When to take financial advice?

Tuesday 23 April, 2024

Even if you are normally comfortable managing your own finances there are certain times in your life when taking independent financial advice might benefit you and your family.

In this article Harry Goodship, financial adviser in Ringwood reviews key turning points when it might pay to speak to a financial adviser.  

1. Retirement advice 

The decisions you make when you retire are crucial if you are going to be financially secure in retirement.  There are many important decisions to consider as you approach retirement. These include:

  • Do you have enough money to retire on? 
  • How are you going to access your retirement income? 
  • How will your pensions work and what do they offer? 

Everyone’s retirement is different and speaking to an independent financial adviser can help you answer these questions. Our financial advisers will review your income, savings, investments and discuss your future expenses and lifestyle choices to determine how much income you need in retirement. Our financial planning teams use Voyant cashflow planning to check your income and expenditure to calculate when you can retire. 

We then review your pensions and other assets. We are used to checking the terms and conditions of pensions and working out how and when you should access them.  

Remember you can get free impartial guidance from Pension Wise if you are over 50 years old, but if you want personalised financial advice speak to a financial adviser.

2. Several complicated Pension Plans

If you have several pension plans from different pension providers, it makes it more difficult to know how much pension you will receive going forward, or when you should start taking your pension income.  

You will have to review each one and understand, what it is invested in, where it is invested, when you can access it and how much income you will receive from it.  

Our financial advisers are used to reviewing different pension schemes and can research them and compare each one. This is complicated and time consuming so it might benefit you to take pension advice from a qualified independent financial adviser.

3. Receiving a lump sum inheritance

Even if you are used to managing your own money if you receive a large lump sum you will want to invest it tax efficiently to achieve your long-term goals.

Investing your inheritance is an option if you want to invest for the long-term, normally over five years. Our financial advisers review your risk profile and financial situation and then use a combination of passive and active investments to achieve your financial goals, whether it is regular income or long-term growth.

4. Estate planning advice

To protect your family and reduce your potential inheritance tax bill our financial advisers review the assets in your family’s estate to see if you will be liable to pay inheritance tax (IHT) in future.  

If you are liable to pay IHT our advisers can work with your accountant and/or solicitor to provide joined up financial, tax and legal advice.

Harry Goodship, financial adviser in Ringwood, Hampshire said: 

‘Hopefully these examples show that taking independent financial advice is not just the preserve of very wealthy clients but is important for anyone who is approaching key turning points in their life. By taking early independent financial advice you will be well placed to achieve your future financial goals. Free financial resources are available which help you, but if you want personal recommendations tailored to your lifestyle, we recommend you contact us. If you are new to investing we recommend reading our ‘Beginners Guide to Investing'. If you are looking for personal financial advice and would like to speak to one of our independent financial advisers, we offer a free initial consultation.’

In Summary...

For independent financial advice, contact your local financial adviser and organise your initial financial planning consultation.  The sooner you get financial advice the more chance you have of achieving your financial goals.  Please complete our booking consultation form and your local Lonsdale Wealth Management financial adviser in ChippenhamSt AlbansHarpendenStaffordBarnetRingwoodLeeds/Bradford or Ware will contact you.  

Please note: The value of your investment can fall as well as rise and is not guaranteed. 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.

A pension is a long-term investment. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.

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