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Financial Advice FAQ

Is it worth getting financial advice?

Financial advice is not free, typically costing 0.5 percent to 1 percent of your portfolio per year. There is also likely to be an initial charge of between 1 percent and 3 percent of the existing assets, if these are not in suitable products or funds. This leads people to ask whether it is worth it. Based on research it has been shown that taking proper advice results in a measurable increase in returns.




What does financial advice mean?

Financial Advisers offer many different types of financial advice and guidance to their clients. These different services include investment management, financial planning, tax planning, pension planning and Estate Planning.




What is the 30 day rule?

If you are worried that you are spending too much, why not try the 30 day rule. This is how it works. Instead of making that unplanned purchase, you instead put off this potential purchase for 30 days, depositing the money into your savings account instead. Then if you still want to buy that item after the 30 day period is up you do. But if you don't the money stays in your savings account.




How can I reduce my expenditure and make my financial planning self financing?

Do you have a budget planner, can you easily determine how much of your budget is spent on necessities and how much on treating yourself? When was the last time you checked your direct debits or standing orders? Are you getting full value from your many subscriptions?




When should you talk to a financial adviser?

We have never known a client who did not derive some benefit from meeting with a financial adviser, regardless of their circumstances or whether any ongoing relationship was established.




Should I use a financial adviser or do it myself?

You can try to manage your financial affairs yourself, but you will find your path strewn with questions and pitfalls. You do really need a partner, someone who will provide you with comprehensive financial planning advice, covering all the areas, all of the time.




What should I expect from a financial adviser?

A good financial adviser will be sure to ask you what your goals are, then create a financial plan to help you reach them. This most often includes ensuring you have an adequate emergency fund and then considering whether any outstanding debts should be repaid. It also includes ensuring your life and health are financially protected and setting aside monies for a rainy day and considering when these monies may need to be accessed.

Such a plan will include setting aside monies from your budget to address these issues and projecting forward the benefits of your arrangements to the time you will need them.

These issues will then be reviewed, updated and progress measured at each review.




What's the 50 30 20 budget rule?

Senator Elizabeth Warren popularized the so-called '50/20/30 budget rule ' (sometimes labeled ' 50-30-20 '). This basic rule set tells of how you should divide up your net (after-tax income) allocating the to 50% on needs, 30% on wants, whilst ensuring you save 20% for the future.




How often should I meet with my financial adviser?

Every investor has different needs, so there can be no set number of visits. However, it is normally recommended that you meet your adviser at least twice per year for a portfolio performance review and review of your circumstances and risk tolerance. If times are more uncertain, you may want to meet more often so you can ensure that your portfolio is well diversified and reflects the circumstances of the day.




How often should you review your financial plan at a minimum?

Under normal circumstances you should review your financial plan twice a year. However, when the markets are undergoing a greater than normal level of change, or a significant life event occurs, it's a good idea to have a review.




How do I choose a financial adviser?

You should choose an adviser whom you feel you can trust and who will communicate with you in a style you understand and engage with. You should choose an adviser prepared to ask many questions and who is prepared to challenge you and your answers.




The value of investments and income from them may go down. You may not get back the original amount invested.