It’s an unavoidable fact that financial advice does not come cheap. But maybe you are asking the wrong question.
Maybe the question you should be asking is not what is the cost but what is the value you’re getting?
Put simply, if the value doesn’t more than justify the cost then you shouldn’t be doing it.
Would you pay someone to refill your kettle at home? Probably not.
But would you pay a mechanic to change the oil and service the car? Quite likely.
So what makes you choose to have your car serviced by a professional?
Of course there is the time saving element. However, there is also the knowledge that it is being done right.
Being ‘done right’ keeps the car working right now. But ‘done right’ also ensures that your car is still working well in 10 years time.
Done right gives you every chance that your car doesn’t give up on you right when you need it most.
There really are a lot of compelling reasons to hand things over to a qualified professional when you think about it. Financial advice really is no different.
Poor financial decisions made over the course of many years may be hard or even impossible to put right later.
Retirement is a prime example of this.
As an example of the value of advice, research* shows that the average UK income in retirement is £18,000 per annum.
However, the average for people who have never used a financial adviser is £17,168.
Those who set an income target and used a financial adviser on a regular basis receive an average annual income of £24,175 in retirement.
Put another way, by not working with a financial adviser, a client can potentially lose out on an extra 41% or as much as £147,147 over the course of a 21- year retirement.
*Source: Retirement Income Uncovered -The New Normal 2016
Does this strike a chord with you? Do you think it would be worth seeing if you could benefit from taking advice?
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