Because it is impossible for one person to have all the financial answers
1. If you have consulted a regulated financial adviser you may well have been required to pay a fee rather than your adviser taking a commission from the product?
Recent changes to the way in which financial advisers are regulated have included a ban on taking commissions from sales in most cases. This means that for the majority of financial services you might need, you will need to pay your adviser a fee.
2. You may even had some difficulties finding an adviser to help you?
Not only have these changes led to a significant reduction in the number of regulated financial advisers, those that are left have generally started focusing their practices on dealing with high net worth clients, typically charging high fees to reflect that focus on wealthy clients. Where does that leave Mr and Mrs Middle-England?
3. You are very likely to have had to consult more than one adviser if you had more than one financial need.
Above all else, with the complexity of financial services increasing all the time, financial advisers these days tend to specialise more than ever before.
These specialisms mean that in order to get the best advice possible in all of the areas you need guidance you can find yourself having to research who best to approach to make sure you receive the most appropriate advice. It is simply impossible for one person to have all the financial answers you need.