There are a vast array of online resources out there offering financial advice and you might feel comfortable managing your finances independently. However, the internet can be misleading and when making big decisions with regards to your finances, it is always recommended that you seek expert financial planning advice.
If you’re wondering whether you should speak to a financial adviser or investment manager, then here are some specific instances where you could benefit from their help.
You have specific financial goals that you’d like to achieve
Do you have financial goals that you aspire to achieve but aren’t sure how best to reach them? Whether your goals are ambitious or relatively modest, you’ll need to implement some changes that will enable you to effectively save or invest. A financial adviser will take your situation into consideration to formulate a saving or investment strategy that is tailor-made for you.
Your financial goals might be mid or long-term, like saving a university fund for your children, or perhaps you’re looking ahead to the future, planning for your retirement. This is one of the most common financial goals and it’s never too early to plan for your retirement, to ensure that you’re able to fund your lifestyle when the time comes.
When planning for your retirement, a financial adviser will make sure that you’re using your pension allowances to their full potential and are making full use of tax relief and allowances. This way, you could reach your financial goals effectively.
You’re wanting to reduce your tax liability
Did you know that you could be unnecessarily overpaying for your taxes? Using tax allowances and reliefs, you could reduce your tax liability significantly and save a substantial amount of money each year.
You can reduce your tax liability independently, researching the specific tax allowances and seeing what savings you’re entitled to. However, the UK tax system is complex and legislation can often change.
To avoid being caught out and to ensure that you’re making the most of the savings that you’re entitled to, you could approach an expert for financial advice. A financial planner could help with your tax planning and implement a sophisticated strategy that will help to manage your wealth.
You need help with your current portfolio
If you have an investment portfolio, it’s important to ask yourself these questions:
- Do I have a clear strategy?
- Do the investments and risk levels suit my goals?
- Do I own different assets that overlap?
- Do I have investment portfolios with multiple providers?
Depending on your answers to these questions, then you might want to reconfigure your investment portfolio. An investment manager will help you to consolidate or diversify your investments, making your portfolio more cohesive and suited to your goals.
An investment management service may also be able to help you to find investment opportunities that you’re missing out on. For example, you might have avoided international investments because you felt more comfortable placing your capital in domestic stocks. By doing this, you may have alienated some attractive investment opportunities. With the help of an expert portfolio manager, you will be able to leverage the entire stock market on a global scale, to increase your chances of profiting.
If you aren’t an experienced investor or feel that you aren’t fully protecting your wealth, you could benefit greatly from professional advice. An adviser can help you to reach your financial goals more efficiently and identify risks that you might not have considered, protecting your wealth.