients are unable to use online services, we can offer our financial planning service over the phone.
It isn’t for someone like me
Almost a third of those surveyed believed that their finances were too simple, or they didn’t have enough wealth to merit financial advice.
There is a misconception that financial advice is just for very wealthy people approaching retirement. Regardless of your age and wealth by employing the services of an independent financial adviser, you can be confident that we make the best financial decisions on your behalf, so you don’t need to worry about managing your investments or funding your lifestyle in retirement.
If you are looking for independent financial advice, contact your local financial adviser and organise your initial financial planning consultation. The sooner you get financial advice the more chance you have of achieving your lifetime goals in retirement.
If you think you need financial advice, please complete our booking consultation form and your local Lonsdale Wealth Management financial adviser in Chippenham, St Albans, Harpenden, Stafford, Barnet, Ringwood, Leeds/Bradford or Ware will contact you. As we are not biased towards any provider, our cost-effective investment advice puts your financial interests first.
We offer an initial financial planning consultation meeting to discuss your requirements and our charges. Call us now on 01727 845500 for more information.
Please note: The value of your investment can fall as well as rise and is not guaranteed
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