Is It Worth Paying For A Financial Advisor?

A smiling family saves money with a piggy bank.

A financial advisor’s services might seem like something that’s reserved for those who are very wealthy. However, many people can benefit from them. A financial advisor is sometimes known as a broker when they provide certain products, like mortgages. Many people use mortgage brokers to secure the best deal, which is a great example of how useful financial advice services can be.

selective focus of advisor sitting at table with laptop and woman in office

What Does A Financial Advisor Do?

Some advisors are independent, which means they give advice for the entire market. Others might be associated with banks or businesses and only advise on the products their company provide. These services aren’t able to guarantee you won’t make losses if you invest your money, but they do help you to make more informed choices.

How Much Is A Financial Advisor?

More often than not, you will be offered a free initial consultation. This is so that you can get an idea of how the advisor works and make a decision on whether they are suitable for your needs. If you don’t feel comfortable using the advisor, you can move on and speak to a different one without any consequence.

woman hand putting money coin into piggy for saving money wealth and financial concept.

The fees that financial advisors charge depend on the products they might be selling you and the work they’re carrying out. Sometimes they charge an hourly rate, other times they might take a percentage of the money that you invest. Some advisors may charge a flat monthly rate. In many cases, there will be a combination of these fees. For example, you may be charged an hourly rate plus an additional percentage of the money you’ve invested.

Make sure your advisor gives you a copy of their pricing structure and an estimate before you commit to using their services.

When Should You Get Advice From A Financial Advisor?

You’re Making A Big Purchase

If you’re making a large purchase, a financial advisor would certainly be of benefit. For those who are investing in property, for example, independent advisors can help you make the right choices for your circumstances. A mortgage broker will be able to search the market to get you a better deal than what you might get directly from the bank.

If You’ve Come Into A Lot Of Money

Perhaps you were lucky enough to win a large sum of money, or have been given a large inheritance. A lot of money can open the door for financial difficulties. A financial advisor is an excellent investment. They can help you to save, spend and invest your money wisely. If you manage your money correctly, it gives you financial protection for the future.

If Your Life Circumstances Change

Financial advisors can help you to make the right choices when it comes to marriage, divorce, starting a family, changing career and planning retirement. Any major life change has the potential to flag up financial issues. By consulting with an expert, you can make sure that you have your finances set up correctly. You can decide which financial goals you’d like to achieve and work with your advisor to put a plan in place to get there.

For Financial Advice In Merthyr Tydfil, Choose Gwyn May Financial Advisors

If you need advice, get in touch with us today. Our team have over 10 years of industry experience and provide services to a range of clients. We can help you with your personal or corporate finances and ensure you get the best deals.

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