Vouchedfor's 2021 Top Rated Financial Adviser Guide
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BROUGHT TO YOU BY DISTRIBUTED IN VouchedFor’s 2021 Top Rated Financial Adviser Guide Guiding you through life’s financial decisions 2 DISTRIBUTED IN BROUGHT TO YOU BY 3 Cover illustration by Ana Yael/Studio PI INFO UNDERSTANDING DIFFERENT The past year has presented ADVISER TYPES What sort of adviser do you need? challenges in all walks of life, Not all are the same, so it’s important Demand for to understand the different kinds and and personal finances are no ensure you get help from a suitable professional. Here’s our guide to exception. It’s unsurprising, some of the main adviser types. good advice is then, that expert advice is more sought after than ever – as leading review site VouchedFor has found on the money FINANCIAL ADVISERS These typically specialise in financial planning, as well as savings and investments, including pensions. Some also help with mortgages, protection and equity release. their advisers on the VouchedFor of clients put cover in place during By David Prosser website, which rose by a very difficult time,” she says. £150bn ‘People put 65 per cent during 2020. “People often put this sort of thing has been tucked away by as the Covid-19 “We have never been busier,” off but now they are keen to act.” households during the pandemic prompted off these says Ian Pickford, head of Setul Mehta, head of operations pandemic, according to you to think more financial advice at Mazars at financial and mortgage advice the Bank of England carefully about your decisions Financial Planning. “Any kind network The Openwork MORTGAGE ADVISERS H personal finances? of disturbance causes uncertainty, Partnership, has also been busy Sometimes known as mortgage If so, you are far from alone: but now and in times of uncertainty people fielding questions from clients brokers, these specialise in helping a recent study carried out by naturally look at their personal about protection. “Some are people with home loans – advising consultancy firm EY found they are circumstances. Covid-19 has eager to improve their insurance on which type of mortgage might that 55 per cent of Britons are made everyone realise they need cover,” he says. “But we’ve also suit them best, for example, or considering anew how to protect keen to act’ to plan their finances carefully talked to lots of people who are where to find the best deal. Some and improve their financial and think things through.” struggling financially and of these also help with equity wellbeing in light of the crisis. In some cases clients have wondering whether to cancel 55% release and protection. of Britons are rethinking For some people, the driver has had immediate issues that they policies because they need the how they want to been negative financial impacts wanted help with. Jane Hodges, money they’re currently spending protect their financial from Covid-19. They may have managing director of Money on premiums each month.” wellbeing lost their job or seen their income Honey Financial Planning, says In such cases, Setul’s firm has fall, for example. But that doesn’t many got in touch when the tried to help clients find other tell the whole story. Others have stock market lost a third of its ways to make savings so that they found their finances improving value in a few short weeks as are able to keep crucial protection over the past 12 months because, the pandemic hit the UK. policies going. “This is an example while their income has not “It was easy to panic so we of where it might make sense to EQUITY RELEASE ADVISERS been affected by the pandemic, wanted to stop people moving to consider taking a payment holiday their outgoings have fallen cash in after the crash had already on their mortgage,” he says. “All These typically specialise in equity release or later life mortgages. as travel costs and opportunities happened,” she recalls. “We lenders agreed to allow borrowers opportunity to invest, so we’ve The list of specific Covid-19 different type of lifestyle.” Very INFO to get advice, they are also for discretionary spending subsequently saw a new client who struggling financially during the talked to them about whether this issues prompting people to seek often, these changes are positive spending more time choosing have disappeared. had previously done exactly that, pandemic to suspend repayments is the best way to use their extra out financial advice is a long one, and exciting but putting them into LIFE COVER ENJOYS the right adviser. Visitors to its Whatever their circumstances, and lost 25 per cent of their pension for up to six months.” wealth,” Setul says. The Bank of but Ian Pickford of Mazars says practice on a permanent basis POST-COVID BOOST website during the first two as households try to get on top fund.” By contrast, savers and At the other end of the England has estimated that savers he is also seeing an increasing requires careful financial planning, lockdowns spent an average of EY’s recent study of their finances they are seeking investors who sat tight have seen spectrum, Setul reports lots are sitting on an extra £150 billion number of clients with more spanning everything from 54 per cent more time reviewing found 25 per cent of professional help. VouchedFor, the markets make a recovery. of enquiries from potential amassed during the crisis. Setul’s fundamental questions. “The mortgage and housing advice to respondents agreed adviser profiles than before the the service that helps people Protection products, such as homebuyers stemming from firm has also helped clients who pandemic has made some help with savings, investments that the pandemic had pandemic. They are certainly find, rate and review financial life and health insurance, the decision by the chancellor, were remortgaging or moving individuals ask themselves and pensions. Clients may find affected their attitude doing their due diligence. advisers and other professionals have been another important Rishi Sunak, to waive stamp duty house and had run into problems whether they want to change their their dreams within reach, Ian to protection insurance, That is good news, according in their area, reports that this area of focus, says Jane, with the on property purchases and keep with lenders because of Covid-19. lives in quite radical ways – where says, but they need professional to Ian: “There is no typical client; while 58 per cent of PROTECTION ADVISERS kind of support has never been pandemic having concentrated the housing market moving. Many mortgage providers are and how they live and work, for help to make them happen from them were feeling more everyone is different and they more valued. One indicator of minds on how important it is to “Some interest is from those anxious about lending to those who example,” he says. “Some have a financial perspective. positive towards want advice tailored to their own These focus on products such as demand has been the number of ensure loved ones are properly who have been able to save have taken part in the government’s had more time to reflect and The evidence from VouchedFor life-cover products. needs. In that sense, the pandemic life insurance, health insurance users leaving five-star reviews of safeguarded. “We have helped lots more and see property as an furlough scheme, for example. others have just got used to a is that people are not only keener has been a catalyst.” and income protection. CASE STUDY Fotis assisted the pair in investing and to help them figure out what they turned out differently was a big eb Rowles and Lyn Barrell say confident in the knowledge they had comfort at the time,” Lyn says. they don’t know how they enough money to stop working. their capital in a mix of ISAs and general truly want their life to look like, now investment accounts using a low-cost, and in the future. ‘Our Deb and Lyn are continuing to work coped before they had their “It was a huge step for us to come with their adviser to help with home own financial adviser. out of a comfortable place of earning multi-asset, globally diversified portfolio. “Deb and Lyn’s dream was to live in FINANCIAL COACHES SMART MOVES Lyn, who worked as a graphic Norfolk, to have a better balance in their adviser renovation projects as well as estate DThe couple have worked with Fotis well and having a certain lifestyle to planning. “Fotis is helping us work out These offer help with some aspects of Joannou from financial advice firm quitting work and living off pensions designer, says: “Thanks to Fotis’s lives and a better quality of life. They financial planning. They cannot advise knowledge, reassurance and support, didn’t think it was possible but, when helped the most tax-efficient place to take Sentient Wealth in Kent for a number and investments,” says Deb, who was money for the renovations, while in on investment or pension products. of years to ensure that their money a headteacher at the time. we were able to take a big leap and we we looked at the cost of this ‘lifestyle’, are now very happily retired. He’s been we were able to formulate a plan.” us take a the bigger picture we are looking at is always working hard. “We made some big changes, moving ways to mitigate inheritance tax and Advice was initially centred on from a house on the outskirts of London a marvellous support for us.” Life doesn’t always follow the route For Deb and Lyn, early retirement seemed Fotis stands by his mantra that the we might expect it to, though, as the big leap’ planning for long-term care should You can find a complete list of mortgages and investments but in to a smaller property in the Broadland we need it in the future.