There’s no one-size-fits-all answer as to when is the best time to hire a professional financial adviser. However, there are many situations when it’s beneficial to seek expert help, especially when your financial goals and needs become more complex.
Before you disregard financial advice as only for the well-off, think again. Research conducted by the ILC revealed that non-affluent people who received services from a financial adviser gained an estimated £50,000 in their savings over ten years.
If you're unsure when to hire a financial adviser, keep reading to learn how a financial advisor can save you time and money.
When to Hire a Financial Advisor
Most of us can become confused from time to time regarding how to get our finances in order. If you find yourself struggling to keep up with your monthly bills or feeling anxious or emotional about your financial future, it may be time to seek out the help of a financial adviser.
Some everyday life events that may trigger the need for professional financial advice include getting married, having a baby, buying a home, changing jobs, experiencing a significant health scare, or dealing with a death in the family.
What are services a financial advisor can provide?
A financial adviser can help you get your finances in order and provide peace of mind. They can provide professional guidance on saving, investing, and growing your money, including the following services.
- Retirement planning with consultation on pensions and choosing the best retirement account for your needs.
- College financings, such as setting up an Income Share Agreement (ISA) or other long-term goals.
- Advice on investments, such as creating a Systematic Investment Plan (SIP) and navigating drawdowns, so your money grows over time.
- Tax planning to help you take advantage of tax deductions and credits plus manage tax liabilities.
- Estate planning for what will happen to your money and property after you die, including creating a will, trusts, and other legal documents.
- Insurance advice on annuity and choosing the right insurance policies for your needs, such as life, health, and disability insurance.
- Assets under management consultation for bank deposits, mutual funds, and cash.
Benefits of Hiring a Financial Adviser
An expert financial adviser fulfills his or her fiduciary duty by helping you set financial goals, develop a plan, and create a portfolio. They can also offer advice on managing your money daily and guide you on specific financial decisions, such as buying a home or investing in retirement.
The best financial advisers will take the time to get to know you and your financial situation. They’ll ask about your short- and long-term goals, risk tolerance, and financial situation. With this information, they can provide personalized recommendations on how to reach your goals best.
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