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At what point do you need a financial adviser?

By February 10, 2017 October 22nd, 2020 No Comments
Consumer FinanceFinancial NewsWealth Management

At what point do you need a financial adviser?

By February 10, 2017 October 22nd, 2020 No Comments

You may have thought having a financial adviser was just for the very rich or for those about to retire and in need of specific advice. But it’s certainly not just for those near the end of their career, on a big salary and with masses of disposable income. In fact, if you’re still working and feel you’re just too busy living from day to day to think about the future, you could be the very sort of person who could benefit from some financial advice.

Financial planning is actually something we can all benefit from. Yes, financial advisers can help with cashflow management and balancing a budget. However, a good financial planner will also sit down with you and work out how you want to live now and in the future. They’ll help you draw up a realistic financial plan to help you get there. So whether you’ve been saving towards a world tour, for a house deposit or to spend it all on fine wine, they can help you manage your money so that you’re in a better position to achieve your life goals.

As well as advise you, they’ll give you the skills and techniques so that you can continue to make great financial decisions throughout your lifetime, not just on a one-off basis. It’s often about adopting the right mindset, so the earlier we get into this way of thinking, the easier it is.

People often think financial advisers just help with investment management and so if they don’t see themselves as someone wheeling and dealing in stock and shares, they think they’re not relevant for them. It’s true, advisers will recommend how you might invest your savings but stocks and shares are by no means the whole picture. They will be able to give you some guidance on building up a wealth strategy and what investment might suit your budget in line with your personal risk tolerance and the current economic climate.

They can also help with mortgages, protection, pensions, investments and company benefits packages. As they know the whole market place, they can get you the best deal.

Of course, it’s possible to adopt a DIY approach. But as with anything, it often pays to employ the experts. For example, you may have considered using a travel agent. Yes, you could trawl the internet and book your own holiday each year. However, you may decide their knowledge and expertise not only saves you time and money but also reveals some hidden gems you might never have known existed. So, too, a good financial adviser will go through all the options available to you and recommend a tailor-made solution.

For cash savings, if you’re considering products such as saving accounts, cash ISAs and fixed rate savings bonds, it is relatively easy to do it yourself by using comparison sites. These sorts of products are low risk and you can buy direct from the providers quite easily.

However, when you start thinking of investing in shares, unit trusts and other investments, it’s worth consulting a financial adviser as more risk is involved and the value of your investment could go down as well as up.

Ask yourself these questions:

    • Do you have the time to do the research?
    • Do you have much experience or knowledge when it comes to investing?
    • Can you afford to lose any money?
    • If things go wrong, are you comfortable taking responsibility for any bad investing decisions?

If the answer to any of these questions is ‘No’, or if something specific is causing you to question what financial plan you should be following, for example if you have come into a sum of money from an inheritance or redundancy package or you need to change the your retirement plans given a change in the health of you or a loved one, then now may be the time to consult a financial adviser.

It is never too soon to set a financial plan and get into the habit of benefiting from the services of a financial adviser. The fact that Creative Wealth Management hold the highly prestigious qualification of being Chartered Financial Planners, that we provide solutions from the whole market rather than just a limited number of insurers, and that we provide an award winning service make us ideally suited to provide you with this advice. If you are not taking full advantage of this at the moment, or you feel there are changes to your circumstances which require existing plans to be revisited, then please get back in contact with your normal Creative Financial Planner, or contact us on info@creativewm.co.uk and we will get in touch.

[Sources] https://thecusp.com.au/financial-planner-actually-need-one/4069
https://www.moneyadviceservice.org.uk/en/articles/do-you-need-a-financial-adviser#so-when-do-you-need-financial-advice