The idea that financial advice is only for hugely wealthy people making sophisticated investment decisions is a common misconception. In practice it can be beneficial throughout life.
Would you buy a house without consulting a professional solicitor? Or treat a nasty illness without talking to a doctor?
When it comes to the serious issues in life, most people depend on experts to help them make the right decisions-and planning the financial future of you and your family should be no different.
Yet a remarkable number of Britons fail to seek specialist counsel. Research published in 2018 by the Financial Conduct Authority (FCA), the UK’s chief financial watchdog, found fewer than one in ten had taken regulated advice in the previous 12 months. More than 46 million adults hadn’t seen a professional adviser, the FCA said, including more than 18 million with £10,000 or more in savings and investments.
The following is just a brief list of the areas we are always advising in:
Buying a home
A mortgage adviser can help you work out how much you can afford to spend on a property, what level of repayments will be affordable and which lenders offer the best deals for you.
Starting a family
An adviser can help you adjust to changing circumstances, including putting money by for your children’s future and taking out protection, such as health and life insurance.
When you want to begin saving for the future, an adviser can help with working out how to balance your attitude to risk against your financial objectives for the short, medium and longer term.
Starting a business
An adviser can help put your new venture on a solid financial footing, while also ensuring your family finances are in good shape when you may be struggling to get the business off the ground.
If your life changes significantly, so will your financial position. An adviser can help you reorganise your finances to meet ongoing commitments, as well as your new circumstances.
When a loved one dies, there are likely to be considerable financial implications; an adviser can help you to resolve these issues, as well as to plan ahead for unexpected life events.
Increasingly, we are expected to put by more money for old age. An adviser can help you build up enough tax-efficient savings and investments for later life, and suggest efficient ways to access them.
Leaving a legacy
Most of us want to be able to pass on our wealth to our families once we’ve gone; an adviser can help you plan to do that, including by reducing your heirs exposure to any tax liability.