Managing your money and finances can often seem complicated and overwhelming. This is where financial advice comes in. It can help to ease the burden, as well as help you make the most of your money - in turn helping you live the life you want.

How can financial advice help me?

From your children’s education, to your retirement and passing on money to your loved ones, financial advice can leave you better prepared, and better off. And with financial affairs tending to get more complicated as we get older, making the right decisions at the right time can make all the difference between a basic lifestyle and a more comfortable one.

Retirement is a prime example of where financial advice can help. It isn’t as easy as it once was. Along with the whirlwind of emotions that can come with clocking off from a full-time career, there are now lots more decisions you’ll need to make about your retirement income. And while choice, in theory, is great, it can lead to a lot of questions.

The difference between getting an answer to those questions and getting the right answer for you is huge – and that difference is what can make professional advice invaluable. In fact, according to a report by the International Longevity Centre, the average person who gets financial advice is £47,000* better off in retirement than someone who doesn’t.*

Whatever you need help with – retirement planning, investments or wealth management – financial advice can help you understand your options, put a plan in place and make sure that plan is managed. In a nutshell, it can help give you peace of mind and confidence about your finances and your future.

Don’t just take our word for it

At abrdn, we recently carried out research** with people who are already getting advice. One of the most revealing findings is that 35% of those people contact their adviser more frequently now than they did before the pandemic. This illustrates the value of advice, and how it can provide invaluable reassurance and guidance.

And let’s dispel the myth that financial advice is only for the wealthy

These days that simply isn’t true. Affordable, flexible and accessible advice options are now readily available to help more people reach their long-term financial goals.

So I want to get financial advice: what are my options?

There are two main routes you can go down – digital advice or face-to-face advice.

• Digital advice - generally lower cost than face-to-face advice, digital advice ranges from entirely online advice services to more hybrid options, which combine online and in-person services. It uses technology to do a lot of the work that traditional financial advisers will do, such as fact-finding and developing plans.

• Face-to-face advice - probably what most people think of when they think of financial advice, and generally the more expensive option. Face-to-face financial advice is very much a personalised, one-to-one service. You’ll have regular meetings with a financial adviser, where they’ll get to know you and do extensive fact-finds into your finances and financial goals. They'll then develop a tailored plan for you to help you meet those goals, and manage it for you, often over many years, to help you meet your goals.

One thing to highlight is that the pandemic has signalled a shift away from face-to-face meetings between advisers and their clients to more online meetings. And our research shows that this trend is likely to continue, and is in fact welcomed by many clients.

What’s the best option for me?

There’s no one-size-fits-all when it comes to getting financial advice. What will work best for you will depend on things like your age, how much money you have and the complexity of your finances.

Digital advice might be the route to consider if:

1. you don’t have complex finances

2. you only want advice on certain things, such as retirement planning or investments, rather than a full financial planning service

3. you’re happy with a less personalised service

4. you want a lower-cost option than face-to-face advice

On the other hand, face-to-face advice may be more appropriate if:

1. you have significant and complex finances which you don’t have the time or knowledge to manage

2. you want advice on things like wealth management and tax planning

3. you want a personalised service, and an ongoing relationship with a specific financial adviser

4. you’re prepared to pay higher charges for a more tailored and individual service

Help, I’m still not sure what to do or where to go for advice!

Boring Money is a great source of information about financial advice and your options. This includes a directory of traditional financial advisers, plus reviews and ratings for a range of digital advice providers.

At abrdn , we offer both digital and face-to-face advice, covering all aspects of financial planning, including retirement planning, investments and wealth management. That means you can get quality financial planning support and advice from us whatever your needs – online, by phone and face-to-face.

Visit our website for more information. Or book a free call with one of our experts to find out how our financial advice services could help you.

*Source: Peace of mind: Understanding the non-financial value of financial advice report, International Longevity Centre UK, November 2020

**abrdn research of 1,001 UK adults carried out in September 2021.

A financial plan may involve investments. Please bear in mind that the value of all investments can go down as well as up, and you could get back less than you paid in.

The information in this article should not be regarded as financial advice. Information is based on our understanding in December 2021.