Are you thinking of investing in shares, unit trusts and other investments? Then you might have the knowledge and confidence to buy these directly from a broker, provider or fund supermarket without getting advice.
But these products are harder to understand than cash savings products, and it’s not always easy to work out exactly what to expect from them or how they work.
By not getting advice, you might not be considering all of the options available to you. And you could risk buying a product that’s not suitable for you.
So you really need to do your homework. Ask yourself these questions:
- Can you afford to lose any money?
- Do you have the time to do the research?
- Do you have much experience, knowledge or skills when it comes to investing?
- If things go wrong, are you comfortable taking responsibility for any bad investing decisions?
- Do you have the time and resources to review your finances regularly, to make sure everything is still on track?
If the answer to any of these is ‘no’, then getting financial advice might be your best option.
When trying to decide, also bear in mind the cost of fees against the financial and emotional cost of getting it wrong if you buy without advice.