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Why Work With A Financial Advisor?

When it comes to personal finances, there is a multitude of ways to organise and manage your savings.

Many choose to go solo and manage their own money, while others opt for a collaborative approach and hire financial advisors. But how do these professionals actually help?

In this article, we are looking at everything you need to know about financial advisors. We are covering all the bases, from their services to signs you might need to work with one. Keep reading to learn more now.

What Is A Financial Advisor?

A financial advisor is a professional who offers clients personal financial advice and services. Though some standard services exist, most financial advisors tailor their offerings to the client’s needs. This way, they receive tailored advice based on their finances — not “cookie-cutter” suggestions.

When you start working with a financial advisor, they will assess your goals and financial circumstances. From this information, they can offer appropriate services and products to help you elevate your savings or meet other financial targets.

Types of Financial Advisors

There is a variety of financial advisors available, but the main two include:

Restricted advisors are only able to advise on a limited number of products. They often specialise in one area (such as pensions).

Independent advisors can advise clients on the entire range of available financial products.

Working with an independent advisor is often best, as you can access guidance for all products. However, a restricted adviser is still a good choice if you need niche advice.

Financial Advisor Qualifications

In the UK, all financial advisers must pass enhanced background checks and be an ‘approved person’ by the Financial Conduct Authority. These checks assure clients that the advisors are qualified and trustworthy.

How Can Financial Advisors Help You?

Financial advisors can help with a lot of different services. Here are some of the most popular options:

Professional advice can help you with simple issues like creating a budget or planning your savings. But they are also on hand to help you tackle redundancy payments or inheritance issues. Their versatile advice allows you to explore different saving methods to strengthen your finances.

Signs You Need A Financial Advisor

Have you caught yourself wondering about financial planning? Here are some signs a financial advisor might be helpful for you.

These are some of the common reasons people work with financial planners. It might be time to explore this option if they resonate with you.

However, remember that working with a financial advisor isn’t for everyone, and you may have to pay to access some of the services. Thoroughly weigh your options before committing to external assistance that you need to pay for.

More Information

How to receive free debt advice

Talking to kids and young people about money

How Polar Credit can help with a variable income

A guide to managing your money: Paying off debt

For more helpful information about how to manage your money, different financial products or what we do at Polar Credit, take a look at our Info Hub.