Who do you turn to for financial advice?

turn to for financial advice

 

Who do you turn to for financial advice?

Do you have a book? A trusted friend?  A savvy family member? An independent financial advisor? Do you ask your bank? Or do you turn to Google?

Looking online for advice is something so many of us do. This is why thrifty and personal finance blogs like this one are so popular!

Which one of these options do you think is the most popular?

I bet you guessed right.

It is indeed the Internet.

Money is an uncomfortable/complex subject for a lot of people and the internet is just so easily accessible, isn’t it (and free!)

Research by UBS SmartWealth from March 2017 confirms the internet is indeed the most popular by some stretch.

The findings from the research showed that a quarter (25%) of investors treat the Internet as a number one source of investment advice. 18% turn first to their family and friends and only 16% considered an IFA as a source of choice.

I am so interested to hear what you would do?

Me? Oh yes, the internet would be my first port call – definitely. Why? Well, for me it is definitely about the cost and because I can read at my leisure and try to work it all out by myself. I can also explore lots of options at once and do not feel like anyone is trying to ‘sell me anything.’

According to the research, the main barriers to seeking professional advice are cost, lack of confidence in the services and lack of time. It is actually quite a common behaviour for people to seek out information and advice from friends and online first rather than from experts. Even my GP did this last time I went in with a child who had a mystery rash!

Potential pitfalls

The internet gives us speedy answers – we don’t have to wait for an appointment, do we? And we have quick access to lots of different resources so of course, it is an attractive and easy option.

However, with just a little imagination, it’s easy to see how that could go disastrously wrong if applied in all possible life scenarios. That is because not all advice is equal.

The internet might make investing easier, it might make it cheaper; but without caution, you could end up worse off in the long-term – so you really need to be able to trust your sources.

I have managed to convince myself I have all manner of horrible diseases because of searching on the internet and If I believed everything I read, then a little dabble with matched betting would make me instantly rich. Hmmm.

There is a need to be both cautious and sensible in all your internet-based advice seeking and to go with resources that are tried and trusted.

So, what can we do to make sure our hard-earned money is properly invested?

If you’re looking for an option that is easy to access and manage on-the-go, there is a really nifty online tool, that provides you with credible investment advice called UBS SmartWealth.

UBS SmartWealth is an online investment service, launched by the world’s biggest wealth manager, helping people to invest in order to achieve their life goals.

It is such an easy tool to use and completely jargon-free. You can sign up from the ease and comfort of your own home within just 15 minutes. As part of the process, you are simply asked a few questions and then recommended the right product for your personal circumstances, depending on the amount you wish to invest and your attitude to risk.

You can manage your investments from your smartphone or laptop, but it still provides fully regulated investment advice. It also visualises your hard-earned money and whether it’s enough to achieve the things you want to achieve in life.

Don’t forget

When it comes to investments it is of course absolutely essential to remember that the price and value of your investments and income derived from them can go down as well as up. You might not get back the amount you originally invested.

Tell me about you

I am so interested to hear where you go to for financial advice – do let me know in the comments below? I want to invest in a pension for myself at some point this year, so this is a subject really close to my heart. What about you? What are you keen to invest in?

Important Information – The price and value of your investments and income derived from them can go down as well as up. You might not get back the amount you originally invested.

 

 

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5 Comments

  1. March 6, 2018 / 10:01

    I think for me, as I was a Mortage advisor, and worked in finance for many years, and my husband as an accountant my first point of call is to chat to him about it. However because the financial world is ever changing, its then that I go online and do more research. Yes, I need to look at my pension provision urgently too!

    • Becky Goddard-Hill
      Author
      March 6, 2018 / 10:11

      So important to research – thanks for stopping by x

  2. March 6, 2018 / 10:09

    I’m not surprised it is the internet! One thing I worry about with financial products is that there seems so much information out there. It makes good sense to get specific advice and use a company like smart wealth who have experience.

    • Becky Goddard-Hill
      Author
      March 6, 2018 / 10:10

      Oh yes I totally agree it can be a minefield

  3. March 6, 2018 / 11:18

    Oh this is so helpful! I agree, finances are a MINEFIELD… I guess my husband and I just discuss things with each other or my accountant (but her really is JUST an accountant and unable to really help us with clever financial advice!). Thanks for the resources her today, will check them out.

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