5 times in your life when you should seek financial advice

While nearly everyone could benefit from working with a professional financial adviser, the cost is often prohibitive. There comes a time, however, when paying for financial advice sets the foundations for your future. But how do we know when it’s time to contact a financial adviser?


  1. When you are planning for retirement

When planning for your retirement, you will need to decide how to use your retirement savings and pension pot to provide you with an income for the rest of your life. This makes it crucial to ensure that you are not going to be eroding the capital value at such a rate that you end up burning through your savings. Cash flow modelling can be the first step in this process.


  1. When you have inherited money

When inheriting money, depending on your circumstances, you may be considering paying off debts or even investing some of it. This can also be an emotional time if you have lost someone close to you. Seeking financial advice can help you make rational decisions along with seeking expert advice on the best way to spend your inheritance so that its not wasted.


  1. When your family expands

Expanding your family can be one of the most special and significant times of your life. The arrival of a new family member can also bring a large financial commitment. Just like how you may be factoring in costs for essentials such as their nursery, clothes and toys, it is also key to plan for financial security. Purchasing life, critical illness and income protection insurance should be considered to help you prepare for the unexpected and ensure your family’s financial security. You may also find yourself setting new financial goals for their future such as saving for your child’s education, future travelling plans and potentially even their wedding or first home.


  1. When you become an additional rate or higher rate taxpayer

Having higher income is a great opportunity to build your wealth. It does however tend to mean a higher tax brand. It is therefore crucial that you use tax efficient methods including tax saving vehicles and tax allowances to ensure you are not paying over the odds. Seeking assistance from a financial adviser can allow you do exactly that.


  1. When you have a lot of investments but don’t have time to manage your portfolio

Managing your portfolio to ensure it is well-diversified and complements your financial goals can often become cumbersome. As your investments grow, a financial adviser can help you to select the best investments to suit your needs and monitor them on a regular basis.


Looking to speak with a financial adviser?

If you are looking to speak with a financial adviser, our team will be happy to help. Contact us today.


* Investments carry risks. The value of your investment (and any income from them) can go down as well as up and you may not get back the full amount you invested.

The Financial Conduct Authority does not regulate tax advice.

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