Who is the best person to ask for financial advice?
Most of us are fortunate to have a variety of people we can turn to for key advice in our lives. An executive coach is ideally placed to discuss a challenge you’re facing at work. A successful friend might be someone you turn to when you’re unsure of your next career step. Fellow parents might be a fantastic source of support when you feel more Miss Hannigan than Mary Poppins. But who is the best person to ask for financial advice?
Financial advice – even when you’re not looking for it
We are constantly surrounded by financial advice – whether we realise it or not. From adverts on the Tube promoting fintech apps, to social media influencers sharing their latest investment hacks, to well-meaning colleagues discussing their pension funds over lunch, the sources of information are endless.
Many people actively seek out financial guidance on online forums, in newspaper columns, or by asking trusted friends and family, while so-called ‘finfluencers’ have helped encourage financial awareness among younger generations.
A poll of 2,000 adults commissioned by Skipton Building Society¹ found that 61% had been given financial advice by a friend in the pub. While a reassuring four in 10 (41%) of these refused to act on this advice, one in four (25%) invested in stocks and shares following a pub chat. One in five respondents admitted investing in cryptocurrencies on the advice of a friend (21%), while nearly the same proportion avoided a particular financial product (18%) or applied for a credit card (17%).
However, while some of these sources can offer helpful insights or emotional reassurance – and even encourage early financial engagement - it’s crucial to understand that not all financial advice is created equal.
The dangers of unregulated financial advice
Taking financial advice from someone who isn’t regulated – however well-meaning – can carry real risks. Your brother-in-law may be passionate about cryptocurrency, and your neighbour might swear by buy-to-let property. But unless they’re professionally qualified and regulated by the Financial Conduct Authority, there are no checks and balances in place to ensure the accuracy or suitability of their recommendations.
Unregulated advice can lead to poor investment decisions, unanticipated tax liabilities, and, in some cases, financial loss that can’t be reclaimed. In fact, the FCA warns that people acting on unauthorised financial advice are not protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS).
The consequences can be far-reaching – especially when it comes to key life milestones like retirement planning, inheritance tax decisions, or managing large pension pots.
The benefits of working with a regulated Financial Adviser
A regulated Financial Adviser brings expertise, structure, and accountability to your decision-making. They follow a strict code of ethics, are subject to rigorous compliance standards, and are legally required to act in your best interests.
Working with a qualified Adviser gives you a personalised financial plan that reflects your life goals, risk appetite, and evolving circumstances. You’ll receive tailored recommendations on everything from investment planning to retirement strategies, protection, tax, and estate planning.
You can also take comfort in the fact that advice from regulated Financial Advisers is covered by the FSCS and the Financial Ombudsman Service, providing an additional layer of reassurance.
The benefits of working with Amanda Redman Financial Planning
At Amanda Redman Financial Planning, we go a step further than simply providing advice. Our approach is collaborative, proactive, and bespoke. Whether you’re planning for retirement, considering intergenerational wealth management, or simply want to feel more confident about your financial future, we work in partnership with you every step of the way.
We support a wide range of clients, from new parents, to divorcees to high-net-worth individuals and business owners approaching retirement with complex pension pots and estate considerations. Each client benefits from a high-quality, strategic plan aligned to their individual needs – with ongoing reviews to ensure it stays relevant as life changes.
Amanda Redman is a Chartered Financial Planner – one of the highest levels of professional qualification in the UK – and an advocate for empowering women to take control of their financial futures. Our wider team – including James Turner and Louise Gerrish, and supported by our dedicated paraplanners and client servicing staff – ensures every client receives a comprehensive and responsive service.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
In short, if you want truly reliable financial advice, the best person to ask is always a regulated expert.
If you would like to work with an expert, regulated, collaborative financial planner, we are happy to offer an initial no-obligation consultation – call 01732 449 799 to book your appointment.
Based in Tonbridge and West Sussex, Amanda Redman Financial Planning supports clients across Kent, Sussex, Surrey and Greater London.
¹Skipton Building Society, November 2024 – Poll of 2,000 UK adults carried out by OnePoll
Although the content of the article was correct at the time of writing, the accuracy of the information should not be relied upon, as it may have been subject to subsequent tax, legislative or event changes.
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