Looking for comments on benefits of advice for The Independent

Not just getting advice is important, getting correct advice from the correct sources can save money now and for future planning. With the rise of unqualified, and often incorrect, social media advice people could be making poorly judged decisions. Advice will often involve taking into account a whole swathe of options consumers may not have heard of or even been aware of. The cost in not taking the correct advice is immeasurable and can be too late.

Having a product like a pension or S&S ISA is only part of the process, why the product is in place, what solution is it providing and how it fits into the clients overall plans needs to be considered. Doing this the right way can save costs due to potentially lower fees and increase the tax efficiently. How the money is invested can play a critical part. Is it diverse enough? Has the right level of risk been taken? Having clear independent, bespoke financial planning advice and product advice provides a wide range of benefits, most of all peace of mind. Advice firms should be providing consultancy hours, one off planning pieces of work, fixed fees and the ability to not have to be on going clients. This will open up the opportunity for consumers to have regulated financial advice.

Individuals receiving good advice will not necessarily deliver higher performance but what it should do is ensure that you’re investing sensibly within your risk appetite and risk tolerance while also utilising the relevant tax allowances and therefore ensuring your affairs are structured effectively that is where the greatest value can be achieved.

For regular households, financial advice can absolutely be worth it because the biggest benefits are often not about becoming wealthy overnight, but avoiding expensive mistakes and building long-term financial security.

A good adviser can help families budget more effectively, use tax allowances properly, put the right protection in place, invest consistently and create a realistic financial plan around goals like buying a home, retiring comfortably or supporting children financially. Many people underestimate how much damage can be caused by panic during market fall.

Historically, cost has been a barrier for some households, but AI and better technology are helping make advice more affordable and accessible by reducing administration and improving efficiency, allowing firms to support a much wider range of families.