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Thinking about advice and not sure what to do? Take our short quiz

Don’t take financial advice until you’ve answered these questions

If you are thinking about financial advice, but want to find out a bit more before talking to someone take this short quiz to get to grips with the basics. Good luck!


Question 1

  1. If I take advice I will get locked into an annual charge. True or False?

    You don’t need to commit to ongoing advisory charges if you don’t feel comfortable. Beware of any adviser trying to force you into this type of agreement.

    If you don’t feel comfortable signing up to an ongoing relationship with your adviser, most advisers can provide one-off advice to help you with the big decisions you face, for you to manage your investments yourself moving forward. Make sure you know what service they will provide and any associated costs before agreeing to anything.

  2. Only wealthy people need financial advice. True or false?

    Research suggests the average person who takes advice is £40,000* better off compared to those who don’t.

    Whether considered wealthy or not, everyone wants to retire comfortably. Advice can be just as valuable, if not more so, when accumulating wealth, as when you have already built up your assets. Please remember that all investments fall as well as rise in value, so you could get back less than you invest.

    *Research from the International Longevity Centre - July 2017. Those who received advice from 2001-07 accumulated significantly more assets than their unadvised equivalent peers by 2012-14.

  3. Financial advice is expensive. True or false?

    You can get advice from as little as £495 (+VAT), although it may not be worth it for smaller sized portfolios. A good adviser should give you an honest review of whether you will benefit from financial advice before committing to costs. And if they don’t think you will benefit from advice they will show you where to find the best tools and information to help make your own decisions.

  4. You can receive advice on more than just investments. True or false?

    What good is it to choose the right investments if your returns are swallowed up by taxes?

    As tax benefits depend on your personal circumstances and rules constantly change, it can be valuable to have some help to ensure you are making the most of your tax allowances. Financial Advisers are able to take into account a variety of elements when helping clients, including planning for retirement and estate planning, as well as the impact rules and regulations might have.

  5. Retirement is one of the most popular times to take advice. True or false?

    Almost 50% of those who seek financial advice with Hargreaves Lansdown, do so about a significant life event such as their retirement.

    Your retirement will be one of the most important things you ever need to plan for. Even experienced investors turn to professional advice at retirement or earlier because they are worried about running out of money and want to put a plan in place. An expert can help you calculate your income needs, and plan how to reach your goals.

  6. Once you have a Financial Adviser you can’t change to a different one. True or false?

    You should only pay for a service that you value, not waste money on one where you see no benefit.

    It’s well within your right to review other Financial Advisers and switch if you choose to. Some of the things to review include whether you are paying too much for financial advice, are getting the service you need, and whether your investments are performing as expected. Be sure to know about any exit costs before signing up in the first place.

Your final score