Why should I speak to a Financial Adviser?

“Do I need a Financial Adviser?” is a question we are often asked here at Wellesley. There are many misconceptions about financial advice, predominantly the belief that you must be a wealthy individual to receive it. However, we believe financial advice is something that everyone can benefit from, as it is about taking the best possible care of you and your family’s financial needs, giving you security for the future.

Here, we tackle some of the main questions about receiving financial advice:

Why do I need an adviser?

There are so many different areas a Financial Adviser can help clients with. From young professionals and middle-income families to ultra-high net worth individuals, nearly everyone will benefit from professional financial advice. Here at Wellesley our dedicated advisers have many years’ experience in wealth management and will work with you to create a bespoke solution centred on your individual interests and aspirations.

Specifically, your Financial Adviser can help to:

  • Maximise tax reliefs and allowances
  • Minimise tax and plan to reduce future tax impact
  • Decrease your estate’s inheritance tax liability, thereby aiding your loved ones’ financial stability and ensuring they inherit the maximum estate possible
  • Avoid costly mistakes, manage risk, save time and improve your overall investment results
  • Guide clients through the maze of retirement and investment options, including defined benefit and defined contribution pensions and annuities. Also, bonds, gilts, commodities, alternative investments and equities
  • If you own a business, we can help develop a strategy to manage your business finances, including cash management, financing, employee benefits, corporate investments and exit strategies.
  • Determine the type and amount of financial protection (insurance) you need to protect yourself, your family, loved ones and assets.

Your Financial Adviser will also provide the emotional discipline required to ensure plans are acted upon, by providing guidance, reassurance, support and stability to help you stay on course to reach your financial goals.

Often the tax savings clients benefit from far outweigh the cost of the advice itself. In fact, a study by the International Longevity Centre UK (ILC-UK) has shown that, on average, clients who receive financial advice throughout their life are on average £40,000 better off than those who don’t.

Is it cheaper to invest without advice?

Although you wouldn’t have to pay an advice charge if you were to invest without receiving advice, you are far more likely to purchase products which may be unsuitable for your needs, or potentially invest in asset classes that don’t match your attitude to risk or investment time horizon. By receiving advice, this can help you make better decisions that are tailored to each client as an individual, as every person’s circumstances and goals are unique.

For example, when looking into investing in a personal pension, as this is a long-term investment, clients need to make sure that they understand the types of funds they’re investing in, the risks associated with such funds and the suitability of their own situation.

When investing independently, clients need to ask themselves these questions:

  • Can you afford to lose money?
  • Do you have the time and patience to do the research yourself?
  • Do you have the experience, knowledge and skills required to be a successful investor?
  • If things go wrong, are you comfortable taking sole responsibility for bad investment decisions?

If the answer to any of the above question is ‘no’, seeking advice from an adviser here at Wellesley will be your best option.

Won’t a Financial Adviser just try and sell me a product?

No, Financial Advisers are not salespeople. While in the past, advisers received commission for products they sold, this is no longer the case. Since 2012, Financial Advisers dealing with savings and investments have been banned from receiving a commission and must charge clients with transparent fees.

Here at Wellesley, our fees are fully explained and made clear from the outset, and we do not charge for the initial consultation. We therefore have no incentive to get clients to take any course of action, and in some cases our advice may be to do nothing.

When should I contact a Financial Adviser?

There are many times in life when receiving financial advice can make a huge difference to your financial situation. The most common times when clients should think about seeking financial advice are:

  • Starting a pension/transferring a pension
  • Starting a savings/investment plan
  • Marriage/divorce
  • Starting a family/having more children
  • Saving for/buying a home
  • Making a significant career change
  • Receiving an inheritance
  • Starting/exiting a business
  • Planning for retirement/planning life after retirement
  • Taking an income during retirement
  • Investing for children’s school fees.


Do Financial Advisers offer any protection?

Here at Wellesley, our clients have an added level of protection should anything go wrong, based on the advice they have received. Clients can rest assured that we will always act in their best interests, and to back that up, we also provide an advice guarantee, which means clients will be financially indemnified should they receive advice that was not in their best interest.

And you won’t need to worry that you’ll never hear from your adviser again. We look to meet clients at least on an annual basis or as often as they feel necessary. We understand that everyone’s financial needs are different, which is why you won’t find a ‘one-size-fits-all’ plan with Wellesley – instead, you’ll have the chance to grow a personal and long-lasting relationship with a chosen adviser who understands how best to manage your personal wealth according to your wishes.

For more information

If you have a question about receiving financial advice, or would like more information about our services, please contact Wellesley Wealth Advisory on 01444 244551 or via email at info@wellesleywa.co.uk.

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