is it worth using a financial advisor?

[sixfoot]

household income circa £120k. Specifically looking to make sure pensions are ok, saving for university (two DC), need to set up a ltd co for DH sideline work which we plan to use for additional SIPP contributions and private dental care, possibly private healthcare if current status of NHS does not improve.

I'm unsure how much added value an IFA can bring rather than us doing it DIY? which admittedly would be us shooting in the dark, we know some from Martin Lewis etc but by no means experts on markets, funds, diversifying investment strategies! do they always make you more money than they cost?!

thanks for any thoughts!

Retired IFA here. A good one will, in the long run, make you more than the advice cost. The trick is finding a good one. Ask around and see if you can get any personal recomendations. Remember that those who charge a fee are independent and are not tied to one particular insurer/investment house or other provider. A general financial overhaul in your circumstances strikes me as an excellent idea. Do NOT go with any firm that cold calls you out-of-the-blue. That is a sure fire sign of a dodgy outfit.

Further thought. If you have a solicitor, they may be able to recommend a good IFA in your area.

Brilliant. Thank you! I’ve asked around but no one I know locally seems to be using one!

I’d say yes but trust your judgement, I saw one earlier in the year and just got a bad vibe off him, when I asked him for fee schedules etc he glazed over and then when asked specifics I unearthed a shit show, he was planning on taking 20% of my monthly contributions to the sipp he was setting up… long story short, ran a mile, sadly he was recommended by my accountant who will be suffering a similar fate and getting the heave ho as it has left a very bitter taste in my mouth

Oh my goodness that’s terrifying! We’ve been told 1%, Martin Lewis said to expect between 0.5-5%

If you don’t have recommendations, look for an independent IFA on unbiased.com
And don’t feel obliged to work with the first one you meet, ask about fees etc. A good cash-flow model to ensure you’re saving enough for retirement and are invested in the right places can be worth the initial outlay.

I've just talked to an IFA (came recommended by a friend I trust dealing with similar issues - basically how to fund care for declining parent). She emailed me back, established a time to call, and then talked to me for about 15 minutes about what I'm looking for. No fee - fee only applies when actual products are purchased. It was helpful

Actually looked at phone log - call was 27 minutes