When do I need a financial adviser?

Posted 26.05.2022

A financial adviser is not just for the wealthy. It’s about investing wisely with the money that you do have so that you can enjoy the lifestyle you want – both now and in the future. Life-changing events such as marriage, having children, buying a home or retirement, all require investment, and getting financial advice is invaluable.

We all need sound financial advice at some point in our lives. Here are some of the times you should seek professional financial advice:

When you’re planning for the future

It’s never too early to start planning for the future. Whether you’re thinking of starting a family or planning for retirement, the sooner that you start a financial plan to achieve your goals, the better.

Talking with a financial adviser will help you identify your short and long-term goals and help you put a plan in place to help you achieve them.

Saving for or buying a home

With the cost of living increasing, a UK housing boom, and low saving rates, it’s getting harder for aspiring young people to get their foot on the property ladder.

A financial adviser can help you look at your financial circumstances holistically and advise how much you need to put away each month to achieve a reasonable deposit for a home.  They can also advise on the best ways to save your money, such as in a Lifetime ISA, and if you have a good amount of savings put away already, they’ll advise on the best mortgage deals are available for first time buyers.

Starting or running a business

Setting up a business is a huge undertaking and often requires clear financial advice on how to structure it, and how you are going to pay yourself as a director or shareholder. In the initial phase, you may need to seek funding to help it grow or leverage your own financial resources to support your business.

A financial adviser can help you avoid some of the pitfalls that many new enterprises fall into and help to ensure that you are protecting both the business and your personal finances.

Changing jobs

Whether you’re thinking about changing jobs, or just want to financially prepare for a job transition, there are a few things to consider before you take that leap. Your financial adviser will help to plan your finances before you jump ship, build a sufficient emergency fund and review your financial plan to see how your new salary and pension might affect you both now and in the future.

Considering your long-term care

If you feel like you’re not managing your own care in the way you used to, or you are planning social care for a family member, you’ll need clear financial advice. The complexities of the current care system, a lack of clarity in how care is funded and a common misconception that the NHS will pay for all our needs means that most people are likely to have to fund some, or all, of their care themselves.

Taking an income in retirement

If you’re approaching retirement, you may be questioning whether your retirement income will be sufficient, or wondering if there’s a better way to maximise your investments.  But you don’t have to do this alone. A financial adviser can help you to calculate your assets and projected pension income – to enable you to achieve the lifestyle you want in retirement.

If you would like to discuss any aspect of your personal or business finances, please talk to our friendly team today >>

SJP Approved 15/02/2023

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