Adsen Moore Financial Consulting

For some, this means ensuring they’re able to afford their retirement. For others, it allows them to navigate any changes in their living situation, such as starting a new family or getting divorced. The benefit is that you’re able to gain clarity over your finances and get a better return on your investments.

The role of a financial adviser is to improve your economic stability. Of course, to engage in their services you need to familiarise yourself with the type of support that’s available, as well as the differences between each of the financial consulting services that offer such support.

Here, we explain how to do just that, and help you optimise your accounts for good.

Financial advice vs guidance

Groups such as the Money Advice Service and other organisations offer financial guidance. This means that the information you receive is centred around the options available to you, as opposed to being a recommendation on which direction you should take your finances in overall.

Such recommendations on your financial decisions are referred to as finance advice, and, unlike financial guidance, finance advice, UK wide is regulated by the Financial Conduct Authority. This means if the support you receive is substandard, you’re able to appeal to the Financial Ombudsman Service, or Financial Service Compensation Scheme, for compensation.

To get a recommendation, you need to speak to a financial adviser. UK financial advisers can be split into the following two groups:

Independent financial advisers (IFAs) – IFAs offer unbiased advice about a range of financial products from a broad spectrum of companies. This allows them to give the most comprehensive support to their clients.

Restricted advisers – Restricted advisers give advice on a limited range of products. This is either because they specialise in one area, or because they only offer advice on products offered by a certain number of partner companies.

Naturally, IFAs have the capacity to provide a more bespoke service as they have a wider selection of products to choose from. Restricted advisers, on the other hand, are arguably influenced by the product providers they partner with, and therefore may be unable to offer the best solution on the market.

What services financial advisers offer

Financial advisers give advice on complex financial products. By seeking out their services, you’re much more likely to get a product that suits your needs. These experts can put together a plan that allows you to meet your short, medium and long-term goals, while informing you of your progress as your investment grows.

Products they advise on include:

Pensions
Long-term care planning
Life and health insurance
Tax and inheritance planning
Mortgages (via a broker) and equity planning

IFAs also offer investment advice for shares and unit trusts as well as other products. These are harder to understand than cash saving products, as it’s not always easy to determine exactly what you should expect in terms of a return. An IFA will break down each product available and present you with the best package for your aims.

While it is possible to buy complex financial products without an adviser, you could be putting your wealth at risk. For example, with pensions, you’d be staking your retirement for the sake of saving money in the short term. So, although it’s an initial expense, seeking support from pension advice specialists will protect your retirement plans and offer greater returns in the long run.

Deciding on an adviser

There’s a huge number of IFAs out there, and among them are some inflexible advisers who are unwilling to scour the market to pair you with the right product. So, to determine whether or not a financial adviser is meeting your needs, ask yourself whether the products they’re recommending are:

Affordable for you
Take account of whether you pay tax
Suitable for the amount of risk you’re willing to take
Consider whether you want to save for the long, medium or short term

If an independent financial adviser recommends a product that doesn’t reflect these basic principles, you can complain to the FCA. Why? Because finance advice in the UK should be tailored to your exact circumstances. What’s more, if an IFA can’t find a product to suit your needs, they must refer you to another adviser who can help.

Restricted advisors aren’t bound to the same rules. Due to the nature of their service, they don’t have to tell you if you could buy a similar product from another company at a cheaper price. That’s why most financial guidance groups will recommend you opt for an IFA if you’re looking for advice.

Whichever direction you choose, it’s important to factor in the financial advisor cost. UK prices take into account the financial advice you receive and the product you consequently purchase. Their advice can be charged at an hourly rate, as a set fee, a monthly retainer, or a percentage of the money invested.

Affordable financial consulting customised to your needs

At Adsen Moore, we offer the most comprehensive support for a competitive price. With us, you’ll fully understand the options available to you, as well as why we recommend the products and services we do. Whether you’re searching for pension financial advice or investment opportunities, we’ll ensure you meet your goals.

Our ability to break down complex financial products into terms that our clients understand sets us apart from others in the industry. So, if you’re planning for a particular event or have spare money to invest, why not reach out to us today to see how we can help?

You can get in touch with the team on 0203 432 5564, or fill in our online contact form to request a call back.

A Guide To Financial Consulting

Financial advice vs guidance

What services financial advisers offer

Deciding on an adviser

Affordable financial consulting customised to your needs