The assistance of a financial advisor should be for the many, not for the few.
However, countless people believe that consulting a financial advisor is not for them. Some see the service as reserved for the super-wealthy or something only required when going through a huge life change.
Whether you are in the early stages of your career or have acquired considerable assets, speaking to an advisor before making any financial decisions is recommended. An independent financial advisor will be able to discuss a multitude of situations with you, ranging from buying your first property through to planning for your retirement.
Impartial, regulated financial advisors can see the big picture, and taking advantage of their expertise can put you and your family in a completely different financial position.
Financial advisors bill in a variety of different ways. Some charge flat upfront fees, others chose to bill hourly, while many work on a commission basis. However, the investment is unrivalled and will pay off for you massively in the long term.
Typically, mortgage advisors stick to their niche, meaning they will be a specialist in the field. Their job is to find a mortgage that is the most suitable for your needs, usually discovering deals much better than you thought were available. A mortgage advisor will also help your chances of securing the mortgage, which can be particularly difficult if you are a first-time buyer.
An independent advisor has no loyalties to any particular bank or company, meaning they can genuinely find you the best deal available.
Mortgage advisors will assist with working out how much you can borrow and help you with the application to drastically increase the chances of your request being successful.
Although some may argue that a financial advisor for your mortgage is an unnecessary cost, the money they may save you in the long term can often far outweigh the costs of their services.
No comparison site can provide you with something as tailored as what a financial advisor will be able to offer. They will have a thorough understanding of your income and situation and provide recommendations based on your specific circumstances.
Whether you have recently acquired capital and are planning to invest a lump sum or feel now is the time to start making a monthly investment contribution, a financial advisor will be able to put you in the best possible position.
Saving for your future is not easy. If you want to purchase property, put your children through university, or simply want a secure financial future, you must think about investing.
It is all one big balancing act. It can be challenging to know what to do with your money, and investing significant amounts when you do not have a thorough understanding of the market can be disastrous.
A financial advisor will consider your available funds, your risk appetite, and how soon you want to see the return on your investment. They will then be able to put you in the right position and advise on your options using their expertise.
Consulting a financial advisor regarding investing works best when you form an ongoing working relationship, and although an investment in itself, it will most certainly pay off.
Private Medical Care
If there is anything that 2020 taught us, it is just how necessary medical care is. However, with growing NHS waiting lists, many more people are beginning to consider whether private medical treatment is the way to go.
There is a spectrum of policies and plans covering a range of different circumstances, and the whole thing can quickly become a minefield. Seeking advice from a financial advisor may be as simple a one-off appointment but can save you hugely in the long term.
Many employers are also seeing the benefits of offering private medical insurance as an incentive for their staff, which inadvertently helps the company and boosts overall morale.
As the UK undoubtedly switches towards private focused health care set up, a financial advisor can help you get ahead of the curve.
Income protection insurance will provide you with a portion of your usual monthly earnings if you are ill or injured and cannot work. It is instrumental if a sole income supports your household.
However, the policies on offer vary dramatically across companies, and therefore speaking to a financial advisor is recommended. The cost of insurance will depend on factors such as your age, your current health, and your job.
A financial advisor will first help you understand the cover you already have under any existing policies. They will then consider your current income and outgoings and work out the best cover for your situation.
The personal nature of income protection means that seeking financial advice is always best. Someone with evident expertise in the area will always provide more robust and cohesive information than a simple web search.
Planning for Retirement
There is much more to planning for retirement than simply deciding when you are going to stop working. Financial advice in the lead up to retirement might be as simple as a one-off appointment, or you may choose to outsource the whole process to a financial advisor if you have a more significant portfolio.
The length of time we are spending in retirement is continually growing, so the choices you make leading up to and during retirement have never been more critical.
There are far more decisions around what to do with your pension pot than there has ever been before, and it might even be time to think about the wealth or assets you intend to pass on to your loved ones.
Your financial advisor will consider your current assets, investments, and pension pot. They will then reflect on your retirement plans and advise on the best financial moves you can make.