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What is financial advice? Financial advice is the process of engaging in business advising others with respect to their plans and execution on the advice of selecting, purchasing, or selling financial products in meeting the following:
- Risk management
- Risk mitigation objectives
Financial advisers will check on your personal situations and financial plans, and recommend products in helping meet your needs. In fact, these financial advisers are of two different types:
- Independent financial advisers. It gives unbiased advice regarding the entire range of financial products from companies.
- Restricted advisers. It gives advice on limited products and specializes in one area, such as pensions. Or, it offers advice on products offered by limited companies.
Usually, it is best to get independent financial advice to look for the widest range of products and advice available.
Get financial advice
There are times in life when you are unsure of what decisions to make with your financial future and what to do with your money. Thousands of different financial products are offered and selecting between them is complex. If you have a bit of experience in dealing with finances or you are confused regarding making a decision, which can be helpful in getting professional financial advice
A financial adviser helps with a few things, such as:
- Investing or saving money
- Planning for the retirement
- Making a lump sum of money, such as inheritance or redundancy payment
- Taking a mortgage or purchasing a residential property
- When life changes, such as starting a family, you have been widowed, or getting a divorce
The advantage of getting financial advice
Some people and companies offer financial guidance, but it is different from financial advice. Guidance may provide you with info about the several options available, but must not recommend a particular option over the other. Financial advice informs which specific product that best suited for your needs. As an example, if you have a lump sum, you wanted to save, someone gives guidance and tells you what savings options are.
Financial advisers tell you about the pros and cons of regular savings accounts, investments, and ISAs. They never tell you about specific products offered by what option suits you best or named companies. The financial adviser looks at specific savings accounts, ISAs, and investments offered by several companies and recommend specific ones that suit the best of your personal situations or circumstances.