Why Do I Need An Adviser?Written on August 19, 2014 by Kirk Rice LLP
Financial Services QuestionsThe Question:
I was made redundant last year, established myself as a consultant and even secured lucrative work from my ex-employer. I turned my attention to planning as I have 5 pension schemes and it can’t be too difficult to sort these out for my retirement in 10 years’ time. One of the pension firms suggests I deal with an adviser. Why do I need an Adviser?
Kirk Rice LLP answers:
I will start by explaining the sort of people that make enquiries of us and become clients. Often they have had simple or limited investment needs and a life event (inheritance, property sale, business sale, death or illness of a business partner or family member) has thrust them into making complex decisions for which they are not prepared nor have the knowledge or experience to deal with. Others have a desire to prepare for the future, seeking help with specific issues and do not have their own life experiences to call on to help make those informed decisions.
Many say they don’t understand how tax will affect their assets and wealth. They seek an experienced Registered Financial Adviser who is prepared to invest time to understand their interests before suggesting options. A large number of people, possibly similar to you, are busy and therefore find it more efficient investing their own time in growing their business whilst paying an adviser to sort out the financial issues that concern them. One of my clients said it’s similar to when their central heating boiler stopped working in the middle of December – spending time on the internet and telephone to research and try different options could have ruined the Family Christmas.
Although they were able to take the cover off they did not have any experience to help with dismantling and problem solving why the boiler was not working. They called in a qualified and experienced engineer who found a failed burner and checked the system, finding that it was not operating efficiently due to a small pressure leak. My Client told me he asked about their daily needs for heating and hot water then made Recommendations for the most efficient settings. They told me that the house is warmer and their fuel bills have not gone up since. Pension and Tax Legislation is complex and continually evolving along with Pension products.
An adviser is required to maintain their knowledge about areas they give advice in and should be able to explain their service and experience before commencing work for you. Some Advisers choose to attain Higher Qualifications and you should ask a prospective adviser what they hold. I hope this helps you determine whether you need the help of an adviser.
If you would like more advice regarding this issue or any other financial services matter, please contact us.
If you would like to receive Kirk Rice’s Financial Services Questions regularly by email, simply email info@kirkrice.co.uk stating Financial Services Questions in the subject heading and we will add you to our distribution list.
Please note: answers are given for general guidance only and specific advice should be taken before acting on any of the suggestions made.
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