Why Choose Professional Financial Advice?
Why professional advice is important.
The requirement for good financial planning support arises from a variety of reasons:
1. Financial matters are often complex.
2. There are often many different ways of tackling a financial requirement.
3. Most financial planning is ‘holistic’ i.e. what you do in one area of financial planning will affect another (this is the ‘hip bone is connected to the thigh bone’ idea).
4. The costs of many financial products are sometimes unclear and there can be hidden costs.
5. Making mistakes can be costly, avoiding mistakes is highly beneficial.
6. Regulation is rife: this means that many financial planning steps are covered by regulatory controls, which in turn means you will have a high level of protection if you enter into a financial transaction or take financial advice through certain channels and in certain areas (but note – not in others).
7. Many financial decisions are subjective – for example relying on future (unknown) investment returns to support the value of the decisions or steps taken.
8. In overall terms – financial planning is often difficult, convoluted and is easier to handle with an expert involved. It is not something to be taken lightly and is always better for a concentrated approach.