Seeking professional financial advice can be a great way to get your money working better for you, whether it is developing an investment portfolio or securing the ideal mortgage product.
Before you jump in, however, there are a few pros and cons of financial advisory services that you need to be aware of.
Pros
Getting financial advice is highly recommended to anyone who is embarking on a major financial commitment such as a mortgage, investment portfolio, or insurance agreement.
Just some of the many ways that a professional financial advisors’ advice can be beneficial to you include:
Exclusive Products
When you choose to apply for a mortgage or similar loan through a professional financial broker service you will be much more likely to secure a deal that is best suited to your needs.
Not only do brokers have an extensive knowledge of the industry and will be able to use your requirements to narrow down the market to products best suited to your needs, but many products are also actually only available to customers who apply through accredited financial advice companies.
This means that no matter how extensive and in-depth your research and market analysis is, if you do not use a professional broker service you will never be able to secure the best possible deal.
To ensure that you have access to the highest possible number of different products, it is essential that you use a whole-of-market company rather than a broker who is associated with a single mortgage provider, as they will be limited in the products that they can offer you.
Saves Time
Many people believe that with the right research they can manage their own financial investments without any assistance.
This may well be true in some cases but the time and devotion it would take to be as successful as you would be when using a financial advisor is a huge commitment.
Most people looking for financial advice already have busy lives, juggling a full-time job,
family time, and other commitments.
This makes down-time extremely limited, and if you can have the same success or better using an advisor whilst not having to constantly monitor your investment portfolio most people decide it is simply more convenient to use a professional.
Creating a Plan
Financial Investment is a long-term project and creating an effective game plan for the future is essential.
By consulting a wealth advisor, they will be able to use their experience to develop a plan with achievable milestones that you will be able to achieve in order to help meet your overall goals on time.
Cons
Hiring a financial advisor can have a major positive impact on your ability to save and make money but there are still a few potential negatives that you should consider before taking the plunge.
These Include:
Cost
Expert financial advice does not come free of charge and there will be some form of charge associated to their services.
This could take a number of forms depending on the service required and the company that you are dealing with.
Some advisors may charge you annually for ongoing services, a one-off fee for a single consultation or service such as negotiating a contract, via commission, or as a percentage of your investment portfolio.
If you are using a respected and highly rated financial advice service this expense is more than worthwhile, as the savings or profit you make from your investments or financial agreements will more than outweigh the ongoing cost.
Choosing the Wrong Advisor
There are very few negatives associated with getting sound advice from a competent financial advisor.
However, as is the case with any service industry the quality of advisor can vary widely.
If you pick the wrong advisor you could face disaster as poor advice could lead to you losing a lot of money through failed investments or entering into a long-term agreement such as a mortgage when there were actually better options available on the market.
For this reason, it is essential that you take your time when looking for a financial advisor paisley
and make sure that you are 100% comfortable before proceeding.
Some great ways to check the quality of a financial advisor include reading reviews of previous customers, asking plenty of questions during an initial consultation, and to ensure that they are fully authorised and accredited by the Financial Conduct Authority.
Contact CSR Financial
CSR financial are a family-run financial advisory company specialising in property management, residential letting, residential sales, and mortgage advice.
With over 30 years’ experience providing satisfied customers in the West of Scotland and across the UK with bespoke financial advice, we aim to make the process of financial planning as smooth and hassle free as possible for all our customers.
To discuss any of our services with our expert team or to arrange a consultation, call us today on 0141 212 2636 or email us at colin@csrfinancial.co.uk.