I’m hearing lots of things about Inflation, Market turbulence and Interest Rate increases and I am getting worried. When should I get financial advice?

Most people could probably benefit from seeing a financial adviser, but when are the best times in your life to see one? Immediately? In ten years? Every year? 

Life events

One answer is to say that you should visit an adviser whenever there’s a major change in your life. These are the most commonly cited changes: 

– Marriage – Having children – Buying your first property – Death of a partner – Approaching retirement

For example, if you’re about to have your first child, you might want to get advice on how to protect them should anything happen to you and/or save for your child’s future. Your adviser could help you pick the best policy and school fees saving plan. Your adviser might also help you find the money to pay for the extra costs associated with children. He could help you budget and possibly cut your tax bill.

Similarly, if you’re approaching retirement, your adviser will help you figure out how much income you’re likely to get when you stop working. If you discover that your income will be lower than you expected, you might decide to delay your retirement or at least go part-time rather than stop work completely. And if you’ve been saving into a pension pot as you work, you may need help to get the biggest possible income from that pot, either by buying a top-paying annuity or choosing an alternative strategy.

Particular product

Moving away from life events, another approach is to visit an adviser when you realise you want a specific product. So maybe you’ve read an article about life insurance and you realise that you need to buy some protection. You could then visit an adviser who could direct you to the best product for you and your circumstances.

Get the big picture

Asking for advice when you want to buy a specific product isn’t a bad idea. But personally I think the best approach is to go and have a full financial check-up with an adviser. You can really do this at any stage in your adult life and I think it would benefit most people. The starting point is to think about the goals you have for the rest of your life. 

Once you’ve worked out your non-financial goals, an adviser can help you figure out how much achieving these goals would cost and whether they’re realistic for you. Then you and your adviser can review your current financial situation and look at any policies and investments that you may have.

At that point you and your adviser can draw up a financial plan for you. This could include budgeting targets you need to achieve on the way to achieving your lifetime goals.

In summary, our advice is to get advice whenever you feel you need it but at least once a year.

This article aims to give information, not advice. Always do your own research and/or seek out advice from a Financial Broker before acting on anything contained in this article.


Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top