Making sweeping generalisations about financial services and the financial advice industry I would say that it has become far harder to do business with far more stringent and costly regulations over the past few years.
That has made many financial advisers I know raise their fees in order to maintain their position and stay in business so that they can benefit their clients. Others, notably banks, have simply bowed out and decided to no longer offer advice through their branches, again an indication of the extent to which the industry has changed recently.
That has led to questions of whether the UK public is left under-served by the financial advice industry. Some think people will have to go it alone and make their own decisions. My own belief is that personal advice cannot be replaced in any way, e.g. with online decision trees. People need, want and like to talk to experts that know what they’re doing so they can get quick and effective answers to their problems.
Done on an ongoing basis with consistency then answering those little queries, making those minor adjustments to strategy and making the right decision on what might seem like relatively small issues, over a lifetime add up to what I would consider nothing short of life changing.
To me, the job of a financial adviser is to make my clients wealthier and happier than they would be had they not decided to use my services. I genuinely enjoy helping people and working with people knowing full well that they will be better off with my advice.
So to the question of why use a financial adviser? I would say if you want to be wealthier and happier, and most people do, then speak to a financial adviser today. Why wait?