Money Saving Experts v Independent Financial Advice

Unless you’ve been living under a rock for the past few years, you’ve probably heard of the Money Saving Expert, Martin Lewis. You may have even used some of his tips over the tough winter we’ve just faced.

Here at IFP, we love what Martin is doing, bringing fiscal responsibility into the mainstream conversation and helping countless people across the UK find the best deals to secure themselves and their families. So that begs the question, “with all of these experts on TV and social media now, why would I need a financial adviser?”

We are so glad you asked…

Generic tips v focussed advice

When people like Martin and other online experts tweet out their tips for savers online, they are trying to help as many people as possible – and rightly so! But unfortunately, this often means it could lead some people to follow certain strategies that in fact may not be the best option for them, and in some cases could actually leave them worse off than when they started! Because these experts are just posting general tips, they are not liable for any losses you incur by following them.

With an Independent Financial Adviser, we dig deep into your circumstances, working with you to find out exactly what you need, want and can afford to risk before searching the whole of the market of financial services products to ensure we recommend the solution that is right for you. And, if we were to give you bad advice, you are protected by the Financial Conduct Authority and Financial Ombudsman Service meaning we would be liable for the losses caused to you by our mistake. This leaves you free to relax knowing those who know you best are taking care of your finances with your best interests at heart.

Limitations of not being an IFA

Due to the fact they are not able to cross the line into giving actual financial advice, when it comes to suggestions on savings and investments they will often stick to recommending cash accounts. Now, saving in any way you can gets a big thumbs up from us, but there are other options out there. The best way to save tends to be through not just one strategy but a mix of several in order to retain your funds purchasing power whilst also balancing the risk for potential drops in value. On top of this, balancing that risk is different for everyone dependent on your individual circumstances which again, only an adviser is going to know!

By seeking out an adviser who is both Chartered and Independent, you know that they will be highly qualified to provide you with the help you need and are not tied to any particular product providers, so the only priority on their mind is doing what is best for you.

If you want to know how best to save for the future, plan your retirement, protect your family or all of the above, it is vital that you seek Independent advice that is tailored to your circumstances. These experts are well-known because they can provide a little bit of help to a lot of people, but at Informed Financial Planning we can provide a lot of help to you.

Investment Warning

Always remember, capital is at risk. Values may go up as well as down and as such you may receive less than what you originally invested. Seek financial planning advice  to determine the correct investment for you and your needs. Please do not hesitate to contact us if this is something you are thinking about.

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