What is a financial adviser?
Financial advisers provide clients with bespoke advice on how to manage their finances and offer many different services, including investment management, tax planning and estate planning.
Typically, a financial adviser will start by understanding your current financial situation by conducting a ‘fact find’ where they ask you a series of questions related to your current circumstances, goals and attitude to risk. They will then recommend financial products that are suitable for your individual circumstances.
A financial adviser can work with you to determine short, medium and long term goals and create a realistic plan to help you to achieve these goals. These goals can include, but are not limited to, buying a home, paying for private education, generating income, retiring early, reducing your tax liabilities or giving to charity.
In order to give financial advice, advisers must have professional qualifications and follow strict industry rules.
What is the difference between a financial adviser and a wealth manager?
Some financial advisers use the title ‘financial adviser’ and ‘wealth manager’ interchangeably. By definition, a wealth manager provides a holistic approach to financial planning.
A financial adviser may only provide investment advice. Whereas, a wealth manager provides a more comprehensive service by considering all aspects of your financial situation and may work with third parties to provide legal services such as writing a will and providing advice on the suitability of a mortgage.
At Four Wealth Management, we refer to our advisers as ‘Financial Advisers’ but we provide a wealth management service and have a holistic approach to financial planning. We coordinate all the services you will need to manage your money effectively and to plan for the needs of you and your family.
We do not have a minimum amount of money that you need to qualify for our services. Wealth management is a service that aims to provide financial security and empower you to take control of your personal wealth. We understand that everyone’s financial situation and needs are different and we believe that everyone can benefit from our services. Your adviser will work with you to manage your finances in line with your goals. Learn more about our wealth management services.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Wills are not regulated by the Financial Conduct Authority.
Do I need a financial adviser?
Many people are unsure if they need a financial adviser, or if they should invest in funds and shares themselves. However, investment options are harder to understand than cash savings products. If you invest by yourself, you may not be aware of all the options that are available to you. There is also a risk that you might buy a product that is not suitable for you because you do not fully understand it or be aware of the possible tax implications.
Before you begin investing by yourself, you need to consider if you can afford the possibility of losing money. Do you have time to keep track of your portfolio and to rebalance it regularly to check it is still meeting your needs? If you are unsure, then a financial adviser can make recommendations suitable for your individual circumstances. At Four Wealth Management, all clients receive an annual review of their portfolio to check that it is on track to meet your goals.
Four Wealth Management is a Senior Partner Practice of St. James’s Place Wealth Management and benefits from St. James’s Place rigorous research and distinctive approach to investment management, which underpins and complements the advice you will receive. Their approach gives our clients access to global investment managers.
What are the benefits of taking financial advice?
A financial adviser can save you time and money. Clients who have taken financial advice are generally better off in financial assets and pension wealth compared to those who did not take advice.
Taking financial advice will provide you and your family with greater financial security. Through St. James’s Place, Four Wealth Management are able to offer our clients peace of mind through the St. James’s Place Guarantee. This guarantees that the recommendations our financial advisers make for our clients is suitable for their circumstances.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
An investment in equities does not provide the security of capital associated with a deposit account with a bank or building society.
