There are numerous times throughout life that you will find yourself needing financial advice. From planning your retirement to provision for your loved ones on your premature death.
Some examples of when you may feel the need to seek advice are listed below;
– Need Help Making Certain Decisions
- Complex and time-consuming issues
If you are dealing with financial issues that can become complex and time consuming, the help of an independent financial adviser can be invaluable. They should have the expertise to help advise on the best course of action, taking your current and future plans into consideration. This is something that we do at Beacon Wealth Management Ltd and we offer a complimentary initial meeting to discuss your needs, so you can see what the benefits of using us are.
- You want to make sure that you are taking advantage of any tax reliefs or allowances available
If you want to take advantage of and/or find out what is available to you for tax reliefs and allowances, independent financial advisers are well equipped to help, and ensure your plans are put in place and reviewed maximising these benefits.
If you are thinking of investing in shares, unit trusts and other investments you may feel like you have the knowledge and confidence to buy these directly from a broker, provider or fund supermarket without getting advice, especially if you feel like you just want to top up what you already have.
However, these products may be more complex to understand and it’s not always easy to predict the outcome or how they work, whether you could impact any benefits or missing tax reliefs and allowances elsewhere.
If you do not seek advice then you are also likely to be limiting your options, and risk putting yourself in a situation where the product you choose is not suitable for you.
If deciding to invest without advice, ask yourself:
- Do you have the time to do the right research?
- What experience, knowledge or skills do you have when it comes to investing?
- If things go wrong, are you comfortable taking responsibility for any bad investing decisions?
- Do you have the time and resources to review your finances regularly, to make sure everything is still on track?
If the answer to any of these is ‘no’, then getting financial advice is likely your best option.
When trying to decide, also bear in mind the cost of fees against the financial and emotional cost of getting it wrong if you buy without advice.
If your employer offers a workplace pension, they might also offer you access to advice or provide guidance about joining their scheme. It’s a good idea to take up this offer, if available.
If you’re looking to invest in a personal pension, boost your existing pension or merge different pots from existing pensions, it’s best to get advice unless you really understand how these products work.
Pensions are long-term investments, so you need to be sure you understand:
- the types of funds you’re investing in
- the risks
- the suitability for your particular situation
You can use a price comparison website when looking at mortgages and many of the options available are located on there, you can also buy directly from providers themselves. However, there will be a wealth of options not available on the open market.
An independent mortgage adviser will be able to talk you through all the options available to you as well as other options of how to maximise your deposit to get the property you desire.
Independent mortgage advisers are There are often much better options available (even with the same provider) when renewing (also known as re-mortgaging).