Whether you’re saving for your first home, investing in the stock market or trying to build your pension pot, taking financial advice from an expert and putting into practice the financial planning knowledge you gain, can significantly boost your assets.
Five benefits of having a financial plan
As well as growing your money faster, having a tailored financial plan in place brings a number of other important advantages.
Financial advisor benefit 1: Clear goals
Sitting down with an adviser will make you think hard about what it is you want to achieve with your money beyond your Isa’s investment returns. Do you have dreams of buying a boat, paying your children’s university fees or retiring abroad? A financial planner will look at your overall goals and help you devise a realistic, achievable plan to turn them into a reality.
Financial advisor benefit 2: Regular reviews
Whether you are the type to keep a close eye on your investments or you would rather simply invest and forget, taking advice from a professional means you will have annual reviews to keep track of your finances and progress towards your goals.
The benefits are twofold; first it allows you to adapt your plan as your situation and needs change, and it refocuses your mind on what it is you are trying to achieve and allows you to make changes if you don’t feel you are on the right course.
Financial advisor benefit 3: Tax efficiency
A good financial planner will make sure your money is working as hard for you as possible. This includes minimising your current and future tax liability. The UK’s tax system is complex and difficult to navigate. A small oversight could cost you hundreds of thousands of pounds in unnecessary tax. A financial adviser will be aware of the traps and will be able to make your finances as tax-efficient as possible.
Financial advisor benefit 4: Product knowledge
There are seemingly endless investment and pension solutionsavailable and each comes with their own rules, regulations and nuanced complexities. An adviser will do the time-consuming research for you and narrow down the range of investment options that are most suitable for you.
Financial advisor benefit 5: Protection
While you don’t have any guarantees that an investment your financial adviser recommends will perform as well as you hope, you are protected from misleading or poor advice. If inadequate advice causes you to suffer losses and your adviser refuses to put it right, you can refer your complaint to the Financial Ombudsman Service, which has the legal power to award compensation.
Ensure that your finances are where you want them with a high quality, tailored financial plan from the investment service, brought to you by St. James’s Place Wealth Management.
Request a free investment guide or book a no-obligation face to face review with a local expert from
St. James’s Place.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.
The levels and bases of taxation and reliefs from taxation can change at any time. Tax relief depends on individual circumstances.
St. James’s Place representatives represent only St. James’s Place and advise on the the range of products and services available through the St. James's Place group. The Telegraph Investment, Retirement & Tax Planning Advice Service is provided by St. James’s Place Wealth Management plc, registered in England, registered no. 4113955, registered office St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP. Telegraph Media Group is an Introducer Appointed Representative of St. James’s Place Wealth Management plc, which is authorised and regulated by the Financial Conduct Authority. Telegraph Media Group Limited, 111 Buckingham Palace Road, London, SW1W 0DT, company registration number 451593.
The above article was created for Telegraph Financial Solutions, a member of The Telegraph Media Group. For more information on Telegraph Financial Solutions click here.