Second Opinion Service

The second opinion service – a bit more than your pensions, investments and tax planning.

A large number of people pay an ongoing fee to their financial adviser, but what do you get from that investment? If your first reaction is ‘not much’, then I would suggest you read on as it may help you decide on whether your adviser is right for you and how much value you receive from them.

Since the Retail Distribution Review all the way back in 2013, most advisers will offer at least an annual review of your circumstances, objectives and financial arrangements. You will of course receive advice tailored to your specific needs. That could be for your pensions, investments, tax planning or insurances. But, what else does a financial adviser give you?

Ongoing support

There are some aspects of a good financial advice service that are a little less obvious. Most people pay an ongoing fee to their advisers based on the type of advice they receive and what assets their adviser manages on their behalf. This fee is either fixed or variable dependent on the value of one’s investments throughout the year.

A lot of value is tied into the performance of said investment and tax planning. Whilst, of course this is a crucial aspect of a financial advice service, you can receive a lot more than this. Financial advisers will often provide a ‘sounding board’ for any kind of financial planning ideas, concerns and questions that you may have yourself throughout the years.

Do you have a question about your tax? Call your adviser. Do you have a question about your business or employment arrangements? Call your adviser. Are you worried about the economy and its impact on your finances? Call your adviser.

Some may have children who are looking to take their first steps into the investment world or simply need a point in the right direction. Again, your adviser can help with family financial planning.

Timely advice

A good financial adviser will be available to talk you through many of life’s financial quandaries. Often, this information will come with no further charge above your regular annual advice fees. The call may take 10 minutes or it may be an issue that requires some time to resolve. However long it takes, the outcome could be crucial.

Life isn’t fixed to annual reviews. Things change and we often have financial queries that arise on a very ad-hoc basis. Having a professional on hand to field these queries is invaluable. You don’t want to have to worry about racking up additional fees above your annual advice fees either! Find an adviser that make your comfortable facing whatever financial issues life may throw at you.

Do you have a relationship with your adviser where you feel comfortable enough to call them throughout the year? Whenever a concern arises, this can be an invaluable but sometimes overlooked benefit. It is up to your adviser to ensure that they show you what additional guidance and support they have given you through the year. This allows you to make a reasonable assessment of the extra value they are supplying you with.

If you’d like a reliable second opinion service, contact a YorWealth adviser today by calling 01904 623888.