Let’s be honest, the thought of putting your finances in the hands of someone else can be quite daunting.
Some may think it’s not necessary and some may think they can do it themselves because it’s their money. However, just because it’s your computer, would you try and fix it yourself if it broke? Exactly. Sometimes we need to let the professionals do what they do best.
With the help of our friends at Sandringham Financial Partners – Darlington, here are five things to consider when looking to hire a financial advisor…
One benefit of having a financial advisor is that they keep you on track with your investment plan.
It’s important to think about your long-term plan and know what it is you’d like to gain from having a financial advisor. Handing over the reins to someone else can ensure a stable and secure future.
At Sandringham Darlington, they offer an ongoing service at a fixed fee which is reflective of the time they spend carrying out a thorough annual review and the necessary follow up work to keep your plans on track.
What’s best for you…
Let’s face it. Sometimes we don’t have our own best interest at heart. What we think we want to spend our money on in the present, may not benefit our long term goals. That’s where the professionals step in.
Financial advice should always be a question about value and not cost – cheapest certainly isn’t best. Sandringham Darlington offer their clients a high end and bespoke service and do this based on the time it takes to deliver and not based on an input such as level of assets. Whatever your investment is, delivering quality advice at a fee which represents value is critical.
People tend to fear the fees of hiring a professional, but what’s important is to do your research and find out exactly what you’re paying for. At Sandringham Darlington, the initial fees will vary depending on the complexity of the work being undertaken but again are focused on the time spent working for the client and not something that is arbitrary like the amount they are looking to invest or have managed.
For example, it does not take twice as much work to put together recommendations for a £600,000 investment compared to a £300,000 investment. They believe that this way of charging is clearer for clients, more transparent and also reflective of the fair value of work that is being carried out for them.
A particular benefit of this fixed service is that Sandringham Darlington will naturally become highly cost competitive compared to percentage charging advisers for those clients with significant amounts of assets under advice.
Their ongoing fee is £1,975 per person per annum. This is discounted to £1,000 p.a. for the second party in a couple if they also hold investments through them. So the total cost for a couple would be £2,975 p.a.
It’s more than investing…
When you put your trust in Sandringham Darlington, they do more than invest your money. As part of their ongoing service, all of their clients receive a detailed financial plan (also referred to as a cash flow model).
This financial plan provides a projection of all income, expenditure, savings, investments and pensions and allows them to provide clients with an in-depth picture of their financial future.
They can then use this plan to understand how they can best help clients achieve their desired lifestyle both now and in the future while giving clients confidence that their savings, pensions and investments are being managed to a plan that is centred around providing them with the life they desire.
Test the waters…
Unsure on whether this is the right move for you? As a special offer for Luxe readers, Sandringham Darlington are offering a free financial health check by way of a 30-minute online meeting. This will be an overview of the key financial planning considerations and looking to provide some guidance on any areas which the client may wish to review in more detail.