Contrary to commonly held belief, financial advice is not just for the wealthy. Anyone can benefit from financial planning. Whether it helps you plan for a more comfortable retirement, protect and build your assets for future use, or assists you in making the most of your savings and investments, financial advice from an independent professional could help secure the long term future of you and your family. Here we look at some of the top reasons why you need a financial adviser.
1. A financial adviser can help protect your family
Making arrangements to provide for your family should you no longer be around to do so is the right thing to do. But which life insurance product best suits your needs? There are so many on the market, some with what would appear to be tempting sign-up offers. But is that free gift card or promise of your first year’s premiums returned really worth it?
An independent financial adviser will have access to insurance products from the whole of the market and, having taken time to understand your individual situation, will be able to recommend the most appropriate policy for your needs.
2. Professional financial planning can help you get the most out of your investments
Whether you have existing investments, or are seeking to invest surplus income or a recently acquired lump sum, a financial planner can help make sure you get the most out them.
Professional investment management can help you enhance your financial position, perhaps allowing you to fund your children’s education, purchase a holiday home, or take early retirement. Whatever your goals may be, a financial adviser will help assess what is realistically possible, and set out a tailored roadmap to get you there.
3. A financial adviser can help you better manage your saving and spending
Looking ahead to the future, you may have certain goals in mind. A financial adviser will be able to help you take steps to build assets so that not only do you have a rainy day fund for emergencies, but also enough surplus funds to spend on luxuries.
Helping you plan your spending and optimise your savings is all part of the financial planning process. Often there are simple steps that can make a significant difference in the long term.
4. Independent financial advisers can help you plan for a comfortable retirement
Retirement planning is one of the most in-demand services provided by a financial adviser, and it is best to start the process as early on as possible, particularly if you have set goals or dreams in mind for when you finish working.
There is a lot more to retirement planning than just pension advice. Analysing ways to optimise savings and investments, to better manage spending and to optimise income are all important parts of the process of achieving retirement goals, all of which an independent financial adviser can provide professional assistance with.
5. A financial adviser can keep you on track to meet your financial goals
Many people wonder, why do you need a financial adviser when you have all your finances in order and investments in place. The answer to this question is, because a financial adviser can help keep you on track to meet your financial goals.
Things change. Your circumstances may alter. The economy may experience ups and downs. Interest rates can fall or rise. All of this can have a bearing on how your financial roadmap will perform. A financial adviser will keep continuous watch over your investments and any other savings plans you have in place, assessing their performance and taking a proactive approach to analysing whether there may be more beneficial and efficient methods you can use to get to where you want to be financially.
6. Financial advisers can help minimise tax liabilities
Whether it’s using estate planning tactics such as trusts and lifetime gifts to reduce the Inheritance Tax liability on your estate when you die, or employing expert means to mitigate Capital Gains Tax on the sale of assets, financial advisers who specialise in tax planning will be able to help ensure you never pay more tax than is necessary.
7. An independent financial adviser can provide peace of mind
Why do you need a financial adviser? Because all in all, they provide peace of mind. Finances are a complicated thing, and there is a great deal to consider when protecting your wealth and making your money work for you.
Forging a long term relationship with a trusted financial adviser will help steer you in the right direction, and keep you on track so that you achieve your goals. Whether you need general advice, or more specialist guidance, you should find that in the long term, the investment you make in expert advice will give you a highly beneficial return.
Looking for a trusted financial adviser? Look to Partridge Muir & Warren.
Since 1969, Partridge Muir & Warren has been providing independent financial advice to the people of Surrey. As chartered financial planners, and with our own in-house team of financial advisers, tax specialists, solicitors and investment managers, we are able to provide an all-round advisory service.
Surrey families have retained us as their trusted financial advisers throughout numerous generations. If you would like to learn more about how our service could benefit you and your family, you are welcome to get in touch.