This perception means that many people fall into what’s often termed the ‘Advice Gap’. Those in the gap are effectively people that need financial advice but don’t believe they have the means (or wealth) to access it. Unfortunately, it’s often people who have less that need greater intervention from a financial adviser, where advice could be more meaningful and valuable.

Regardless of your current wealth, a financial adviser can create a personal roadmap to help you plan for a secure financial future. This could encompass investments, pensions and protection, such as life assurance.

Michael Hawthorne is a Chartered Financial Planner at Amber River True Bearing. He’s met people from all walks of life and in varying financial situations throughout the course of his career. He offers up his years of experience with the following advice for anyone who’s read the first half of this blog and thought ‘that’s me!’.

“I would suggest that anybody with a financial problem who feels they don’t have enough money should get in touch. Amber River True Bearing offers a consultation at our expense and, if financial advice is the right course of action, we’ll be able to explain how you could benefit. If it isn’t right for you, we’ll point you in the direction of where you’ll be able to find the right help. For instance, The Money Advice Service, which gives free guidance on money matters, or the Citizens Advice Bureau.

Most financial advisers have a minimum fee, so we will always carefully consider whether it’s appropriate for you to pay for the advice we provide. For example, if somebody comes to me wishing to set up an investment with £10,000 over five years and they pay, say, an £800 fee, they would need to make £800 in interest just to break even. So paying for advice in this instance might not be a viable option. However, If somebody is looking to start a pension with £200pm saving over 40 years, the £800 fee is far more cost effective and will benefit the customer in the long term.

My recommendation is to take advantage of the initial consultation, get an independent opinion and agree a course of action from there.”

Rather than thinking about the amount you have to invest now and whether it’s worth paying for financial advice, it might be worth thinking about changes in your circumstances that could prompt the need for advice. For example:

• You’ve received a pay rise, pushing you into a higher tax bracket
• You’ve received a windfall and are looking to use it to make provisions for your future
• You have a young family, or people who depend on your income, which could mean protection insurance is important.
• You’ve changed your employer or you’ve become self-employed, resulting in changes to the employer benefits you previously received
• You’ve accrued over £30k in savings
• You’ve paid off your mortgage and have a higher disposable income to invest in your future
• You’re married, getting divorced, or remarrying.

There are so many ways in an IFA might be able to help, and the trigger to seeking financial advice shouldn’t just be about the amount of money you have now. Your first appointment with an Independent Financial Planner at Amber River won’t cost you anything, so get in touch with us today.