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The Benefits of Financial Advice

In this guide we establish the benefits of financial advice and how working with a financial adviser can help cut through the jargon, save time and grow your wealth.

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We all have an idea of where we want to be in life financially – the question is, how do we get there?

The answer is often more complex. And with so many products on offer and endless jargon to contend with, knowing the best options for your money can leave you scratching your head.

However, a little advice can go a long way.

Below, we look at the benefits of expert financial advice and how it can help you take control of your wealth.

Are there different types of financial advice?

Financial advisers provide information and advice on products that align with your financial goals.

However, there are two types of financial advisers – independent and restricted.

Independent financial advisers

Independent financial advisers, or IFAs, provide advice that is both unbiased and unrestrictive.

IFAs can offer a wide range of financial products from different companies across the market.

Independent advice is recommended in most cases as it allows you to access a broader range of advice and products.

Our advisers at Holborn Assets fall into the IFA category. This means we have more tools at our disposal to help clients reach their financial goals.

Restricted advisers

Unlike IFAs, restricted advisers can only provide advice on a limited range of products.

A restricted adviser may only work with one product provider. For example, if they work for a bank, they may only be able to recommend products from that bank.

For more information about the different types of advisers, visit the Financial Conduct Authority (FCA) website.

What are the benefits of financial advice?

With so many products and options for your money, knowing which is best often requires a certain level of knowledge. One of the key benefits of financial advice is it allows you to make more informed decisions.

Here are some of the benefits of financial advice from a qualified professional:

Better retirement planning

It’s never too early to start thinking about your financial future and retirement planning.

However, ensuring you have the retirement income to fund your lifestyle requires careful planning. So, the earlier you start, the better.

A financial planner can build a personalised financial strategy using data-driven decision-making and a cash flow forecast.

A cash flow forecast allows you to build a comprehensive plan to reach your goals and live the life you want when you retire.

If you are an expat planning to retire abroad, you may want to consider a pension transfer.

Transferring a pension requires careful thought and can be complex. A financial adviser can help you understand the pros and cons based on your circumstances and make the process more straightforward.

By law, if you transfer pension savings valued at more than £30,000, you are legally required to seek advice from a qualified professional.

Effective tax planning

A financial adviser can help ensure you avoid paying unnecessary taxes and make you as tax-efficient as possible.

There is also tax planning for the future to consider. While you may live in a low-tax country now, you may decide to return home one day. That decision may bring about various tax implications.

Some services that a financial adviser may offer include inheritance planning and advice on capital gains allowances.

Making investment decisions

Investing, especially if you are new to it, can seem daunting.

What asset classes or funds provide the best investment returns? What do terms such as ‘diversified investment strategies‘ mean?

It can all feel like a lot to take in. But working with a financial adviser can make everything easier to digest.

A financial adviser will perform a detailed assessment to determine the level of risk you are comfortable with and your investment goals. Using their knowledge and experience, they can help develop an investment strategy that is right for you.

You might also want to consider whether a wealth manager is right for you – read our guide, ‘do I need a financial adviser or wealth manager?‘ to learn more.

Remember, when you invest, there is always a degree of risk. But working with an experienced professional will give you the confidence you need to build a profitable investment portfolio.

Providing financial security

The benefits of financial advice go beyond building wealth. It’s also about protecting wealth. For example, life insurance products can provide financial security for your loved ones.

A financial adviser can help you not only understand the protection you need, but they can also find the best products for you.

Save time

Having the financial knowledge and developing the right strategy for you takes time.

Most people do not have the time to plan their finances or would rather spend their time doing other things. By using a financial planning specialist, they can do the hard work for you, freeing up your time.

The benefits of advice and working with Holborn Assets

Everyone has different goals in life – achieve yours with Holborn Assets.

Holborn Assets are a leading, award-winning financial services company.

We provide quality, independent financial advice and wealth management solutions. Our team provide clients with a range of services designed to help them reach their financial goals.

Whatever stage you are at, start your financial journey with Holborn Assets. Contact us today and speak with our team to find out how you can benefit from financial advice.

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