5 times you may need a Financial Adviser

When it comes to managing your money, there are 5 key life events where you may need a Financial Adviser. In the age of the internet, many of us google our way through life. Sometimes, however there are times when you should call on a professional.

1. Co-habiting / Marriage

So you know what his/her favourite football team is, but do you really know what your partners attitude to money is? Co-habiting and or Marriage is a key opportunity to combine finances and sometimes that requires a neutral third party.

When you live together, taking the step to planning your financial future can be a lifechanging event. A Financial Adviser can help work through defining goals and prioritising order of importance. There are issues to discuss such as, how will you plan to save? How would you cope if you cannot work? When will you retire? At Eastern Financial Consultants we will help you prepare to see your financial adviser.

Once you have your plan, you can implement it yourself. Review as you approach other milestones that could affect your finances, such as having children. If you are co-habiting it is essential you have a valid will in place. Co-habitees do not automatically have rights to their partners estate if they die without leaving a will.

2. Starting a family

With the anticipation & joy that comes with starting a family, having children also marks significant financial changes in parents lives.

Children are expensive. The annual LV cost of child report* calculates the cost of raising a child to 18 years old as £75,436 for a couple family. A Financial Adviser can help you plan for your child’s first year and beyond, balancing university savings with other priorities.

It doesn’t matter how careful you are, there are things in life that are beyond your control. Careful financial planning can give peace of mind that even an unexpected event or illness will be less traumatic by having adequate personal insurance in place.

3. Starting a business

You have done the research, got that business idea! You have the personality to be successful on your own and its all very appealing, but there are a few things you should consider before you give up your job.

There are many benefits and risks that comes along with starting your own business. Whether you are prepared to take the required risks to get the potential benefits is up to you. When you first start out you may not be earning. For a while you may need support from savings until the business starts generating an income. Ultimately you are responsible for your own pension and health insurance arrangements, choosing a financial adviser can reduce additional stress of starting up.

4. Inheritance/Bereavement

Adjusting to life after the death of a close family member is not easy. Between dealing with grief and all the things you are suddenly responsible for, it can be overwhelming. Once you have a regular routine of managing household finances you should start thinking about making financial plans for your future. This may take a while, so there is no need to rush. If you have inherited money, it is a good idea to think about the best way you can use it. Using an Independent  Financial Adviser can help you make investment choices based on your personal circumstances.

5. Approaching Retirement

With so many options now available to you when you are approaching retirement, it is more important than ever to decide exactly what you want to do with the pension pot that has been building up throughout your working life.

Gone are the days when you simply handed over your pension to a fund provider to buy an income for the rest of your life. The Pension Freedoms introduced in April 2015 mean that once you are aged 55 or over, you can use your pension pot in any way you wish. With more freedoms comes more choice and unless you are very sure about what you want to do, taking pension advice could be the soundest financial decision you will ever make.

To arrange a financial review with an Independent Financial Adviser at Eastern Financial Consultants call 01603 927760 or contact us via our website.

The value of investments and the income from them can fall as well as rise and past performance is not a guide to future performance. You may get back less than you invested as investment returns are not guaranteed.

*Source: LV Cost of raising a child report https://www.lv.com/life-insurance/articles/cost-of-raising-a-child-2019  September 2020 most current report from LV