Saga Financial Planning Service
Would you benefit from a financial MOT to make sure you are on track to achieve your goals? Or do you have specific needs, for example planning for retirement, saving for children or managing Inheritance Tax? This is exactly what our financial planners are here to help with. We have a team across the UK who can provide all the expert financial advice you need. We can meet you face to face or, if you’d prefer, we’ll give you a call.
Introducing the Saga Financial Planning Service
In this short video we explain what a financial planner could do for you and introduce you to the Saga Financial Planning Service. You'll find out how the financial planner can create a plan to meet your goals, how much they may charge and how you can book a free consultation with one of our experts today.
How we can help
A financial planner can help you make sure your retirement plans are on track. And when you reach retirement, a financial planner will help you understand your options and make the decisions that are right for you.
Are you hoping to build a nest egg for a child, help pay for their education or house deposit, or do you just want to pass your money on to the next generation? There are many different options when it comes to saving and investing for children.
Are you planning to pass on your money, possessions or home when you die? If so there could be tax to pay. Find out what Inheritance Tax is, who needs to pay it and how careful planning could mean you avoid paying more than you need to.
Emotions run high during divorce. It’s a tough and difficult time to go through, with a number of important financial decisions that need to be made. The role of a financial planner isn’t always apparent but they can help with challenges such as what to do with pensions.
People usually have a Will in place but don’t always consider events in life, such as illness, that could leave them unable to manage their money. In those situations, a Power of Attorney is a vital document that leaves a trusted friend or family member in charge of their affairs.
More and more of us will have an elderly relative who will require care of some sort either now or in the future or we will require care ourselves. In our factsheet we look at covering the cost of care and the role a financial planner can play in helping.
Financial planning often focuses on how best to pass on an inheritance but what if you’re the one receiving an inheritance? You might suddenly find yourself with an overwhelming choice of options on what to do with it. Our financial planners can help you weigh up the options.
Following the loss of someone close to you, there is often a large amount of paperwork to deal with, and a number of important financial decisions to make. In this factsheet we walk you through some of the financial decisions you may be faced with and also explain how Saga Investment Services is here to help.
Why choose us for your financial planning?
Quite simply, we're on your side. No other financial services company understands and is championing the over 50s in the way that we are. We'll introduce you to financial planners who are not only experts in their field; you'll find them easy to talk to, happy to help and experienced at achieving great outcomes for clients. And, as you’d expect, our financial planning service is exceptional value too.
Find a local office
How much does our financial planning cost?
Your initial consultation is free. After this we charge a fee that is agreed at the outset, and will usually be between 1% and 3% of the assets that you are looking to invest with us (the percentage depends on the complexity of the advice). In certain situations we may charge a fixed fee or hourly rate instead. We will confirm our fees in writing before we start working together.
Q&A on financial planning
Financial planning, which you also hear referred to as financial advice or wealth planning, is about establishing what your financial goals are and putting in place a plan to achieve them. It might focus on a specific goal, such as ensuring you have enough of an income in the early years of retirement or it can be much broader, taking into account every aspect of your financial life.
Anyone giving financial advice must be registered with the Financial Conduct Authority (FCA), which regulates financial services companies, and hold an FCA-recognised qualification.
This often causes confusion because if you look up the words advice and guidance in the dictionary, they mean almost the same thing. But in financial services, they mean very different things. According to the Financial Conduct Authority (FCA), which regulates financial services companies, ‘guidance’ is general information that doesn’t take into account your individual circumstances. Guidance is free and once you have received it, it is up to you to make a decision over what to do. Financial advice, on the other hand, is a paid-for service that is tailored to you. Following financial advice, you will receive a personalised recommendation.
If your financial life is simple, and you have enough knowledge, you may have no need to pay for financial advice. But people often find it beneficial, for example when they have a specific need, reach a certain point in their life such as retirement or have complex financial needs. And while it will cost you at the time, if you choose the right financial planner, it should more than pay for itself in the long run.
In the old days, financial planners would get paid by receiving commission on the products they sold you, for example pensions or insurance. Receiving commission was banned in 2012, which means that you will always now get charged a fee for financial advice. Fees vary from financial planner to financial planner. You may get charged a percentage fee, a fixed fee or an hourly rate.
We would also suggest that you look for a financial planner with transparent charges so you understand what the initial costs and ongoing charges are and if there will be any charges if you change your mind in the future.
There isn't really one. These are different names for similar roles. You often hear financial planning referred to as wealth management, wealth planning or financial advice. Investment advisers and investment managers, on the other hand, are different. They provide paid-for advice on your specific investments.
When looking for financial advice you will come across the words ‘restricted’ and ‘independent’. These are the words that the Financial Conduct Authority (FCA) uses to refer to the scope of advice given. An independent adviser can advise on all types of investment products from all firms whereas a restricted adviser focuses on certain products or certain providers, for example they could just focus on giving pension advice.
A financial planner is required to tell you in writing whether they provide ‘restricted’ or ‘independent’ advice.