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Common misconceptions about financial advice

Common misconceptions about Financial Advice

To help you decide if you could benefit from an advisers expertise

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We often hear a lot of misconceptions about Financial Advice and how it can add value. In fact, we introduced our one-off telephone advice service to address some of these issues, bringing cost-effective, efficient and focused advice to all of our clients.

Here we have listed five common misunderstandings, and hope that by eliminating them we provide a better understanding of the role of financial advice and how it might benefit you.

1: I will get locked into an automatic annual charge

You don't need to be locked into an annual charge to benefit from personal financial advice. At Hargreaves Lansdown we offer one-off financial advice, where our expert advisers can help you with the big decisions you face. This service allows you to pick and choose the advice you need, when you need it.

Find out if you could benefit from one-off advice

2: Financial Advice will take a lot of my own time

A lot of advice can be conducted over the telephone, at a time convenient to you. An adviser will use the time with you to gather important information about you, they will then spend a significant amount of their time considering what solutions are right for you.

In the long-run financial advice can actually save you time. The experience, expertise and knowledge of a Financial Adviser means they do the work so you don't have to.

3: Financial Advisers only give investment advice

What good is it to choose the right investments if your returns are swallowed up by taxes? Our Financial Advisers are able to take into account a variety of elements when helping our clients, including planning for retirement and estate planning, as well as the impact rules and regulations might have.

4: Only wealthy people need a Financial Adviser

Advice can be just as valuable, if not more so, when accumulating wealth, than when you have already built up your assets. Whether considered wealthy or not, advice could help you with a variety of scenarios such as planning and investing for retirement, lump sum investment and estate planning.

Find out more about our areas of advice

5: Only wealthy people can afford a Financial Adviser

You should only ever pay for advice that you will value, at the right level to suit you. An adviser can actually help you save money, by reviewing your current arrangements and identify if cost savings could be made with your existing products and services.

Typically advice won't cost more than 1% (+VAT) of the portfolio under consideration. When markets can move by more than 1% in a single day, many investors find this is a small price to pay for peace of mind.

Find out if you could benefit from one-off advice

One-off Financial Advice

Many investors value a helping hand when it comes to important financial decisions. Last year our Financial Advisers helped over 12,000 clients to save time, money and tax, many of those taking advantage of one-off advice.

You too could benefit from one-off advice:

  • Save time - a professional does the work for you so you don't have to.
  • Peace of mind - experts take responsibility of your investment decisions.
  • Improve potential returns - through the expertise, experience and knowledge of an adviser.
  • Low cost – typically advice won't cost more than 1% (+VAT) of the portfolio under consideration. View our charges

Book your free consultation