In today’s increasingly complex and challenging world, financial advice to help people navigate through life’s journey is more important than ever; a point vividly highlighted by a new study from the Financial Services Compensation Scheme (FSCS)1 which raises fears over the consequences of a worrying financial ‘advice gap’.
Scammers’ paradise
FSCS research shows that almost two-thirds of UK adults with savings, investments or a mortgage have not sought regulated financial advice in the last five years. Caroline Rainbird, Chief Executive of FSCS, warned that this financial ‘advice gap’ is a concern, as it puts people “at greater risk of making poor decisions about their money” by leaving them open to scammers who “prey on people’s fears and exploit any gaps in their financial knowledge.”
We can support you
This warning highlights the key role we can play in helping people like you take control of your finances. Expert advice provides clarity to financial decision-making and thereby works towards ensuring people avoid taking any undue risks or make costly mistakes with their hard-earned cash.
Advice is for all
Another worrying finding from the FSCS survey was that over half of all adults who hold a financial product believe professional advice is just for the wealthy. This is clearly a commonly held misconception, but the reality is that everyone can benefit from expert help, not just wealthy individuals holding a complicated array of assets.
Building a relationship
Taking the time to construct a clear and tailored plan that meets each client’s unique set of needs and circumstances is the key to making sound financial decisions. In addition, developing a strong and enduring relationship by holding regular reviews builds in the flexibility for plans to be adapted when life events inevitably dictate change.
Time for a review
We’re always here to help bring clarity to your financial decision-making as you progress on life’s exciting journey. So please do get in touch – it would be great to talk with you.
1FSCS, 2023
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
