Do I need an Independent Financial Adviser?

Let me start by saying only a small proportion of the population in the UK appoint a financial adviser to manage their financial affairs. 

There are lots of intelligent people who manage their own finances very well. They keep up to date with the factors that drive markets. They follow interest rate movements, gilt yields, legislation and taxation changes to name a few. It is an interest. To some it is a hobby. 

There are however lots of people who manage their financial affairs without the knowledge mentioned above. To these people it is not a hobby. It is what they have always done. 

So, why do the majority of people not use the services of a financial adviser? 

Financial Advisers have unfortunately been labelled as salespeople. There is a stigma attached that some advisers are commission hungry targeted salespeople. These individuals and institutions are the ones that have let the industry down. 

The recent industry changes mentioned in my previous blog, Retail Distribution Review (RDR) is a step towards eliminating this stigma. It will help bring the industry into a profession. The move towards adviser fees and the abolition of commission recieved from investment and pension products is a good thing. The new minimum qualification level is welcome news.

So, do I need a financial adviser?

 Yes, if you require the assistance of a professional with indepth knowledge who will work with you throughout your ever changing lifeline to achieve your financial goals. 

No, if you feel comfortable in taking on the responsibilty without the indepth knowledge required to achieve your financial goals.


Ged Dixon is the Director of Morlaix, Chartered Financial Planners. We provide independent financial advice to clients across Truro, Cornwall and the UK. We provide a no cost initial meeting. Why not take advantage of this initial meeting to find out whether you do need a financial adviser?