Managing Director of Principle First Gareth Flanagan talks about what financial planning really means and how important it is. “Financial Planning is the process of building a financial plan and evaluating it annually until you reach financial independence”.
Only 4 out of 37 bank and building society advisers gave good financial advice to undercover researchers, when discussing a lump sum investment, in an investigation carried out by Which? magazine.
The need for good quality financial advice is growing. We identify some of the areas that highlight this, and why consumers will be better financial planners in the future. The following video features an amusing advert for the need to seek professional financial advice.
Through lack of financial planning and financial advice, we overpay £9 billion every year to the taxman. No surprise, then, that those who take an hour a month for financial planning tend to be better off than those who don’t, Axa reveals.
Savings and investments for yourself and your family are much easier with a little knowledge, and some good financial advice. Here is our jargon-free round-up of savings and investments, showing the advantages and risks of each investment type.
Despite warnings about the dangers of buying life insurance cover online, buying life insurance has never been easier, with the availability of quality independent financial advice. In fact, as the cost of cover has come down in recent years, today’s life insurance deal can be cheaper than the life cover you bought 10 years ago, even though you are older.
A lack of understanding of pensions annuities can lead to uninformed choices that cost thousands, according to Aviva. Retirees need quality financial advice to ensure they buy the annuity that is right for them.
A pensions saver who contributed £100 per month to their pension pot over 20 years would have achieved a retirement income of £9,000 per year, if they had retired in 2000. The same pensioner retiring on 20 years’ savings today would have an annual income of just £2,500, a drop of 70% over the decade.
An Office of Fair Trading study into ‘small print’ in contracts is likely to focus on life insurance and critical illness insurance, emphasing again the value of independent financial advice.