Mythbusting the advice market

10 Dec 2013

Mythbusting the advice market

Consumers could be missing out on the benefits of financial advice because of some common misconceptions., the professional advice website, with the help of its expert panel of professional advisers, has put together its top financial advice myths and reveals the truth behind them.

  1. Myth: You need to be wealthy to see a financial adviser - Dave Penny (Invest Southwest) “You may need to be wealthy to see a Wealth Manager, but most independent financial advisers will be happy to sit down with any client to assess their situation before making a decision regarding whether or not they are able to help.  In my experience where the full range of a client's situation and needs is assessed, there are usually areas where help can be offered and the client benefits. A good financial adviser will be able to make money and save money for a client and be paid appropriately in that process.”
  1. Myth: Advice will take up a lot of my time - Danny Cox (Hargreaves Lansdown) “Financial advice does not have to involve long, drawn out meetings spread over several weeks.  Many firms offer the telephone-based advisory services where the advice can be provided in a timely fashion, when it’s convenient for you.”
  1. Myth: All effective tax planning is ‘dodgy’ - Lisa Conway-Hughes (Westminster Wealth Management) “Maximising all your allowances each year can make a big difference to the tax that you pay.  Simply maximising your pension can take you into a lower tax bracket completely.  Getting specialist advice to help you carry forward unused allowances and understand pension input periods can really pay off.  You can then consider other investments such as Venture Capital Trusts (VCTs) and Enterprise Investment Schemes (EIS) to legitimately tax plan.  When done professionally, tax planning is fair, transparent and an essential part of good financial management.”
  1. Myth: All financial advisers are the same - Jason Witcombe (Evolve Financial Planning) “I think there is a general misunderstanding about how different one adviser will be from another.  There are different ways of giving financial advice and charging for it and therefore it is important for consumers to shop around so they can find someone who offers the sort of service they want and need.”
  1. Myth: You can’t obtain financial advice without being sold something - Simon Linstead (Nurture Financial Planning) “This couldn't be further from the truth.  Our core service centralises around providing clients with advice starting with a review of what they have, where they want to be and what they need to do to get there.  The only thing we 'sell' is our time and expertise.  After listening to what our clients really want, overwhelmingly it was just this: enough time to have all their questions answered in a language they understood.  Second to this, ultimately, most clients are more concerned with obtaining value for money than they are aboutspecific cost.”
  1. Myth: It’s hard to find the right adviser - Karen Barrett (Chief Executive of “Like any service or product, finding what’s right for you can take a bit of time, which is why we have createda very simple checklist to help people find an adviser that suits their own needs.  It’s a good idea to shop around and compare services before choosing an adviser.  You can conduct a search, free of charge at to find an adviser that’s perfect for you.”

Notes to editors:

For more information contact:

Anna Schirmer / Lisa Grando / Kate Aitchison Lansons Communications: 020 7294 3682

For expert commentary or case studies from over 200 media-friendly advisers, journalists should visit Bluebook - The media adviser directory

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About, the professional advice website

The website launched in 1998 and rapidly became the UK’s leading online destination for consumers and businesses looking to find an adviser.  Now attracting over one million visitors a year, is the default adviser directory for consumer websites recommending their audience to ‘find an adviser’.


Unbiased Ltd promotes the benefits of financial and legal advice to consumers and businesses and would like to thank the following companies for their support:

Alliance Trust

Opinium Research



AXA Wealth

Royal London 360°

Bright Grey

Santander Asset Management

Canada Life Ltd


Legal & General

Scottish Life


Standard Life Assurance Limited




Zurich Intermediary Group

Unbiased Ltd - Registered Office: 12-14 Berry St, London, EC1V 0AU.  Registered in England: No. 06775878.

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