Having financial security is a great feeling. Most people, even those on modest incomes can benefit from talking to a financial adviser. There are so many misconceptions around what a financial adviser does and who should use one.
These are the reasons you should consider talking to a professional about your finances.
You’re just starting out
At the beginning of your career, when you first start earning money. You might feel you are a million miles away from needing financial advice. But this is the perfect time to start. A financial adviser can help you plan for the future. If you eventually want to invest in property, retire at 50, or start a family, they can help you choose the best financial products and pensions, provide mortgage information or get out of debt to put you on the right road to achieving your dreams.
Your money isn’t working for you
Not everyone is in the position to be able to save money, but if you are, then you want to ensure that you are getting the absolute best return from it. If your savings are sitting in a low-interest savings account, then a financial adviser can help you by suggesting other saving accounts of investing options. They will work with you to assess your appetite for risk and financial plans.
You need to spread your financial risk
As the saying goes ‘never put all your eggs in one basket’. As the last five years have proved, you can’t predict what will happen with the economy. That’s why you need to spread the risk of your investments. A good adviser will give you a range of options that maximize the potential for returns and minimizes the risk of loss.
You want to plan for your retirement
Retirement can last for 30 years or more, so you want to be sure that you are able to live comfortably when you retire. Talking to a financial adviser at various points throughout your life can help you to build up your retirement savings and find ways to access your pension in the most tax-efficient way when you need to.
You want to leave your money to your family
No one likes to think about what happens when they die, but you do have to plan for it. Depending on your family situation, you may wish to leave money and property to your partner and children, or gift it to other family members and friends. Talking about your wishes with an adviser can highlight any tax and legal implications that might arise when you die. They will be able to assist you in finding the most tax-efficient way to leave your money to your loved ones.
It’s a common misconception that financial advisers are only for those with a lot of money. In fact, they can help most people make the most of whatever money they have. Be sure to find a reputable adviser who is accredited by the Financial Industry Regulatory Authority.