Tax, investments and pension rules can change over time so the information below may not be current. This article was correct at the time of publishing.

5 of the biggest misconceptions of taking Financial Advice

At Four Wealth Management, we hear many misconceptions about taking Financial Advice. We have addressed a few of the most common misunderstandings we hear below:

“Financial advice is expensive”

An adviser can actually help you save money. At Four Wealth Management, a Financial Adviser will review your current financial situation and show you how you can potentially cut costs. For example, tax rules and allowances are always changing and an adviser could find ways to utilise your tax allowances that you may not have considered to reduce the amount of tax you pay.

Find out more about tax planning

“I do not have enough money for financial advice”

This myth is common and often prevents people from seeking financial advice and organising their finances.

At Four Wealth Management, we help clients at all stages of their lives and financial journey. Financial advice can be valuable when you are young and starting to create and accumulate your wealth as a financial adviser can work with you to determine how you can achieve your financial goals quicker. Whether you believe you are wealthy or not, financial advice can help you to grow your money and make your savings work as hard as they can.

At Four Wealth Management, we believe that wealth management helps provide you with financial security and empowers you to take control of your wealth. We understand that everyone’s wealth and needs are different but we believe everyone can benefit from our services.

Book A Face To Face Financial Review

“I am too young for financial advice”

When it comes to financial planning, youth is an advantage. The sooner that you define your financial goals, assess your current financial situation and begin planning how to reach your goals, the quicker you should be able to achieve your goals.

Investing while you are young gives your money more time to grow and take advantage of compound interest. The longer that you delay financial planning, the less likely it is that you will reach your financial goals. Paying off your debts while you are young will also mean that you pay less interest over time.

Even though it may feel like a long way away, your financial adviser can help you with retirement planning and thinking about your financial future. Investing into a pension is one of the the most tax-efficient ways to save for your retirement. You can begin with small contributions and increase these when your circumstances change, for example if you get a pay rise or promotion.

Find out more about starting a pension

“Financial advice will take a lot of my time”

The truth is that taking financial advice can actually save you a lot of time and provide you with peace of mind knowing that your finances are in order.

We understand that modern life can be hectic. At Four Wealth Management, we do all the hard work for you. For example, your financial adviser will review your financial portfolio annually and let you know if any adjustments are necessary to help you to stay on track to meet your goals. They will also let you know of any new tax legislation that could affect you so that you do not need to worry about understanding new tax rules and regulations.

If any information is needed about your existing investments, we will contact your current provider on your behalf and give you updates on the progress so you do not need to waste your time chasing them.

Our services can save you time At Four Wealth Management, we offer face to face financial advice and your financial adviser will meet with you at a time that works for you and where it is convenient for you, for example at your house or in one of our offices.

“I need investments before taking financial advice”

No, you do not need existing investments to benefit from financial advice. Many people come to Four Wealth Management as they have kept their money in cash and have realised that due to historically low interest rates, their money is not working hard for them.

At Four Wealth Management, we specialise in holistic financial planning which is looking at your whole financial situation before making recommendations tailored to your circumstances. Your Financial Adviser may recommend investments to help you to achieve your financial goals but they will also be able to help you with mortgages, long term care planning, reducing the amount of tax you pay, estate planning and leaving money to your loved ones as well as retirement planning.

Book a no-obligation financial review today

To find out if you could benefit from financial advice, contact us today. We offer a no-obligation review of your financial situation and your Financial Adviser will create a bespoke financial plan tailored to your services.

Your home may be repossessed if you do not keep up repayments on your mortgage.

The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested. An investment in equities will not provide the security of capital associated with a deposit account with a bank or building society.

The levels and bases of taxation and reliefs from taxation can change at any time and are dependent on individual circumstances.

Enquire Now

If you have any queries or would like to arrange a face to face meeting with an advisor for a no obligation review of your personal finances, simply book a call back using the form below. Alternatively, you can call us on 0117 973 0500.

The Partner together with St. James's Place Wealth Management plc are the data controllers of any personal data you provide to us. For further information on our uses of your personal data, please see the Partner's Privacy Policy or the St. James's Place Privacy Policy.

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