Skip to main content Accessibility Statement
The key to a successful financial future, as with many things in life, is planning.

Planning for your financial future

The key to a successful financial future, as with many things in life, is planning.

This week the Chartered Institute of Securities and Investment (CISI) launched its Financial Planning Week 2017, aiming to help people improve their financial fitness and highlight the importance of financial planning.

So, with this in mind, we’re taking a look at why and when you should be speaking to a professional financial adviser.

Why should I plan?

Whatever your financial goals, planning is essential part of reaching them. This is particularly true when it comes to long-term plans like pensions and investing.

Coming up with a household budget, or working out how much you can put into a savings accounts each month might not require professional advice, but there are a lot of areas where seeking help is a good idea.

Financial advisers can assist you with anything from general financial planning and investment advice to specialist guidance on products like pensions.

What are the benefits of getting advice?

Most of us have little or no financial training and trying to understand the jargon makes us even more confused.

There is also the issue of time. How long are you really prepared to go through all of the terms and conditions of financial products?

A financial adviser is not only a professional who understands what they’re talking about, but also has the time to compare a range of options you simply wouldn’t be able to. All this means you get a suitable product, tailored to your needs.

You also get greater protection, as if something goes wrong after you sort advice you could have a case for mis-selling.

When should I talk to a financial adviser?

For most low-risk financial products, such as a savings account, you can make a very informed decision by shopping around and using comparison sites.

For anything involving a lot of money, or which is much more long-term, like investments or a private pension, you should be getting professional advice before buying.

Insurance and mortgages fall somewhere in the middle. You can make a very informed decision by looking at what is on offer and on comparison sites. But, there are also specialist mortgage and insurance brokers, who might be able to get you a better deal. 

How should I pick a financial adviser?

The first step in choosing a financial adviser is to figure out what kind of advice you want. While some advisers cover a wide range of services, other specialise in certain areas.

So, if you are looking for advice on a specific area, like investments or pensions, you are better off looking for an adviser specialising in that field.

However, the most important thing is to make sure your financial advisor is on the Financial Conduct Authority (FCA) register of regulated companies. If they’re not on the register, do not use them.

What do you think?

We really want you to share your views, but please remember to be nice ☺
All fields are required. Check out our full commenting guidelines

By clicking on 'Post Comment', you're agreeing to our Commenting Policy