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You Might Have Considered Seeking Financial Advice, But Is It Worth The Money?

The world of finance is complex, so getting the best advice is crucial to maximise your investments and plan for the future. However, according to research from Hargreaves Lansdown, most people believe it is not worthwhile seeking financial advice unless you have over £117,000 to invest.

This article explores whether it is worth paying your hard-earned money for professional financial advice.

Is professional financial advice worth the money?

The same research from Hargreaves Lansdown issued that almost 50% of people are unsure when to seek professional financial advice. Indeed, around 22% of respondents stated they would seek advice from parents rather than speak with a professional advisor. A further 15% admitted they got their financial advice from their partners.

When is the right time to get financial advice?

There is no set time when you should speak with a financial advisor. Unfortunately, most people turn to an advisor when their finances get out of hand, or things become too complicated.

Investment experts at Investopedia believe that the best time to seek professional financial advice is when you are going through any significant financial event or change. For instance, getting married, buying a house, having children, or going through a divorce. 

It is also beneficial to get professional advice as you approach retirement, as you will experience a significant change in your finances. Inheriting assets or money is another crucial time. It's critical to prepare ahead for your retirement and get professional assistance from a financial expert like Portafina.

How much will you pay for professional financial advice?

Different advisors charge different rates. Some will take a percentage of your assets in payment for their service, while others charge by the hour. As a rough rule of thumb, you should expect fees in the region of £500-£2500 for advice on assets valued around £100,000. Of course, if you have a complex investment portfolio, these fees could be as much as £5000, or 5%.

Before you engage the services of a financial advisor, you should fully understand what you will get for your money. Alternatively, you can have an ongoing relationship with your financial advisor, contacting them routinely when you need advice. A reputable and regulated financial advisor will always be open with you about whether financial advice suits your situation.

Professional financial advice or self-help?

Managing your own finances is acceptable, so long as you understand what you are doing. However, keeping up with changes in the financial world takes time. Most people do not have time to fit this into their daily schedule.

Also, it is challenging to remain objective when dealing with your finances. Another thing to consider is that dealing with finances can be a bit dull and unexciting. As such, many people do not want to deal with it themselves.

A regulated advisor can provide you with a professional, objective, and knowledgeable assessment of your financial situation. Getting advice will go a long way to ensuring you maximise your investments and adequately prepare for your future.


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