Firstly, congratulations on obtaining silk and successfully navigating the lengthy and stressful process. On the occasion of such a life event, it is always prudent to review your financial plans and make sure you are on track to meet your goals and objectives. With this in mind:

  1. Do you have the requisite knowledge and expertise to provide your own financial advice?
  2. Have you got sufficient time to manage your financial affairs, and a comprehensive understanding of products and markets?
  3. Are you comfortable taking full responsibility for yourself and your family’s financial future?

If you answered ‘no’ to any of the above, now may be the time to look into working alongside a financial adviser – there are many identifiable benefits that outweigh a ‘do it yourself’ approach.

The financial benefits

According to independent analysis by Numis Securities (September 2020) the value of advice amounts to an additional 2% per year. The research compared all clients’ SJP pension investments between 2010-20 with pension clients of a large firm where investors make their own investment decisions:

  • SJP average growth over that period was 7.7%pa; so, if you invested £100,000 at the start, it would be worth £210,000 by the end of that period.
  • Comparison company average growth over that period was 5.5%; so, £100,000 invested at the start would be worth £171,000 at the end.

This analysis didn’t include any tax benefits from advice – the main difference between the two was the ‘greater long-term discipline and lower emotion an adviser provides’. Guidance from a financial adviser mitigates against the results of behavioral investing, which can hinder reaching long-term objectives, and help you make considered, focused choices.

Choosing the right financial products, tax wrappers and investment strategy

You don’t know what you don’t know. The financial landscape is complex and ever-changing and products that might be suitable now, may not be in the future, and vice versa. How do you choose between a Personal Pension and a Self-Invested Personal Pension (SIPP)? How does your income protection provider view aged debt, during a claim period?

There are many intricacies to putting together a suitable financial recommendation that meets your goals, circumstances and risk appetite, and ensuring this remains appropriate in light of the changing financial world and your circumstances. As financial planners, our role is to work alongside our clients, taking responsibility for their interests and ensuring the best financial decisions are advised, whilst they navigate their own professional endeavors.

Equally, with more than 1,000 companies from over 100 countries currently listed on the London Stock Exchange alone, where do you begin when choosing where to invest? Working with a financial adviser, with a network of professional fund managers and access to extensive resources, provides you with the knowledge and expertise to ensure that you create a diversified portfolio with the greatest potential for returns, that is aligned to your attitude to risk; as well as security that those most experienced in stock picking are working on your behalf to make those difficult decisions.

The non-financial benefits

It’s not all about money – there are non-tangible benefits you just can’t put a price on. Research has shown working with a financial adviser provides security, reassurance and peace of mind that you’re taking the best financial actions for your circumstances; and that you have someone you can trust, who is available to help and support your family when you aren’t there (Peace of Mind: Understanding the non-financial benefits of financial advice, ILC, November 2020). It also provides confidence and a sense of control that you have a structured plan to meet your goals and objectives which is being regularly reviewed.

What’s your next move?

As you establish your new silk practice, don’t let that get in the way of securing and enhancing your financial future. Take this opportunity to review your position; let us take the burden off your desk and keep you on the right path when it comes to your financial planning. 

Westgate Wealth Management Ltd is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website The St. James’s Place Partnership and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. SJP Approved 06/02/2024

For more information or to book an initial review with us, please contact:

Email:; Tel: 01962 353153; Web:

The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

SJP Approved 06/02/2024