What is the value of an Independent Financial Advisor?

First things first, what does an independent financial advisor do?

Looking to invest? Maybe you want to grow your rental business? You need money to invest and to grow your portfolio, so an independent financial advisor might be worthwhile for you. They are completely up-to-date with what is going on in the financial world and know all about the best products and services available, so they are able to provide specialist advice on how to manage your money.

The idea is to create a plan to achieve your financial goals and come up with strategies to eliminate risk and build wealth over a long period of time. 

But would you trust a financial advisor to help you?

A 2021 survey of 2,000 people showed that most people don’t:

  • 57% said they did not trust financial advisers
  • Among the over 55s, this rose to 65%
  • More than 1 in 4 said they had been pressured into purchasing a product without really understanding what it was 
  • 13% said they had lost money based on their advice
  • 76% felt confident in their own ability to make good financial decisions

Do I need an independent financial advisor?

Anyone can get advice from an independent financial advisor, but as you do have to pay for that advice, it’s worth considering if you need it and doing your research ahead of time to make sure you find the right person.

As a landlord, you already have at least one investment, working with a financial advisor could help you:

Independent financial advisor

However, if you are looking to do any of these, you don’t necessarily need to speak to an independent financial advisor.

How do I choose an independent financial advisor?

If you decide that you want to make some more investments or get some advice, make sure you do your research first.

  • Ask for recommendations. If any of your friends or family members have used an independent advisor, ask them how they got on and if they would recommend them
  • Check their qualifications. IFAs have to be approved or authorised by the FCA, so be sure to check that they are approved, otherwise you could be working with an unregulated advisor! 
  • Speak to them first. When you call to book an appointment, now is the time to ask a few questions. You can ask about their experience and qualifications and if you summarise here what you’re looking for help with, they will be able to tell you if they’re the right person for the job!
  • Book a free call. Many IFAs offer a free consultation, so you may want to try this before committing financially

Property investment is a reliable and versatile form of investment because people always need homes and properties tend to accrue in value over time. So we would also recommend looking to invest in Buy-to-Lets over riskier investments.

However, all investment has an element of risk involved and that is something you should consider before acting on any advice that you’re given. 

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Mashroom is an appointed representative of Adelphi Insurance Brokers Ltd. Adelphi Insurance Brokers Ltd is authorised and regulated by the Financial Conduct Authority (FCA). Their Financial Services Register number is 594620, with permitted business activities being introducing, advising, arranging, dealing as agent, assisting in the administration and performance of general insurance contracts and credit broking in relation to insurance instalment facilities. You may check this on the Financial Services Register by visiting the FCA’s website, register.fca.org.uk or by contacting the FCA on 0800 111 6768