Article by Phil
Would you benefit from using a local wealth management advisor like Christina Clegg?
As well as helping you to navigate the most tax efficient way to save and dealing with any Inheritance Tax (IHT) liabilities you may have down the line, a local wealth management advisor will also advise on your investments and pensions.
Vanguard recently surveyed over 1,000 clients and found that:
- 94% felt that their local wealth management advisor was making a positive difference to their overall finances.
- 78% said that the value of advice was much more than just looking after their investments, with
- 76% saying that their overall wellbeing was boosted by having an advisor. That’s exactly what we hope to provide to our clients, and it seems to be working.
- When advisors stop caring about their clients, they will leave though. With 25% saying that they moved adviser because they felt neglected. Whereas only 15% moved to find better investment returns. It’s rarely about the money itself, more about the service.
- Nearly 50% of clients said that they would like to see their local wealth management advisor at least twice a year and face to face. Something we offer through our silver ongoing service. Face to face remaining important to at least 50% of people, despite the advent of Zoom and Artificial Intelligence. People still want to talk to people. That’s why we have a local Office and always will have.
- Also, over 50% of clients want their adviser to continue to help their families when they are gone but sadly, only 4% of advisers have met their clients’ children. This is something that needs to improve. Especially with £7 trillion in wealth expected to be passed down through inheritance.
In a separate survey Hargreaves Lansdown found that:
- 36% of people over 60 didn’t have any plans for their tax-free lump sums.
- 20% said they would put their savings in a current account, which would leave them open to pay tax on the interest.
- Only 20% said that they would put their savings into an ISA which is protected from tax.
- 18% said they would give their money away.
All these people would probably benefit from a meeting with a local wealth management advisor.
Canaccord Wealth found that someone investing £100 a month for the last 30 years, would have been £44,000 better off if they had used a local wealth management advisor rather than putting their money into the bank.
Sadly, 40% of people put off making financial decisions because they think they are too complicated. Just as unbelievable is the fact that two thirds of people say that they won’t look for potential lost pensions. 30% said they didn’t know where to start and 17% said that they didn’t think it would be worth the effort.
Advice is protected.
Don’t forget that if you use a wealth management advisor and you are unhappy with your service, you would be able to complain to the Financial Ombudsman Service (FOS).
FOS cover complaints for the whole of the financial services industry. In the last 6 months they processed over 1.8 million complaints. Thankfully of those only 15% were in relation to pensions and investments advice.
Your investments are also protected by the Financial Services Compensation Scheme (FSCS) as well, up to £85,000. So, you feel safe in the knowledge that your money is protected.
Avoid online schemes.
Research by Barclays has found that over 40% of people who have made an investment online admit that they have lost money. These are people who have seen an investment opportunity on social media and acted on it. Often involving crypto.
Most admitted that they had been tempted by the fear of missing out on the high investment returns. Over 50% said that they had not checked who they were investing or dealing with.
Currently the average loss in these types of schemes is £3,500. Please be wary. Stick to someone you can meet face to face. Who has an Office. And actually exists!!
Get more information.
If you need advice from a local wealth management advisor then why not contact Christina today. She offers a free initial meeting to discuss your requirements and explain how our service works. You are under no obligation to use us after that if you don’t want to and we won’t pester you.
So why not call us today on 01282 614444 or e mail us enquiries@ccfps.co.uk or use our contact form online.
