When is the right time to speak to a financial advisor?

When is the right time to speak to a financial advisor?

A money saving advisor can offer you expert advice at the times when you need it most, such as when you’re struggling with debt or about to make an important financial decision. Depending on your circumstances and your financial objectives, you may or may not benefit from such services, so it’s important to know when to speak to a financial advisor. In this article, we explore some typical situations that call for this kind of expert advice and discuss some indicators that you might need to speak to someone.

Financial planning

Many people seek the advice of financial experts when they are making financial plans, not just when they are seeking financial products. A financial advisor can help you create a bespoke plan-of-action to accomplish a variety of objectives, whether that’s saving for a house or making an important purchase decision. 

Financial advisors do specialise in helping people access financial products in the most beneficial ways. For example, if you want to invest some money, a financial expert can teach you about the best financial products available to you. This includes things like ISAs, savings bonds and index funds. 

Debt problems

If you have debt problems, a financial advisor is certainly the person you need to speak to. They can offer you a range of debt solutions that can help you get your finances back on track. This includes various government-backed schemes like IVAs (Individual Voluntary Arrangements) and DROs (Debt Relief Orders.) 

Through these options, you can get protection from your creditors and have interest rates frozen for the duration of the agreements. Both of these products also result in the debtor having a portion of their debt written off, so they are certainly worth exploring for people who meet the criteria. 

Pensions

Pensions can sometimes become complicated. If you’re exploring private pension options, looking to merge some pension pots or trying to reduce your tax bill upon withdrawal, you could definitely benefit from some financial advice. 

Financial advisors can help you find the most tax efficient way to draw down your pension and offer invaluable advice on the risks of the funds you’re investing in. Pensions are long-term investments that you will rely on one day, so it’s particularly important to understand these products. 

Investment decisions

Receiving expert advice before making high-consequence investment decisions can save you a lot of trouble in the long-run and increase the likelihood of a good ROI. Financial experts can perform the necessary research on your behalf, determine whether you can afford a particular investment and track and measure the performance of investments. 

Financial products can sometimes be difficult for the layman to understand, and sometimes they can be outright obfuscating. This can cause people to enter into commitments that don’t fully benefit them, or commitments that come with hidden costs and charges. 

All in all, forming a long-lasting relationship with a financial advisor can be incredibly beneficial to most people. Reach out to us today if you’re interested in hearing more about these services.

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