In today’s increasingly complex and challenging world, financial advice to help people navigate through life’s journey of financial decisions 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 take control of their finances and financial decisions. Expert advice provides clarity to financial decision-making and thereby works towards ensuring people avoid taking any undue risks or 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. Which is a commonly held misconception, the reality is that everyone can benefit from expert help, when making financial decisions, not just wealthy individuals with an 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 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. So please do get in touch – it would be great to talk with you.
We are based in Eastbourne, East Sussex, but have clients (both online and in person) across the South East including Hastings, Lewes, Brighton, Bexhill, Uckfield, Heathfield, Newhaven, Seaford, Tunbridge Wells and further afield.
Read our blogs for more financial advice or speak to one of our friendly advisors.
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¹ FSCS, 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.
It is important to take professional advice before making any decision relating to your personal finances. Information within this blog is based on our current understanding of taxation and can be subject to change in future.
It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK; please ask for details. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor.
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.
If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency. Taxation depends on individual circumstances as well as tax law and HMRC practice which can change.
The information contained within the blog is for information purposes only and does not constitute financial advice.
The purpose of the blog is to provide technical and general guidance and should not be interpreted as a personal recommendation or advice.
