Keeping on top of all the important financial decisions to make considering the busy lives we all lead can be difficult to do. Regularly checking your financial plan could help you to maintain a balanced portfolio for example. Reassessing your investment goals and personal circumstances could also help you to identify if your plans are still on track.
Currently the number of people seeking professional financial advice is very low, according to research from the Financial Advice Market Review (FAMR) report. 61% of adults nearing retirement don’t plan to speak to a financial advice when planning for their retirement. 52% feel confident that they can make all their financial decisions on their own without professional financial advice.
The reason for the low uptake of guidance or advice, could be a lack of understanding the role of professional financial advice. On the other hand some people feel that advice might be too expensive. Two of the recommendations from the FAMR report came into effect in April: the Pension Advice Allowance and the tax-break for employer arranged advice. Both of these have sought to promote the take up of advice and guidance showing the value of professional financial advice.
