Why Use an Adviser?

As with the modern NHS, the financial services industry moves quickly. So it’s almost impossible for the man in the street to keep pace with changes specific to you as a member of the NHS Pension, new products, services and special deals.

That’s where your specialist financial adviser comes in. Not only can your adviser find a ‘one off’ solution for you, they can also prepare a long term financial plan on your behalf which they will implement, monitor and change in line with your circumstances.
You adviser is likely to already communicate with other professionals with specialist knowledge, particularly medical accountants and solicitors.

Why should you use a specialist financial adviser?

Time. Your adviser will be able to review the marketplace, draw upon specialist knowledge and liaise with the Pensions Agency on your behalf all of which will lead to the saving of your time.
The aim is to build long term relationships providing advice throughout your career and into retirement as the advice required changes from family protection and mortgages through to investment, retirement, and inheritance tax planning.

Your adviser will assess your financial circumstances, find out what your short-term and long-term aims are, and then advise you on the best way to achieve your objectives.

The benefits of Independent Financial Advice

One of the big advantages of taking financial advice through a qualified practitioner is that it gives you access to all the products on the market. A specialist financial adviser will ask their client a whole range of questions about their circumstances and financial goals: the adviser will also establish the client’s attitude to risk where relevant.

Once they have that information, the adviser will make recommendations drawn from the ‘whole of the market’. Advisers are answerable to the FSA (Financial Services Authority) and as such, must they adhere to very strict rules. Advisers must always spell out in writing the reasons why they recommended a particular product or course of action.

Financial planning involves thinking about, and planning for, a broad range of current and future financial circumstances and needs. For those reasons alone, preparing a sound financial plan can be difficult and calling on expert knowledge can do much to ensure that the plan is successful.

Doing It Yourself or Involving an Expert

Going it alone…
Finding the most appropriate financial products involves considerable research, an understanding of the implications of charges, assessing the risks and identifying any potential taxation issues. Even with a relatively thorough and up to date knowledge of the market you may not identify all the available options and ultimately buy a financial product or take a course of action that doesn’t meet your needs or is entirely inappropriate.

Working with an expert…
A specialist financial adviser has an up to date and broad understanding of all the most important aspects of the financial services market that are relevant to your position as a doctor. Through study, and a commitment to their continual professional development over the long term, an adviser acquires the skills to identify your financial priorities and put together a plan to help you achieve them. That knowledge and experience backed up by the very latest research enables an adviser to identify and shortlist the most appropriate options for your specific needs. Once a plan has been established it should be reviewed regularly to ensure it is working as intended. As and when circumstances or priorities change, the plan should be adjusted to reflect those changes.