A St. James’s Place Review: What is the Value of Financial Advice? - December 2023

It’s never easy being a grown-up when it comes to money. Making wise decisions for the future is often tricky to balance with the day-to-day immediacy of what most fathers and their families need in life. But when it comes to managing your finances and securing a prosperous future, the guidance of a good, reliable financial adviser is invaluable.

From the early stages of our own education to the joys of raising a family and preparing for retirement, a trusted adviser can play a crucial role in helping you make sound financial decisions every step of the way.

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If you’re reading this as a father, then like me, you share the responsibility of ensuring your family’s financial well-being, and that’s where the value of financial advice truly shines. In this article, we’re going to explore the importance of finding a knowledgeable financial adviser and how their expertise can benefit you throughout life’s significant moments.

As a well-respected, trusted business in the financial sector, I’m going to refer to services and research from St. James’s Place (or SJP). SJP are the UK’s leading wealth management and financial advice company. They are listed on the FTSE 100 and they help almost a million customers actress the UK to manage their finances effectively. Hopefully, referring to SJP will show how it’s invaluable to walk hand-in-hand with knowledgeable experts when you’re planning for your child’s education, buying a home, navigating career transitions, or thinking about retirement.

Hopefully, after reading through the article below, you’ll discover how financial advice can empower you to make informed decisions, protect your family’s future, and achieve ownership of your financial security as a dad.

The Need for Financial Advice Throughout Life’s Journey

I know taking the time to plan things isn’t always the first thing you might consider at the end of a long day, but successfully navigating through life’s milestones requires careful financial planning and decision-making. A reliable financial adviser can provide the guidance needed to make informed choices, especially during critical phases. So, what better place to start than at the beginning?

Building a Solid Foundation with Home Ownership

Whether it’s a new car or a new home, getting a set of keys to something you own is a big step. However, according to the ONS in their last data release in March 2023, the average house was £285,000. That’s £11,000 more than 12 months ago. When you consider these huge sums of money, it’s understandable why owning a home is a significant milestone, but one that comes with complex financial considerations. This is where a financial adviser can provide invaluable support.

When it comes to home ownership, a financial adviser can guide you through the entire process, from assessing your financial readiness to exploring mortgage options. They can help you understand the intricacies of different mortgage products, interest rates, and repayment terms.

Financial advisers like those at St James’s Place can help you evaluate the long-term financial implications of home ownership. This includes factors like property taxes, maintenance costs, and potential appreciation. By considering these aspects, you can make an informed decision that ensures your investment in bricks and mortar is a responsible decision that enhances your life journey and avoids unnecessary financial strain in the future.

Photo: Confidence to make informed decisions with home ownership – (Photo credit – Free usage license courtesy Unsplash)

Navigating Career Transitions

If you’re like me, you’ll likely have had a number of careers, possibly been self-employed at times and had to make decisions about applying for positions based on the needs of yourself or your family. Throughout your professional journey, you may encounter these career transitions. During these pivotal moments, a financial adviser can offer valuable guidance to ensure your financial situation remains optimal.

When it comes to job changes, a financial adviser can help you assess the financial implications of switching careers, such as changes in income, benefits, and retirement plans. They can assist in analysing the financial impact of different job offers, considering factors like salary, bonuses, and employee benefits – including what to do with previous pensions if you do move roles. By evaluating these aspects, you can make well-informed decisions that align with your financial goals and aspirations.

The financial advisers at St James’s Place can provide strategies for optimising your income through effectively using your tax allowances. As someone who is both employed by a company and self-employed as a writer, I can vouch for why having a clear understanding of your income and obligations is important to avoid worrying. St James’s Place themselves commissioned a research piece on “Understanding the non-financial benefits of financial advice” and in that paper, they showed how the stresses associated with money management were greatly lessened for those who had taken advice in order to clarify their situation and needs:

Quote: “Those who took advice were not only more confident about their financial future but also appeared to be better prepared for retirement than those who didn’t.” 

Investments and Growth of Money

Investing wisely is a crucial aspect of building wealth and achieving long-term financial goals. As a father, I want to make sure I’m taking every opportunity to balance using my money to enjoy the here and now with my boys, while also putting the remaining funds to work for future needs, life events, and retirement. A financial adviser can play a vital role in helping me make informed investment decisions that align with my risk tolerance and objectives and they could do the same for you.

A skilled adviser from St James’s Place can assess your financial situation, goals, and outlook on life to create a tailored investment plan. They have access to comprehensive market research and resources to analyse various investment opportunities. By considering factors such as asset allocation, diversification, and risk management, they can guide you in selecting suitable investments.

Additionally, St James’s Place’s research and expertise can provide valuable insights into market trends and investment strategies. Their data can help you navigate market volatility and identify opportunities for growth and wealth accumulation. With their guidance, you can optimise your investment portfolio and work towards achieving financial security.

Saving for Your Children’s Future

As a father, ensuring your children’s future is a top priority. Financial advisers can assist you in creating effective strategies to save for their education and other long-term goals.

By understanding your financial capabilities and aspirations for your children, a trusted adviser can help you explore various savings options. They can provide insights into tax-efficient savings accounts, investment vehicles, and government schemes specifically designed to support education expenses. With their expertise, you can make informed decisions on the best approach to save for your children’s future, ensuring they have the resources they need to pursue their dreams.

St James’s Place have some compelling data backing up their advice that clearly highlights the rising costs of education and the importance of starting early when it comes to saving. Their insights can help you develop a proactive savings plan that accounts for inflation and changing educational landscapes. Similarly, they will be able to talk you through the benefits of maximising investments in child-related accounts such as the Junior ISA (JISA). Using products like this carefully in a well-planned and budgeted way can secure a solid financial foundation for your children’s future.

st jamess place family finance
Photo: Family enjoying time together (Photo credit – Free usage license courtesy Unsplash)

Raising Children and Securing Their Future

As a father, protecting your family’s financial well-being is of utmost importance. A financial adviser can guide you in understanding and acquiring the necessary insurance coverage to safeguard your loved ones should the worst happen to you.

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By assessing your family’s needs, a skilled adviser can recommend suitable life insurance policies and other forms of protection insurance. They can explain the different types of coverage available and help you determine the appropriate coverage amount based on factors such as your income, debts, and future financial obligations. With their expertise, you can ensure that your family is financially protected in the event of unforeseen circumstances.

If you have a complicated family setup due to separations, remarriages or similar, I cannot emphasise enough how important skilled financial advice will be to ensure you have protected your investments for not only your children but also any dependents, partners and family you wish to benefit from your hard-earned investments.

With this in mind, a financial adviser can assist in estate planning, ensuring that your assets are distributed according to your wishes and minimising tax implications. They can help you create wills, establish trusts, and plan for the long-term financial security of your children. By taking proactive steps in this area, you can have peace of mind knowing that your family’s financial future is secure.

Teaching Financial Responsibility to Your Children

Instilling good financial habits in your children is a valuable life lesson. A financial adviser can provide guidance on teaching financial responsibility to the next generation and the wonderful people at St James’s Place are always emphasising the importance of educating children about money matters. By sharing your financial journey with your children, you can use the resources and skills on offer from St James’s Place to encourage future generations to engage in financial lessons, budgeting techniques, and understand the value of saving and investing.

Planning for Retirement and Beyond

Retirement planning is a critical phase of your life that requires careful consideration and planning. With the generous state pensions of the past now long gone, the expectation is now on you to make sure you’ve planned ahead in order to be able to afford the retirement you would like (and deserve). A financial adviser can play a vital role in helping you create a comprehensive retirement strategy and the St James’s Place staff can deal with advice surrounding tax, equity release, pensions and more.

They’ll analyse your savings, investments, and potential income sources to determine the best approach for building a retirement nest egg. All of this will be done alongside a keen understanding of the impact of inflation, rising healthcare costs, and potential market fluctuations. Their support can help you create a resilient retirement plan that will account for these factors, ensuring the peace of mind that a comfortable and financially secure retirement awaits. This stat from St James’s Place themselves shows how valuable, from a wellbeing point of view, this security is:

“A person who uses a financial adviser is on average £47,000 better off when they retire.*1”

Preparing for the Unexpected

Life is full of unexpected events, and they have a habit of hitting you when you least expect them. Preparing for them is essential to safeguard your financial well-being. Advisers can create comprehensive estate plans that include wills, trusts, and powers of attorney.

They can guide you through the process of designating beneficiaries and help you navigate complex legal requirements. They can also help you address potential healthcare and long-term care expenses via the provision of information on insurance options, such as long-term care insurance, and assist in creating a financial strategy to cover these costs.

The Value of Trust and Expertise: Why Choose St James’s Place?

So I’ve spoken loads about the huge benefits of having a financial adviser follow you through the milestones of your life. But why are St James’s Place worth considering as the people to hold your hand through the financial minefield that is life?

Well, when choosing a financial adviser, expertise and trust are paramount. St James’s Place stands out as a reputable firm with extensive experience and qualifications in the field. Their advisers undergo rigorous training and hold relevant certifications, ensuring that they possess the knowledge and skills to provide high-quality financial advice.

Because their expertise covers a huge range of financial areas, including investments, retirement planning, estate planning, and more, you can have confidence that they have the ability to adapt and support all stages of your life, through parenthood and into retirement.

Customer Reviews and Satisfaction

The satisfaction of clients is a testament to the value of financial advice provided by St James’s Place. By referring to customer reviews from trusted sources, such as Trustpilot and VouchedFor, you can gain insights into the positive experiences of those who have worked with St James’s Place’s advisers. These reviews highlight the exceptional service, personalised guidance, and positive outcomes that clients have experienced through their partnership with St James’s Place.

Reading through these reviews provides real-life examples of the value and benefits of financial advice in various financial situations. They demonstrate how St James’s Place’s advisers have helped individuals and families achieve their financial goals, navigate challenging circumstances, and do exactly what I’ve said in the earlier sections of this article – secure their financial life from beginning to end and leave a financial legacy.

Reflecting on the value of this partnership

The value of financial advice throughout life’s journey is undeniable. From education to home ownership, career transitions to raising children, and retirement planning, a trusted financial adviser can provide guidance, expertise, and peace of mind. St James’s Place’s resources, expertise, and positive customer reviews further highlight the benefits of choosing a reputable adviser. By embracing the value of financial advice, fathers like me can take proactive steps to ensure a financially secure future for themselves and their families.

It’s worth noting that financial advice is not just about numbers and investments. It’s about having someone you trust to ask the important questions, protect your family during challenging times, and shield you from potential pitfalls. It’s about gaining peace of mind and knowing that you have a solid financial plan in place.

Embracing the likes of a company such as St James’s Place, which has over 4,000 trusted partners around the UK, is a really proactive step towards confidence and financial wellbeing as a father. Your journey as a father will be enriched, and you’ll be empowered to make the best decisions for yourself and your family. Are you ready to take that step?

Citing:

*1. The ILC has calculated that if a person received professional financial advice between 2001 and 2006 it resulted, on average, in them being £47,706 better off in terms of pensions and financial assets once fees and charges had been taken into account in 2014/15. (What it’s worth – revisiting the value of financial advice, ILC, November 2019).

*Disclosure: This article is for entertainment and educational purposes only. Nothing on this site constitutes financial advice. I am not a financial advisor. You should always do your own research and consult a qualified financial advisor before making big decisions with your money as capital is at risk with any investment. This post may contain links to external sites and affiliates, Savvy Dad accepts no responsibility for how you use these external sites and services (see Site Terms and Privacy Policy).

Source: Savvy Dad.

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