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Do I need financial advice?

When to take financial advice and how it could benefit you

What is a financial adviser?

A financial adviser is a qualified expert who can help you understand which accounts or investments are right for you and recommend a course of action to help you achieve your goals.

An adviser will make a recommendation by getting to know your situation, aims and experience with investing. Then they’ll research the potential options and help you make a well-informed decision.

For example, if you had a cash lump sum to invest, an adviser could help you make the most of it by recommending accounts that suit your needs – such as a Stocks and Shares ISA, a Lifetime ISA (LISA), or a Self-Invested Personal Pension (SIPP). Keep in mind that all investments, even those recommended by an adviser, go down as well as up in value. This means you could get back less than you invest.

More about financial advice

Do I need a financial adviser?

When you’re making important decisions about your finances, it’s vital to make sure you’re choosing the right solution for your circumstances and goals.

There’s plenty of information out there about what to do with your money. But it’s not always reliable and it might be too general to apply to your specific financial circumstances.

If you feel like you’re experiencing information overload or you’re not sure how to apply guidance to your situation, you could get an adviser to help you. You may also want to take financial advice if you don’t have the time or inclination to do the research yourself.

You don’t need to be a millionaire to make the most out of financial advice. But if you do have cash to invest or a pension you need help with, it’s just as important to get it right.

As a rule, if you’re not sure whether an investment or course of action is right for you, ask about advice.

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Woman on tablet

What’s the added benefit of financial advice?

Financial advice is personal. It’s about how to achieve your long and short-term financial goals. So you’ll get recommendations or a financial plan that’s tailored to your needs and what you want to do in life.

Advice could also save you time and hassle. Whilst there’s plenty of information out there to help you make your own decisions, you might get better value out of paying an expert to give your finances the attention they deserve.

Six times financial advice could really help

When to see a financial adviser

There’s no right or wrong time when it comes to taking financial advice.

Even if you’re usually comfortable managing your own finances, there are times in life when getting expert advice could make a big difference in the long run.

You could take:

You can also get free, impartial guidance from the government’s Pension Wise service from age 50. They can help you understand your pension and retirement options, but it’s not advice.

Keep in mind that tax rules change and the benefits you might receive depend on your individual circumstances.

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What to expect from a financial adviser

Our financial advisers will only recommend products or solutions that are based on your goals and your current financial position.

Our financial advisers will:

  • Make sure you understand the cost of advice
  • Understand your long and short-term financial goals
  • Make sure you understand and are comfortable with the risks of investing
  • Tailor advice based on the risk you want to take
  • Help you when it comes to understanding your tax options

Our advisers are experts in tax-efficient financial planning, but for complex tax queries or calculations, you should consult an accountant or tax specialist.

father and daughter

What’s the difference between financial advice and guidance?

There are subtle differences between personal advice and guidance. Here’s what you need to know to decide which is right for you.

Financial guidance

Financial guidance provides you with tools and information to help you understand and identify your options. It can point you in the direction of accounts and ideas to consider, but it’s up to you to decide whether it’s right for you.

For example, guidance could give you general information on the risks and benefits of investing, as well as pointers to help you decide what to invest in. Whereas advice could suggest specific investments for you based on your personal financial goals and circumstances.

Financial advice

With financial advice, an adviser will recommend specific products that are based on your personal situation and goals. So you can be assured they’re suitable for you.

Because advice involves research, expertise and is tailored to you, you will usually pay for it. On the other hand, guidance is usually free as it only provides general information and you are still responsible for the decision making.

Financial advice charges

Choosing a financial adviser

Do I need an independent financial adviser?

An independent financial adviser is required to consider all types of accounts, investments and products that could meet a client’s needs and objectives.

HL offer restricted financial advice. Rather than looking at the whole of the market each time, we advise based on a pre-approved list of products and services.

We’ve found this helps ensure high-quality advice as any product you are recommended has already gone through extensive research and due diligence by our experts. Our advisers have a wide range of solutions to choose from and can find something that’s suitable for your aims and needs in the vast majority of cases.

If we think that you would be better off with independent financial advice, we’ll let you know and you won’t be charged for advice. To find out more about whether our advice service is right for you, speak to our advisory helpdesk.

Do I need a local adviser?

Finding a financial adviser in your local area means you can meet them face-to-face.

Many people prefer this option to help build rapport with their adviser, but advice can also be provided over the telephone or via video call if that’s more convenient. It might also be the most cost-effective option, depending on your situation.

HL advisers cover most of the UK, so we can usually arrange for you to speak to an adviser in your region.

We understand that it’s important for your advice to be convenient but also that you develop a good professional relationship with your adviser.

So your choice of location or communication method is entirely down to what you feel most comfortable with.

Find a local adviser

How much does financial advice cost?

It depends what kind of advice you take and the amount you want to take advice on. An adviser will talk you through the charges, so you’ll always know what you can expect to pay before taking advice.

We charge a minimum of £495 for advice over the telephone and £1,495 for face-to-face advice, and VAT is charged where applicable.

We don’t believe in tying people into yearly contracts that they might not need. So we can give advice as a one-off if you’d prefer. Ongoing advice is available if you want it, and you can always come back to us in the future.

You can expect to pay:

Initial call

No adviser charge

As no advice is given at this stage.

Investment advice

1% on the first £1 million invested.

0% on the balance over £1 million

Financial planning

2% on the first £200,000

1% on the balance between £200,000 and £1 million. 0% on the balance over £1 million.

Initial call

No adviser charge.

As no advice is given at this stage

Investment advice

1% on the first £1 million invested.

0% on the balance over £1 million

Financial planning

2% on the first £200,000

1% on the balance between £200,000 and £1 million. 0% on the balance over £1 million.

Our investment and financial planning services are designed to be one-off, but if you’d value the ongoing support of a financial adviser and annual reviews, you can choose to take ongoing advice for 0.365% of the portfolio advised on per year (+VAT where applicable).

Our charges

Find a financial adviser

Book a call with our advisory helpdesk to start your financial advice journey. They can answer any initial questions you might have about our advice, including more about the charges.

There’s no obligation to take advice and there’s no hard sell. In fact, they’ll let you know about our guidance and tools if advice is not for you.

They don’t provide advice but can help you decide if advice is right for you. If you want to go ahead, they’ll then pass your details onto an adviser who will contact you.

We can only provide advice to UK residents. If you’re resident overseas, unfortunately we’re unable to advise you.