Simon Prestcote, is a Chartered Wealth Manager and a qualified independent financial adviser based in Barnet, North London. In this article he reviews when it pays you to get financial planning advice.
Working with an independent financial adviser over a long period of time can help you achieve your lifetime goals. A financial adviser can offer financial advice and add value in areas such as asset allocation, tax planning, risk management, as well as costs. Using a financial adviser for your financial planning can also prevent you from making common investment mistakes.
‘Below is information on key times when it makes sense to seek financial advice. However, we recommend clients don’t wait until just before retirement to seek pension advice. Our financial advisers are experienced and can work with you to add value to your financial planning whatever your age or financial circumstances. Whether you are looking to save for school fees, a holiday home or you are looking for a comfortable retirement, financial planning is key. The earlier you get financial advice the more likely you are to achieve your lifetime goals. Financial planning can also give you the confidence to make major life changes such as taking early retirement or accepting redundancy. We meet clients regularly to review their needs and aspirations and check their financial planning is on track, so they feel in control of their financial decision making.’
Simon Prestcote, independent financial adviser and member of the North London financial planning team continued:
‘Ultimately, we want all of our clients to feel they have had value for money following our independent financial advice. Our goal is to ensure our clients receive positive outcomes from the savings, investment and protection products we recommend for them, and our client satisfaction results suggest we achieve this. At Lonsdale Services we like to educate our clients and agree their attitude to risk before we recommend suitable financial products for them. If you are new to investing read our ‘Beginners Guide to Investing’
How Lifetime Financial Planning can help you achieve your financial priorities?
Our independent financial advisers use cash flow modelling (Lonsdale Lifetime Financial Planning) to assess your financial situation so you can more accurately project your future wealth and plan ahead. This provides you with a visual ‘road map’ of your financial future and helps inform our recommendations and our financial decision making. As cash flow analysis is tailored to your life any meetings are centred on your needs. Our clients like it as it makes them think about their spending in a different way and it enables us to have a much more detailed and thorough discussion about financial priorities. We review your cash flow by assessing your current and future income and expenditure. If you are pre-retirement we will review your assets and liabilities, current and future spending, and check both your state and pension entitlements.
We input your financial information onto software so we can show you whether your wealth is on track to achieve your future goals. If you are in retirement we will check that your pension income and other assets is sufficient for your financial requirements, and that you have considered long-term care options and inheritance tax planning.
Key times when YOU might need financial advice
If you are approaching retirement you may want to get pension advice to discuss the most tax efficient way to access your pension. If you have a defined contribution pension scheme should you draw some pension in a tax free lump sum at 55 or take the maximum pension income in retirement?
For more information read our case study.
If you are retired you need to consider the most tax efficient way to take your income. Should you choose a pension annuity or pension income drawdown? Would it be more tax efficient to fund your lifestyle from savings or pension income?
For more information read our case study.
In later life your financial priorities may change now. If you have health issues you may want financial advice on how to fund long-term care costs, or inheritance tax planning advice if you want to gift assets to family.
The Financial Conduct Authority does not regulate Cashflow Modelling, Tax and Estate Planning. The value of an investment and the income from it could go down as well as up. The return at the end of the investment period is not guaranteed and you may get back less than you originally invested.