Retirement Planning: Do it Yourself or Pay for a Financial Adviser?

Due to the pension freedom reforms introduced in 2015, more people in the UK can choose when and how they use their pension pot after the age of 55. Now, responsibility for retirement planning has been pushed away from former employers and onto employees themselves.

This means that there is a lot to consider when working out which retirement options will suit you best. An independent financial adviser can help, but can you do it yourself?

Knowledge

A report by Financial Conduct Authority reports that a significant number of pensioners are not making fully informed decisions about what they do with their retirement pots.

Financial advisers can provide you with specialist pension advice as their role involves researching the marketplace and having a full understanding of the appropriate products and services available. In fact, financial advisers in the UK are required to hold an industry-recognised qualification to show that they have the knowledge to offer advice.

Investments

The City watchdog found that those who do not use financial advice struggle to choose between retirement income options and may end up in investments that are not right for them.

Relying on a financial adviser can help you with the process of selecting the suitable investment products in order to try and grow your retirement pot, draw income in a sustainable way and protect your portfolio as much as possible against the vagaries of financial markets.

Costs

One of the main reasons why you may be considering not using a financial adviser is the cost involved. Many people believe that personal financial management with the help of an independent financial adviser is too expensive to pursue.

However, a good financial adviser will justify their fee by assisting, guiding and helping you into choosing the right retirement options.

With the help of an independent financial adviser, you can have peace of mind knowing that you are covered by expert advice when it comes to retirement. Learn how a financial can help you make the most of your pension here.

If you are interested in finding out what KLO Financial Services can do for you, the first consultation is always free and comes with no obligation. Contact us by calling 01926 492406 or email us at enquiries@klofinancialservices.com.