While it’s hard to quantify the true size of the UK’s pension industry, it’s estimated that the total membership of occupational schemes alone totalled 39.2 million back in 2016.
This offers an insight into the sheer cope and size of the market, while it also partially explains why people are so keen to seek out expert advice when investing in long-term pension plans.
In this post below, we’ll ask why you should use pension consultants and appraise the core benefits of this practice.
Pension Consultants Boast a Diverse Wealth of Industry Knowledge
If you’re going to build a profitable and sustainable pension plan, diversity is key. This is true for any investment proposition, particularly those with a longer-term outlook that will take in a number of changeable economic conditions.
This requires a comprehensive and diverse base of knowledge across numerous financial markets and assets, and there’s no doubt that this would be difficult for laymen to build over a short period of time.
So, by liaising with an experienced pension consultant such as Hymans, you can access an existing economic knowledge base that enables you to make informed (and ultimately profitable) decisions.
Pension Consultants Can Tailor your Plan to Suit your Circumstances and the Economic Climate
Agility is key to a diverse pension plan, as it’s crucial that you’re able to adapt and change your investment assets according to changing economic climate.
Similarly, you’ll need to create a flexible plan that suits your own circumstances, which may also change according to your earnings, career path and additional expenses.
Make no mistake; pension consultants can play a key role in helping you to achieve these objectives, by offering you access to a huge range of domestic and international assets and tailored schemes.
This type of approach can make the difference between good and great pension schemes, while delivering a return that can justify the expense required to secure the services of consultants.
Pension Consultants can Offer Certified and Safeguarded Advice
If you partner with a reputable and licensed pension consultant, you can access certified advice that helps to safeguard your capital while optimising potential returns.
This is because all financial and pension consultants must have attained Level 4 qualifications as a minimum before they can be certified to interact professionally with clients. Whether this is a Diploma in Financial Planning or an equivalent qualification, the key is that consultants have achieved a predetermined level of education and are compliant with national regulations.
Similarly, certified pension consultants are required to demonstrate relevant and constantly updated knowledge and industry expertise, by applying for an annual Statement of Professional Standing.