Financial advice is for the many, not the few

Question: Who needs more help with their money? A millionaire? Or someone getting by month to month?

Of course, it’s a question that could be interpreted and answered in many ways.

These clients all have different goals and objectives and it’s true to say that money means different things to different people. Saving £100 in tax would help any of us, regardless of our wealth. £100 is £100, after all.

The reality is the “value” of this saving differs from person to person and will impact on their life very differently.

From my perspective as an independent financial adviser, the moral of the story is that anyone can benefit from financial advice. There are many ways in which an adviser can help add value to someone’s life and I don’t believe this is a closed group limited to the wealthy.

The “value” to each person may not be the same, but one thing they both have in common is a sense of empowerment and confidence that stems from being in control of one’s financial wellbeing.

I was fascinated to learn of the true ‘value of advice’ across the client spectrum. When I first started, I was interested in the products that a financial adviser had at their disposal. I learnt stats, products, tax and all technical jargon. I thought that I needed to impart this knowledge; that this is what people cared about and wanted to hear about.

It’s really not. The truth is, people care about being organised and understanding their financial position. They care about having a plan in place for when they can retire. They care about ensuring their wealth stays in the family and isn’t consumed by tax. They care about ensuring their family is looked after in any circumstance. They care about how to save efficiently for their first home.

Educating someone on an ISA is or how their pension works is valuable to everyone. No exclusions. Final salary pensions are generally a thing of the past and more and more people have personal pensions, making advice on this subject increasingly necessary. Employers are obliged to offer you a pension, but they don’t have to explain how they work, and many people don’t ask. It’s true to say that everyone can benefit from learning more. Ignorance is certainly not always bliss when it come knowing your money.

Should you seek financial advice if you are a millionaire? Yes.

Should you seek financial advice if you are not quite there? Definitely yes.

Challenge me and see if we can add value to your life. No cost to you for the initial meeting.