MMP160 - When to seek financial advice

The Meaningful Money Personal Finance Podcast

Pete Matthew

Education, Business, Investing

4.9 • 1.7K Ratings

🗓️ 25 May 2016

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This whole website is dedicated to giving you enough information that never need to take financial advice. But there are points during all our lives, when the money spent on getting good quality advice will be worth many times the cost of advice. What are those triggers that let you know when to seek financial advice, and how do you recognise them?

Session 160 - When to seek financial advice

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Sponsor Message

This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

When to seek financial advice

Increasingly these days I’m getting emails from listeners suggesting subjects for podcast sessions. That’s excellent, because it saves me from coming up with them! Tony from Reading is one such listener who wrote:

Is there a rule of thumb we can use to teach us when to use a professional and when to make our own decisions ?

e.g. If I am switching a stocks & shares ISA from one provider to another - what to look out for that indicates the need for professional advice ? Or can I just go for it ?

e.g Pensions. Is it OK to simply switch pensions provider to get a more flexible product, a better deal or better service ? What are the watch outs - and when should we call an IFA ?

That’s an excellent question, and a good one to get my teeth into!

In this session, you'll discover:

The three steps that everyone needs to take to succeed with money
Why you don't need to seek advice
When you should consider it
When you really, really do need to seek professional advice
Which professionals to see, and when - it's not all about IFAs you now!

Thanks to Tony for the idea for this session; I hope it clarifies things for him, and for all of you!

Resources mentioned in this show:

Course: Learn How To Invest

Podcast: Session 75 - Direct Investment Platforms with Mark Polson

Website: Morningstar

Website: MoneySupermarket.com

Podcast: Session 22 - All About Trusts

And of course, there's always the transcript for this show, which you can get by hitting the big blue button below:

Join the conversation

I love to read and respond to your comments, so please do join in and share. Question: Can you think of any other times when you should or shouldn't seek advice? Let me know in the comments...

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Transcript

Click on a timestamp to play from that location

0:00.0	Hi folks and welcome to the Meaningful Money podcast session number 160. I'd like to have your advice on how to
0:05.6	live comfortably without hard work. This is the podcast dedicated to helping you put your finances in
0:18.2	order. My name is Pete Matthew and I'm going to share with you
0:20.8	everything you need to know and everything you need to do to secure your financial future.
0:25.8	I'm here to help you make sense of money.
0:36.9	Wouldn't we all like to live comfortably without hard work that would be lovely wouldn't it
0:40.9	great to have you with me once again session number 160 now the whole website here at
0:45.4	meaningful money is dedicated to giving you enough information that most of you will never need to take
0:51.3	financial advice might sound a little bit disingenuous, given that I am a financial advisor, financial planner.
0:57.3	But having said that, there are points during all our lives when the money spent on getting
1:03.1	good quality advice should be more than covered many times by the benefits of taking that advice. So there's points where
1:13.3	that's the case on pretty much all of our lives. What are those trigger points? How do you
1:17.5	recognize when it's time to seek advice? That's what we're going to be covering today. And after
1:21.9	we've done that, I've got a belter of a review to read out to you. Obviously, I'll be announcing
1:26.5	what we're going to be talking out next week.
1:27.8	But a couple of things first.
1:29.2	Remember, this podcast is brought to you with a very kind help of seven investment management,
1:32.8	who are a firm of investment managers based in London.
1:35.4	They specialize in multi-asset investing, which brings institutional investing techniques
1:39.7	to ordinary people, just like you and me.
1:41.7	They continue to put their name to the show and to the site,
1:44.8	because they believe in what I'm doing, they believe, rather, in what I'm doing, trying to get
	...

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