Managing your wealth and finances on your own can sometimes be a confusing process. In addition, it can be easy to get bogged down with the plethora of guides and information out there, which aren’t always necessarily correct in the advice they give.
That’s why, on some occasions, it’s best to seek out the expertise of a professional financial adviser. It’s their job to help with financial planning and ensure that you can preserve and grow your wealth in the most effective way possible.
But when or how do you know if it’s the right time to consult with a financial adviser? Well, in this article, we’ll explore the situations when getting some financial advice may be the best option for you.
Achieve particular financial goals
Maybe you’re looking to retire comfortably, or want to secure your wealth for the next generation. Or perhaps your financial aspirations involve building a successful investment portfolio. If you want to reach a certain financial goal within your lifetime, then it can be beneficial to seek financial advice.
For example, if you need assistance with retirement planning, an expert financial adviser can help you to navigate the various choices you may have, whilst making sure you’re using pension allowances effectively, and saving as tax-efficiently as possible. With the help of a financial adviser, you can assess your current situation, and formulate a bespoke plan to help you achieve the retirement you wish.
Streamline your investment portfolio
You can still benefit from advice from a financial expert, even if you already have an investment portfolio. An important part of financial planning, is to know and understand the assets within your portfolio, and if these cater to the strategy you have in place. If not managed or maintained properly, it can lead to quite a messy portfolio, which in turn may cause obstacles in reaching your financial goals.
For example, you could have your assets scattered across several different providers. Or perhaps you have funds that overlap, or no longer suit your personal circumstances. On this occasion, a financial adviser can help you to bring all your investments together, in the most effective way, and help to create a simpler portfolio.
Likewise, with a financial adviser on your side, you can expand your portfolio to maximise your potential to make good returns on your investment. An expert can advise on the range of investments available, such as exploring international stocks as well as domestic stocks.
They can guide you through the world of investments, with your risk appetite in mind, and ensure that you are not negatively impacting your portfolio by over-investing in a particular sector.
Be as tax efficient as possible
It may be the case that you’re aware of some basic strategies to minimise the tax you pay. On the other hand, you might be clueless about tax-efficient investing and saving. Either way, a financial adviser can help to reduce your tax, especially if you are classed as high earner.
If you’re looking to create a financial plan that aims to build or preserve your wealth, then tax-efficiency is a key component. An expert can apply much more complicated and sophisticate strategies to your plan, that can help to reduce your taxes further than you may have originally expected. With expert advice, you can rest assured that you are taking full advantage of all the possible allowances and tax breaks.
A financial adviser can help and guide you in the complex world of money and investment. With a robust plan in place, which is uniquely catered to your needs, you can be on your way to achieving your financial goals.
It’s also worth remembering as part of your strategy, that the value of investments can go down as well as up, and you may get back less than you invested.