Five Reasons to Speak to A Financial Advisor

Oma H. Barnett

‘Pensions’, ‘investments’ and ‘savings’ are words which we hear on a daily basis. We are faced with so many different options regarding these that often it can become confusing to distinguish the ones that will work best for our personal circumstances.

Whether you are keen to put aside a small amount of money every month or looking to grow your capital, it is important to be well-advised of the options on the market relevant to you. One way of finding some clarity is to seek some impartial advice from an IFA (independent financial advisor). Independent financial advice can offer guidance on a number of important financial topics.

Other financial issues may also require the aid of professional advice, from getting out of debt to comprehensive mortgage advice.

In this article, we will explore five key reasons why seeking advice on financial issues can be beneficial to us all in the current climate.

Impartial advice.

It is not the role of an independent financial advisor to sell products but to offer advice on options that may best match your circumstances.

They have extensive knowledge of the financial market without the bias therefore no matter what the query or how complex, they may be able to help you find the solution to meet your needs with no obligations or heavy sales.

The ethical nature of seeking independent financial advice provides peace of mind and gives consumers the opportunity to have their financial queries answered by experts in the field.

Decoding myths.

There are many common misconceptions surrounding financial issues. A recent report by Prudential showed that one in six retirees have failed to save for their retirement and intend to rely on their state pension despite not knowing how much to expect.

Prudential’s Retirement Income Expert, Vince Hughes-Smith explicated that the state pension should be observed as ‘safety net’ which contributes to a mixture of ‘company pensions, savings and investments’ in order to form an overall retirement package. Despite the slight rise of the State Pension to £107.45 for all single persons, this alone still provides a fairly low sole income for retirees.

Independent financial advice can help to simplify pensions, retirement plans and many other relevant areas by offering clear, concise and up-to-date facts and answers to any questions that consumers may have.

Are you protected?

Life insurance is something that is often overlooked. Consumers may feel that they are too young to think about it or people may feel that it is too costly for them.

However there are many different options available on the market to secure families’ futures should the worst occur, ranging from a Family Income Benefit providing a stable income for families’ ongoing protection to Personal Accident Insurance offering payouts for the loss of use of limbs or eyesight.

Independent insurance advice can provide counsel on all of these, many of which start from as little as £4.99 per month. Independent financial advice can also offer a no obligation review of current life insurance packages in order to observe exactly how protected your family would be in the worst case scenario.

Debt management.

The four-letter word that no one wants to hear or talk about. However with the outstanding debt figures in the UK alone reaching nearly £1.5 trillion, it is clear that dealing with debt is a real cause for concern.

Getting into debt can often happen quickly however getting out of debt can take years; it can often seem so daunting that it may feel as if there is no way out. However in order to rid ourselves of debt, it is important that clear debt management plans are built and credit ratings and scores are acknowledged in order to avoid bankruptcy. There are a number of charities that can offer ethical debt management advice on a not-for-profit basis.

This can come in the form of helping to improve your credit rating, manage student debts, create monthly budgets and most importantly, avoid additional debt in the future.

Mortgage help.

Buying property is often a key milestone in peoples’ lives. However getting a mortgage can often be a lengthy and somewhat confusing process, especially in current times when the different options on the market can seem endless.

Whether you are a first time buyer or looking to remortgage, speaking to a mortgage advisor can provide you with details of the best mortgage rates and help you work out the best mortgage options for your personal circumstances.

Talking to an expert in the field on an obligation free basis can help to make a life-changing step seem significantly more manageable.

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