Are online sites replacing financial advisers?
Many people seem to be under the misapprehension that the online financial industry in the UK and around the world is replacing the need for financial advisers and financial advice. While the depth of information available to everyday customers has mushroomed over the last few years there is concern that some of the UK population in particular are using this as a way to cut costs and cut out vital financial advice.
In reality the explosion of the online financial market should be considered in unison with a trusted financial adviser for all of your financial needs. The more you know yourself about financial instruments, financial markets and the world of finance the better you will be able to get across your needs to your financial advisor and hopefully see the correct outcome. Those who attempt to cut out financial advice will also cut out substantial insurance protection against incorrect advice or misappropriation of funds.
In general, many people consider such compensation schemes to be "for somebody else" when in reality those who try to do too much on their own can in many ways be setting themselves up for a fall. If you needed the electrics fixed in your house you would call an electrician, so who would you call if you need financial advice?
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