Five benefits of hiring a financial adviser

No matter how much money you have, there are times when you might need to make big financial decisions. Using the services of a financial adviser can prove fruitful – here are five reasons why.

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1. Researching your options

It is a financial adviser’s job to research the different options available to you, saving you the hassle. Researching financial products can take a significant amount of time and effort and it is often difficult to know whether you have explored every available option, which is where a financial adviser steps in to help.

2. Time-saving

Unless you are a full-time financial adviser, you won’t have the necessary know-how to feel completely confident that you have made the right financial decisions. It is a financial adviser’s job to be informed and stay updated on all financial aspects – together with their experience and qualifications, you can capitalise on this expertise. This saves you time and potentially money.

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3. Tailored to your needs

If you use an independent financial adviser, you will be offered impartial information about a wide range of investment options. You often get access to more options than you would be able to source yourself. The beauty of using a financial adviser is that they have the skills and knowledge to understand the money markets inside and out. They can make use of software for financial advisers from providers such as to tailor options that best suit your needs.

4. Wider financial understanding

One of the benefits of using a financial adviser that you might not necessarily think about is that they understand the wider implications of making certain financial decisions. As an example, an investment might seem like a great option at face value to the layman, but a financial adviser might be able to understand its limitations, such as high taxation, that might make it less favourable than you had anticipated. This insider know-how can prove invaluable to ensure you don’t make any costly investment mistakes.

5. Peace of mind

Although there is a risk with any financial decision, which even the best adviser can’t always predict, you still get more peace of mind when relying on expert financial advice than making these decisions yourself. If you are ever given incorrect or misleading information by a financial adviser, you can complain to the Financial Ombudsman.

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