Why Independent Financial Advice Is Important
You have probably seen a number of companies offering “independent financial advice.” But why is this particular service so important and how can you be sure that the advice you are getting is truly independent and relevant to your particular circumstances?
Reviewing the situation
In any situation it is a good idea to take a moment and look at what you are doing. When it comes to your finances this is the thing that will affect any number of other factors in your life – where you live, how well you can look after your children, your health and so forth.
For example, let’s say you want to get insurance and are deciding what kind to get. The difficulty with a lot of insurance is you need to balance out the amount of cover you need with getting the right price. There is the danger that some people may get the cheapest price but then find they are not insured for something important while others may find themselves paying out for cover that they have been told is beneficial but isn’t really necessary.
An independent financial adviser can help by gauging what your needs are. Because they are not associated with a particular bank, insurer or other organisation they can offer a decision based purely on what is appropriate for your particular circumstances.
This can extend across a wide spectrum of financial services, so if you are looking to invest they can give you options based on what you are looking and invest in. They can discuss pension plans, something that has become more flexible but also more complex with the relaxing of rules when money can be drawn out, making sound advice even more important to ensure your money is properly secured.
Choosing an adviser
It is important to be aware that it is not enough to pick the first company you see that identifies themselves as an IFA. As with any service there are a wide variety out there and it is vital that you consider whether or not the company you are dealing with understands what your needs are and whether or not they understand your particular needs.
Essentially what you need to do is contact them and if possible meet up in person. This will give you the chance to discuss your circumstances with them. Often during this period, you should get an idea whether or not you feel comfortable talking to them and if they seem appropriate for you.
This is something that we take very seriously. At Larcomes we have the belief in being big enough to specialise but small enough to care. This means that we have the resources in order to help you get the most from our advice while at the same time getting the care and attention that you need, ensuring that you can make a decision based on sound financial advice tailored to you. Contact us today for more information and how we can help you get more from your finances.