10 signs it’s time to get financial advice

Category: Financial planning

How often do you wake up with the intention of getting financial advice as your number one priority?

For almost everyone, the answer is never. Rather, the urge to seek financial advice is usually triggered by an event, or idea.

According to research from the Financial Conduct Authority (FCA), less than one in 10 UK adults (6%) have sought regulated financial advice relating to investments, pensions or retirement planning, while a quarter are likely to need it.

This is a shame, as we see on a regular basis the benefits our clients get from seeking advice. However, we recognise there are many reasons why people don’t get in touch.

For example, across the country, an average of 34% of people do not know where to start looking to find a financial adviser, should they need one. If you are one of them, you’ll find our contact details at the top of the page!

But what might push you to make the call?

It could be anything, but here are 10 of the most frequent ‘triggers’ we hear:

1. “I’ve received a letter.”

Whether it’s a pension statement, valuation of investments or any communication regarding your finances, something landing on your doorstep could be the pivotal factor in deciding to seek financial advice. Whatever you’ve received, bring it to us and we’ll explain what it means for you and your future.

2. “I don’t want to go to work today, can I retire instead?”

In the years before the State Retirement Age, it can be tempting to pack it all in early. Especially if you’ve overdone it at the golf club over the weekend and are facing an early Monday morning start. We can help you to understand if your finances are in the right place to bring retirement to you, sooner rather than later.

3. “My friend has been talking about their financial planning, can I do what they’re doing?”

Just because your friend, colleague or even spouse is doing something, doesn’t mean it is the right decision for you as well. However, by seeking advice, you can find out whether it truly is the best option available, or if there are other methods and products which may be better suited to your needs and circumstances.

4. “I want to buy a car/house/helicopter… can I afford it?”

Making a large purchase is a great feeling, especially if you’ve been planning it for a while. But it is wise to stop and think before diving into a big shopping spree, let a professional walk you through the consequences of spending that money and project your financial position afterward to see if it is a sensible purchase to make.

5. “A new baby has been born into the family, I want to put money aside for them.”

Saving for the future is important, and the earlier money is put away for someone, the longer it will have to potentially perform well. Starting to save or invest for a new-born is particularly prudent and there are many options available, some of which may be better suited to your family than others, so why not let us talk you through them?

6. “I’ve been diagnosed with an illness and I want to make arrangements just in case.”

It’s not a fun topic, but getting your estate organised is something everyone needs to do, regardless of age or health status. Talking to a financial planner or adviser can help you to make sure that your money and assets are not only given to the right people but that your estate is distributed in a tax-efficient way.

7. “I want to start my own business.”

If you have an entrepreneurial idea that you want to make reality, you will first need to find funding. It may be possible to source that yourself, using savings and investments, or you may need to access credit to get your venture off the ground. Either way, we can analyse your current situation and help you to find the right strategy to meet your goals.

8. “I want to leave a business I own.”

On the other hand, maybe you have already grown a business to success and now it is time to put your feet up and let the next generation take the reins. Navigating your way out of a business can feel like more hard work than building it up in the first place. Talking to a professional can give you the peace of mind of a second pair of eyes on the paperwork, as well as the confidence that you are in the hands of a professional who is on your side throughout the process.

9. “I’ve received some inheritance, what should I do with it?”

If you have received a large amount of money, you may be wondering how you can use it most effectively. Alternatively, you may simply want to know if you can afford to spend it all straight away and enjoy the freedom for a while. It is likely that the most sensible solution will be to put most of it away in savings or investments, while allowing yourself to spend a portion of it. The amount you can afford to spend right away will depend on your circumstances and plans for the future, so contact us for a more personalised answer to this.

10. “I read an article that scared me!”

The media is full of stories which can make you feel like the world is against you, or a financial scam is always just around the corner. A financial adviser or planner will be able to separate fact from sensationalism and give you advice on ways to protect yourself against any real dangers to your financial wellbeing.

Whatever it is that has you considering taking financial advice, please get in touch and let us know how we can help.



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