This content is for information purposes only. It should not be taken as financial or investment advice. To receive personalised, regulated financial advice regarding your affairs please consult our financial planning team here at Vesta Wealth in Cumbria, Teesside and across the North of England.
In light of the changes going on in the UK and across the world, we felt it would be helpful to address some of the common questions recently put to our financial planners.
See below for a selection of ten common questions which we have included. If you do not see your question, please get in touch for more information. To discuss your own financial plan, feel free to get in touch:
t: 01228 210 137
e: [email protected]
#1 What is a financial adviser (or planner)?
Simply put, a financial adviser helps you to make more informed decisions about your money. They give you the latest, most accurate information you need to consider the options available to you regarding your pension, tax planning and other areas. Here at InvestAcc, we prefer the term ‘financial planner’ as we believe this more accurately describes the holistic work we do; bringing together all aspects of your finances into one coherent, long-term plan.
#2 Is there a fee for an initial meeting?
The purpose of first meeting a financial planner (or adviser) is to get to know each other and build trust. So no, there is no fee to have an introductory meeting with us here at Vesta Wealth. At the moment, we are holding all meetings like these remotely (e.g. over video call) due to social distancing measures.
#3 How do you charge?
All of our services are fee-based, and we are clear with you about this from the first meeting. This means that you pay a fixed, agreed fee for our time and expertise. We do not take a commission from the investment products we present to you, which helps us to retain our independent status.
#4 Can’t I just do financial planning myself?
Many areas of our finances are perfectly manageable on our own (e.g. bank accounts). Yet the tax landscape in the UK is complex and constantly changing, especially when it comes to areas such as pensions and inheritance tax. It pays to get the full range of facts in front of you when so much is at stake. A financial planner can help you gain a clearer view and understanding on these matters, giving you greater peace of mind and satisfaction in your decisions later.
#5 Am I obliged to use your services after the initial meeting?
No. You are completely entitled to work with us after our initial meeting or pursue other options. We want a long-term, trusted relationship with our clients so it’s important that you do not feel pressured into using any particular financial planner.
#6 Which specific areas can you help me with?
If you have a few thousand pounds in an ISA, then our service may not be the best fit for you at this time (although we are happy to point you in the right direction). If, however, you need help with a pension, investment portfolio, protection policies (e.g. life insurance) or business financial planning, then we have the expertise and knowledge you need to find effective solutions.
#7 Are you regulated?
It’s possible for anyone to call themselves a financial planner. That’s why it’s important to check the details of anyone who offers you advice. Here at InvestAcc, we are authorised and regulated by the Financial Conduct Authority (FCA).
#8 Who do you work with?
Our clients come from many walks of life and range from young professionals in their 20s, to older clients in (or approaching) retirement. We also work with families, businesses and trustees who require our services.
#9 What type of information do I have to provide?
Once a sufficient level of trust has been established, it is important to start looking through your financial plan together to identify the best ways to make improvements and work towards your financial goals. This typically involves looking at income and expenditure, the investments you hold, assets and liabilities, dependents, savings and more. The more complete and accurate information we are given, the better we will be able to advise you.
#10 After a plan is developed, what’s next?
Gathering your tailored financial plan together is a significant step towards your goals. Yet it also needs to be put into action, monitored and adjusted in the future should the need arise. Updates to your financial plan will be particularly important during life events such as a marriage, divorce, birth or death. Aside from these kinds of events, our financial planners recommend reviewing your financial plan at least once a year to ensure things are on track.
Conclusion
If you are interested in discussing your financial plan, please get in touch with your financial planner at Vesta Wealth in Cumbria, Teesside and across the North of England.
Reach us via:
t: 01228 210 137
e: [email protected]