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Value of financial advice

How advice can help your business

When it comes to financial advice, it pays to get it right. For most businesses, the best way to sort your finances is by using a financial Adviser. Even better, an Adviser can help you in your long-term business journey, not just today.

Whether you’re unsure of how to best protect your business, how to reward your employees or something else entirely, using an Adviser has some great benefits. They can help you reach your business financial goals and help protect its financial future.

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Why using an Adviser is valuable

There’s no substitute for getting advice that’s tailored exactly to your own business needs and goals. You could consider using an Adviser if:

  • you’re time poor and can’t devote time to looking after your business’ finances
  • you need advice on insurance or employee benefit schemes
  • you’d like to help protect your business against the serious illness, injury or death of you or a key person.
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How an Adviser can help

An Adviser can help and add value in many ways, including:

  • helping to financially protect your business’ future
  • recommending the right products for your business needs
  • helping you identify your business priorities
  • balancing your risks
  • talking you through your different options.

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Getting financial advice and making a plan can help you achieve your business’ future financial goals. The process looks like this:

Step 1: issue disclosure statement

Your Adviser should provide you with a copy of their disclosure statement. It outlines information which can include:

  • what products and services they can provide
  • who they work for.

Step 2: understand your needs

See ‘What an Adviser needs to know’ for the sort of information your Adviser needs to know and will ask you at your first meeting. This stage also involves setting the scope of advice they can provide and any costs involved.

Step 3: prepare written recommendations

Your Adviser will now prepare their recommendations to help your business meet its financial goals. These will come in a document called a Statement of Advice (SOA). Your Adviser’s recommendations will be developed through an analysis of different options and products, based on your goals at this stage.

Step 4: present advice and agree

Your Adviser will present your SOA and explain how it matches your needs. Your Adviser should also explain any risks and costs associated with the SOA.

When you’ve reviewed the SOA, it’s a good opportunity to ask your Adviser any additional questions to check that:

  • the advice has been tailored to your business, using the information you provided
  • you understand the advantages and disadvantages. 

If your Adviser has recommended any products, they also need to provide you with documentation to help you understand how they work.

After this you’ll agree your strategy. This may be the same as the SOA, or a modified version. It’s completely up to you to decide how or if to use the SOA.

Step 5: implement

Once you’ve agreed your strategy, your Adviser will help you put your plan in place. This may include helping to complete any application forms and documents.

Step 6: review

Your Adviser will review your plan with you over time, to make sure it continues to meet your business situation and goals.

When you meet your Adviser for the first time, they’ll have some questions about you and your business. This helps them to understand your business’ current financial situation and future goals, so they can provide you with tailored advice.

They may ask about:

  • you - your age, your health and your children
  • your business - how long it’s been running, how it’s performing and the running costs
  • your retirement savings scheme and insurance details
  • your income and expenses - including any future income, inheritance and future expenses
  • your investments - current and planned investments, assets and liabilities
  • your tax situation - tax paid and owed.

Once your Adviser has got this information, they’ll come back to you with their advice. It’s then up to you to decide how to use their recommendations.

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Important information

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The content on this website is for information only. The information is of a general nature and does not constitute financial advice or other professional advice. Before taking any action, you should always seek financial advice or other professional advice relevant to your personal circumstances. While care has been taken to supply information on this website that is accurate, no entity or person gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission.

A disclosure statement is available from your Adviser, on request and free of charge.