Important information: The value of investments and the income from them can go down as well as up, so you may get back less than you invest.
I WAS having dinner with some friends the other week, when the conversation turned to someone who’d come into some money recently. Everyone had an opinion as to what they should do with it - most of them pretty fun. So, when I piped up and suggested they should think about taking financial advice, I confess it wasn’t greeted with as much enthusiasm. But it did get us talking. Why - and when - is the ‘right’ time to take financial advice?
Is financial advice right for everyone?
In a word, no. It really depends on what your goals, needs and personal circumstances are. There’s also the question of fees. At Fidelity we suggest that advice is best suited to anyone who has over £100k to invest. That’s because we’ve got lots of online guidance and tools to help you make your own (more cost-effective) investment decisions if you have less. We can help you decide if financial advice is right for you.
Why would I need to take financial advice?
Interestingly, my friends seemed happy to pay for a lawyer or accountant. But with financial advice, they felt this was something they could do themselves (and not pay for). I pointed out that you could represent yourself in court if you really wanted to, but would you take that gamble? No one argued with that.
Our advisers combine plenty of life experience with a wide range of qualifications from diplomas, to chartered or certified in financial and investment planning. They’re also members of a professional body, much like other trusted professions. You can read more about our team of financial advisers here.
" There is a growing need for financial advice which helps customers grow their wealth as effectively as possible. This is especially true for those approaching retirement - with people living longer, the introduction of pension freedoms and a desire to pass on their wealth. Our financial advisers can bring peace of mind."
Simon Gibbons, Head of UK Wealth Management
When is the right time to take financial advice?
We find there are certain life events which prompt people to take financial advice. Some choose one-off financial advice. Some choose to take it on an ongoing basis. It depends on their needs.
Retirement - you want your pension pot to last as long as you do
Building wealth - saving and investing to meet your goals
Bereavement - support with juggling finances when a loved one passes
Divorce - help in deciding what to do with the settlement once it’s in
Passing on wealth - 65% of over 55s want to leave their wealth, but 24% haven’t made plans1
Receiving a lump sum - bonuses, windfalls and inheritance2 - 43% of the UK population expect to receive an inheritance, but what to do with it?
Want to know more about financial advice?
If any of the above has got you thinking, the first step is to talk to a financial adviser. This initial chat is absolutely free and you’re under no obligation to take advice. Call on 0800 222 550 to see if it’s right for you or find out more about financial advice here.
Source:
1,2 Research conducted by Opinium between 28 June and 2 July 2021 amongst a nationally representative sample of 2,000 UK adults.
Important information: Investors should note that the views expressed may no longer be current and may have already been acted upon. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice.
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