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5 financial advice myths that could impact your future

We bust 5 common financial advice myths and explain how advice can help you achieve the financial future you want.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

There are times in life when you should seriously think about taking financial advice. And yet, nearly a third of the people we asked said they wouldn’t even consider it*.

What’s more worrying – a lot of the time, the reasons people are reluctant to take advice are often based on misunderstandings or misconceptions.

We unpick common myths about advice and show you how it can help you achieve the financial future you want.

As a rule, you should consider financial advice if you’re not sure what course of action is right for you. Keep in mind, this article itself isn’t personal advice.

*HL survey conducted by Opinium, 2,001 respondents in April 2022.

Myth 1 – I’ll never need financial advice

Even if you’ve been managing your finances successfully for years, there are still times in life when you should consider getting an expert to help you.

A prime example of this is at retirement, or in the years running up to it. You can usually access your pension from age 55, rising to 57 in 2028. Yet only half of the people aged 45 to 64 we asked would consider getting advice.

The decisions you make at retirement could impact the money you receive for the rest of your life. And it’s something you’ll generally only do once. So, even if you’re financially savvy, you might still need help to deal with something as complicated as accessing your pension.

You can also get free impartial guidance from Pension Wise from age 50.


An adviser could help you navigate other crucial life-changing moments like divorce or losing a loved one. They can also help you plan for long-term care, or set up financial protection in case the worst should happen.


Myth 2 – I can’t trust advisers

One in five people who wouldn’t take financial advice said they don’t trust advisers.

You’ve probably heard stories about people’s life savings being placed into dodgy schemes or high-risk investments by rogue advisers, so you can understand why.

But these cases are few and far between. These days, all advisers must be qualified. That means they must have a diploma in financial planning (or equivalent) and complete training and development each and every year to keep their knowledge up to date.

Still, it’s important to find the right adviser, from the right company.

HL advisers won’t suggest obscure, unregulated investments. They’ll only recommend tried and tested products from our selected panel.

Remember, all investments will go down as well as up in value, so you could get back less than you invest.


Myth 3 – I’ll have to keep paying for advice

No one likes getting locked into contracts, including the 7% of our respondents who were reluctant to take advice as they didn’t want to sign up for the long term.

But, you can take advice with us as a one-off. In fact, eight in ten of our advice clients did this in 2021.

An adviser can build a plan or review an investment portfolio for you and, once everything is in place, hand it over to you to manage. This might be useful if you need help with some financial hurdles, like retirement or inheritance tax planning.

You’re not obligated to get advice on an ongoing basis unless you want it. And you could always come back to us in the future if things change.

Myth 4 – I don’t have time to see an adviser

7% of people who wouldn’t take financial advice, gave a lack of time as one of the reasons. But in fact, an adviser could save you time by going through your finances for you and making them easier to manage.

You don’t have to meet an adviser in person. You can do everything over the phone or via video call if that’s more convenient.

You won’t need to spend hours prepping and researching beforehand. An adviser will ask questions to get a picture of your circumstances and goals. If you take financial advice, they’ll help you dig into your finances so you can understand what you’ve got.

Myth 5 – financial advice is for ‘really rich’ people

Just over a quarter of people who wouldn’t take financial advice said they don’t have enough money to make advice worthwhile. In fact, advisers can work with fairly modest portfolios to try and grow your wealth.

Our advisers can create a financial plan to help you save tax and invest the money you have, which could mean more money in the long run. They can also look at how much you should be spending and saving, and the impact this could have on your future. Remember though that tax rules change and benefits depend on individual circumstances.

Nearly three in ten of the people not considering advice said it was too expensive. But advice can be cost-effective, it depends on your portfolio and situation.

You won’t be charged for your first conversation with an HL adviser. They’ll make sure you understand all the costs and potential benefits so you can decide whether you think it’s worthwhile.

Discover how advice could help

Financial advice starts with a call from our advisory helpdesk. They won’t give advice on the call, but they’ll talk you through how advice can help, and the charges involved.

Then if you want to take advice, they can put you in touch with an adviser.

Request a call back

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    Important notes

    This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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