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Financial advisers look after wealthy clients. They invest large sums of money and manage complicated investment portfolios. These gurus of the financial world make international share trades involving convoluted and complex trading and banking systems.
This common misconception of the way financial advisers are perceived often prevents people from receiving good advice. Good financial advisers are professionals whose experience and knowledge is often of even more value to those on tighter budgets than to those who are considered to be wealthy.
Good financial advice is can be extremely valuable for people on lower incomes and with tighter budgets. A financial adviser will assist in creating financial planning solutions according to the budget available. Good financial planning accounts for a client’s needs and matches them to the appropriate products within a defined budget.
It is a fact of life that after basic living costs, families need to budget for various financial commitments such as insurance, medical expenses, children’s education, savings and retirement. Failure to do so can cause extreme distress should something go wrong or leave people on the edge of poverty when their working life is finished.
People on a tight budget need to find the best deals available and be certain that the products used meet the family’s needs as precisely as possible. An experienced financial adviser will consult with their clients to learn exactly what their needs are and what budget is available. They will then research and find the most appropriate solutions and help with planning for these expenses.
Young people often find themselves with more disposable income but don’t even consider consulting financial adviser even though it could benefit them in many ways. A financial adviser can help create financial solutions to help people in their 20s achieve short-term and medium term goals, such as a deposit for a house, a car or perhaps a round the world trip.
More importantly, good advice at an early stage in a person’s working life can help establish a savings or investment plan which, by taking advantage of the long term effects of compounding interest, can build significant wealth. The message is that young people starting out in their working life can gain considerable benefit from consulting a financial adviser early in their career.
At the other end of the spectrum, financial advice is equally important to retired expats. After retirement people need to make sure they make the most of their savings and pensions and protect their value from being eroded through inflation. There are many international investment opportunities available for retired expats seeking to keep their money working for them. It is important to continue to review investment plans, especially when relying on savings to provide an income, to keep up with inflation.
Perhaps one of the reasons many people are reticent to seek advice from a qualified adviser is the common misconception that is will cost them a fortune in fees. However, in most cases a financial adviser’s costs are met by the product providers. There is no direct cost to the client and the cost of setting up insurance or a savings/investment plan is exactly the same as if the product was bought directly from the provider. For certain solutions, the costs may even be better by going through an adviser if they have developed a good relationship with the provider or can use their influence to negotiate a better deal.
This does mean that it is very important to use a financial adviser who is independent – not tied to any product provider. An independent and professional adviser will be able to select from the whole marketplace of products and providers to match the client needs to the right product.
Financial advisers can provide a valuable service to anyone wanting to take a serious look at their finances regardless of the personal circumstances. Their services are certainly not exclusively reserved for the wealthy. At Infinity we believe that anyone, regardless of their situation, can improve their lives through good financial planning.
If you want good financial advice from a friendly, approachable and professional adviser, please get in touch.