Financial Planning FAQs

If you wish to invest your money to potentially obtain higher returns that can help you keep pace with inflation, or if you need a hand with retirement planning and/or estate planning, a financial adviser could help you make an informed decision.

If you have little knowledge of financial products and limited experience when it comes to making a decision about investing your money or planning for retirement, a financial adviser could put your mind at ease while offering valuable advice.

Historically, many accounting firms gave clients advice on investment matters. However, increased regulation has meant that very few accountancy firms now give financial advice themselves.

It is a myth that you need “lots” of money to seek financial advice. Some firms will have a minimum required to work with you but anyone can engage with us at Bigmore Associates. We can offer simple savings advice right up to the more complex asset management advice.

Investing successfully on a consistent basis needs time. Employing a longer-term time horizon takes timing of investment markets largely out of the question. If it is the right time for you personally to invest, then don't worry about the current market price level or short-term expectations.

There is an abundance of financial products available and during your lifetime you are likely to need various products for a variety of reasons. A financial adviser is an experienced professional that will have a large amount of industry knowledge on the financial products available. Many people believe that only the very wealthy require a financial advice, but in reality, anyone can benefit from one. A financial adviser can help build and protect your assets and ensure that you are making the most from your investments and can identify your individual options and advise you which is the best tailored solution in organising your finances and planning for the future of your family.

Budgeting is the cornerstone of all financial planning. If you don't know what you can afford or what you might need, any plans you make could leave you far short of where you want to be in future. Budgeting is a valuable action and should be regularly revisited.

You will be asked to gather as much financial information as you can in advance of the meeting. This is a good time for you to outline the issues that you would like to discuss. We aim to get under the skin of your finances and help you identify your personal and financial goals, needs and objectives. We ask that you provide any relevant documents or statements. A breakdown of your income and expenditure.

The initial meeting is free of charge. We will look at your current financial position, including your existing investments, assets and liabilities and income and expenditure needs. We will also discuss your personal appetite and tolerance for risk and your capacity for loss.

Using the information we have gathered at our meeting, we will forward a proposal to you, giving an outline of what we can do for you and our costs and charges. If you agree with the proposed strategy, we will send you a tailored document setting out the services we will provide to you and the costs of our advice and ask for your agreement to proceed.

Face to face meetings, phone calls, and written communications are at the heart of your relationship with your adviser at Bigmore Associates however developing a financial plan and implementing strategies to help you achieve your goals also involves hours of preparation, strategic thinking and research.

Your investments can be withdrawn from the provider with 10-15 working days notice, however products such as pensions may have restrictions on when you can access your funds and there may also be taxation on some withdrawals. We don’t charge for full withdrawals, however should you need an ad-hoc withdrawal from your investments, there may be an administration charge for us to give you advice on the withdrawal, this will depend on your service level and the type of plan.

The return that you can expect depends on when you invest and the level of risk you're prepared to take. The conventional wisdom is that the greater risk you take the greater the potential return. Please note however, that investment returns cannot be guaranteed and past performance should not be seen as reliable guide to future returns.

Although returns on investments such as stocks and shares and bonds tend to be higher than cash deposits over the longer term, this cannot be guaranteed and the return that you get depends on when you invest and what level of risk you take.

Although not a guarantee, for what we would consider to be a medium risk investor we would look to target a long-term return of 2% above the long-term rate of inflation after charges.

Financial advice is a relationship and as such both parties won't always agree. Ultimately you have the right to do whatever you chose with your own finances and advisers won't stop this. Just make sure you explain all your reasons and listen to your advisers views before acting to avoid unwanted or unforeseen consequences.

All policies or products a financial adviser recommends has a cooling off period in case you change your mind. Ongoing financial adviser services can also be stopped with no notice period so you will not be tied into ongoing services you no longer require.

Independent Financial Advisers are regulated by the Financial Conduct Authority. As a result you have protection through the financial ombudsman service and the financial services compensation scheme.