Investing your own money can be a daunting prospect for some people, and even those with more confidence can often benefit from utilising the expert insider knowledge a financial planner can offer. On the other hand, some financial products are relatively straightforward and should need no real assistance, saving you money in the long run. So when should you use a financial adviser, and what should you look out for when recruiting one?
Transactional products such as credits cards, loans, contents insurance etc. are generally easy to arrange, and as such most individuals benefit from only really using a financial advisor for more complex issues such as stocks and pensions. If you're currently suffering monetary difficulty and seek advice to help to straighten out your finances, you should look into getting some free advice from moneyadviceservice.org.uk
There are quite a number of 'complex' areas where you should consider expert advice though. Generally speaking financial advisers often have access to the whole of the market and can sometimes negotiate special deals for you. A good adviser will listen to your objectives, and help you assess their reality based on your financial situation. Enlisting one is essential for most people as it helps to minimise any associated risk, and allows you to get the most out of your finances.
Pensions can be difficult to comprehend. When you retire you'll need to have carefully planned a sizeable pension, in order to maintain the lifestyle you're accustomed to. Regardless of where you're at in terms of your working life, a financial planner will help you to manage your assets to best meet your objectives, and should be able to advise as to how much your income will be during your retirement.
There are many ways in which you can invest your money now. Other than traditional stocks and shares, and bonds, new products are on the market such as peer-to-peer lending, which allows independent people to act as 'lenders', making a return on their money in the process. A financial adviser will question you extensively about your objectives and will provide the relevant solutions across the whole market to help you to achieve them.
Many life insurance products are easy to understand, but if your finances are less straightforward, you may benefit from consulting an adviser. You may want some income in the event that you're unable to work, or maybe you want to clear the mortgage in the event of your death. Whatever your requirements are, a financial adviser will be best placed to advise on any complications with your finances due to tax obligations
High earners will want to use an adviser to help them plan their tax contributions. There are numerous ways you can benefit, depending on your personal and financial circumstances. For example the self-employed will seek help with their tax affairs, and others might need assistance to minimise their obligations towards inheritance tax.
Dedicated mortgage brokers can provide you with mortgage advice if you require. The market can be complicated with thousands of different products. Using a mortgage adviser can save you time and money from having to research the market yourself, making it particularly useful for those wishing to do a buy-to-let mortgage, or those struggling to find a provider due to bad credit.