When should I use a financial advisor?
18th December 2014
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Whether you want to move some of your money from savings to investments, are looking to start a pension, draw upon a pension or take out life insurance, seeking the advice of a professional beforehand is strongly advised. While it is possible to go about these things alone, asking for help in choosing products and making sure they are right for you is definitely a must. The following are the occasions where consulting with a financial advisor could well save you time, money and hassle.

Annuities – In order to gain a regular, steady income upon retiring your pension will have to be traded in for an annuity. While in previous years an annuity was your only option, this year has seen as big shake up and there are now different options available to you. If you do want to take out an annuity, seeking financial advice instead of just opting for the annuity offered by your pension company could mean that you don’t miss out on thousands of pounds over the duration of your retirement!

Financial/tax planning – This is one instance where only a financial advisor can help sort through the minefield of jargon and help you sort through your assets and the products that are suitable and explain them in easy to understand language.

Investments – Investing in the markets involves a lot of second guessing what might happen on the global markets. This is not something that even the most practiced and experienced of people can guarantee as no one can foresee what will happen in the future but a financial advisor will be able to provide the best possible advice.

Mortgages/equity release – Getting a mortgage is one of the biggest things that people do during the course of their life. While there is a lot of advice on the internet, and using this to gain some knowledge is highly recommendable, seeking professional assistance when undertaking this new venture will enhance your experience. Similarly, if you want to release equity from your house then this should not even be contemplated before seeking help to ensure this is the right thing for you!

Protection insurance  - If you are thinking of taking out insurance (life, income protection or critical illness) then you might be able to do this yourself if there are no complication in your health or family but if you have any complications then consult with an advisor who will be able to help you out.

Pensions/pension transfers – There are many different pensions out there and many are easily accessible (especially if your work offers a pension). If you want to transfer a large, existing pension then seeking help might be an idea to ensure it all goes smoothly!

If you have something that you think you could use some assistance with, then contact Thompson Financial Consulting and see how they can be of aid to you!

About the Author

Jennie W

Member since: 13th November 2014

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