Every year 38 per cent of people look for an independent financial adviser (IFA) specialising in personal retirement planning, according to adviser search website unbiased.co.uk.
It found 28 per cent were searching for investments and savings advice and 13 per cent wanted help with mortgages.
But experts are concerned that not enough people are seeking professional advice given the harsh financial climate.
Financial Planning Week starts tomorrow and consumers are being urged to take control of their finances.
aren Barrett, chief executive at unbiased.co.uk, says: “Given the state of the economy over the last few years,
financial planning should be at the forefront of everyone’s minds.
“Careful planning could make a real difference to both your current financial situation and also securing your future.”
Mike Morrison, head of pensions at Axa Wealth, says: “People must take a step back and consider their finances objectively. The economic climate makes it more vital than ever to ensure their own finances are in order but also understand where they might need to seek professional advice.
“Consumers need to not only consider the basics such as their levels of borrowing but also tougher questionssuch as what they need to earn to live their required lifestyle in retirement.”
According to the Institute of Financial Planning (IFP), retirement plans for many Britons now hang in the balance as they struggle to pay down debt while worrying about their financial future.
The IFP reported that just one in five people believe that they are saving enough for their future needs.
Nick Cann at the IFP says: “There is a worrying picture for so many people who are facing an uncertain future yet not taking appropriate steps to improve their situation.”
If you are looking for financial advice, you have three options: an independent financial adviser (IFA), a multi-tied adviser or a tied adviser.
An IFA can recommend products from the entire range on the marketplace, while tied advisers can only advise on the products of one provider.
Multi-tied advisers are financial advisers able to recommend the products of a limited selection of providers, often referred to as a “panel”.
The way in which advisers are paid has come under the spotlight in recent years.
A crackdown on financial advice begins next year when, under new regulation, sales commission is banned and advisers will have to disclose more to clients about costs.
From January 2013 financial advisers will be re-classified as independent, restricted, simplified or basic.
It’s important to look at your chosen adviser’s qualifications to ensure you are aware of their credentials in the area
of advice you are looking for.
IFAs are qualified to provide wide-ranging financial advice but may also hold additional qualifications specific to a particular product area, such as pensions.
Source: http://www.express.co.uk/posts/view/284914/Seek-the-best-advice-for-a-rosy-retirement
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