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Pension Financial Advisers

Pensions can often be large sums of money that you may need to rely on for the rest of your lifetime, and so you will want to have the confidence in finding the right products for you.

Specialist Financial Advice for your Pension and Retirement Planning

Speaking to a Financial Adviser about your Pension is a great place to start or review your retirement planning journey. At Redwood Financial, we put your needs first. We will provide you with a bespoke personalised plan and recommendations based on your circumstances, needs, goals, and plans for later life.

This Retirement Checklist has been designed to help you to review your financial situation to ensure a future that works for you. The best Financial Adviser will always start by asking you these questions to understand your retirement goals and dreams so that they can help build a retirement plan that is unique to you and your needs.

How can an Independent Financial Adviser help me with my Pension?

Our Pension Financial Advisers in Southampton will guide you every step of the way, from the initial research of suitable products for your financial planning needs, the financial advice and recommendations we make, making your decision, application and ongoing support with managing your pension pot. And because we want to ensure our financial advice is as transparent and easy to understand as it can be, we will always explain things clearly, in plain English, avoid jargon!

Confidence & Security

You can be sure of having the confidence that we will safely help you make the most of your money. We are strictly regulated by the Financial Conduct Authority, and our 100% Satisfaction Guarantee will give you the peace of mind that we guarantee the pension and financial advice we give you for your retirement planning.

Do I need a Financial Adviser for my Pension and Retirement Planning?

You may need help from a Financial Adviser to assist you with your decisions about your pensions and retirement planning. Redwood’s Advisers are authorised to give you advice and recommend suitable pension products and investment options for you.

If you want to take your pension as a lump sum or as a flexible retirement income, you are required to obtain financial advice from an adviser if your pension pot is over £30,000 and it contains a promised amount or rate of income, such as a guaranteed annuity rate or defined benefits (e.g. a Final Salary pension).

In some instances, pension providers may require you to obtain financial advice if you decide to choose a certain retirement option. For example, if you choose to take a flexible retirement income, a pension provider may ask that a financial adviser helps you decide which investment choices are right for your retirement planning.

What is the cost associated with using a Financial Adviser?

We will charge you a fee for any advice we provide. However, it will be bespoke and personal to you and your circumstances. Wherever practical, our prices are charged on a fixed fee basis. You will never pay us a fee without first knowing what that fee is, what it gives you and the benefits our advice provides before making a decision.

What does a Financial Adviser do?

Whether you are looking for a financial advisor for pensions, or for any other form of financial advice, understanding what a Financial Adviser can do to help you is the key starting point of your financial planning journey.

The primary responsibilities of our Financial Advisers include:

  1. Understanding your expenses, income, insurance coverage, financial objectives, tax status, risk tolerance, along with the additional information required to develop your Financial Plan
  2. Providing you with financial strategies and advice on a broad range of topics including Life Insurance, Investment Planning, Financial Planning, Long Term Care Fee Planning, Income Management, and other financial products to help you realise your financial goals and objectives
  3. Analysing your financial data to develop strategies for meeting your financial goals
  4. Answering your questions about Retirement & Wealth Management Plans
  5. Reviewing your investment portfolios and retirement plans regularly to understand if life or economic changes, situational concerns, or financial performance necessitate changes in your plan
  6. Preparing or interpreting your financial document summaries, investment performance reports, and income projections
  7. Implementing your Financial Plans or referring you to specialist professionals who can help e.g. Accountancy or Tax Specialists
  8. Managing and updating your portfolios
  9. Maintaining regular contact with you to keep abreast of any changes in your financial status, or to update you on any legislative changes or important changes in the Markets

Should I choose an Independent Financial Adviser or Restricted Financial Adviser?

Both Independent and Restricted Advisers (IFAs) can help you to grow, protect and enjoy your wealth. The difference lays in the breadth of Investment products they offer. The financial advice they provide is regulated by the Financial Conduct Authority.

Redwood is a Restricted Adviser business, meaning we do not advise on all types of Investment Products. For example Cash ISA’s, Structured Products, QROPS, and VCT’s (Venture Capital Trusts). These are very specialist products which would not meet the needs of the majority of our Clients.

We have focused on being experts in advising on mainstream investments such as Pensions, ISA’s, Unit Trusts, and Bonds, which meet the needs of most of our Clients. Although we have preferred Investment Managers we work with, we are not tied to any particular Investment Provider or Institution and we don’t work on a commission basis, so any advice we do give on these products is independent of any ties or affiliations and is only based on which Investment Provider can meet your needs and objectives.

Fully Independent Financial Advisers must consider the whole universe of Investment Products and Providers regardless of the relevance to your needs. This may seem at first glance to be offering you a better range of investment opportunities, however, it also means your Adviser is spending a lot of time and your money in researching, managing and maintaining knowledge on multiple products and providers, many of which may never be needed or relevant to you and your investment objectives.

How do I find a Financial Adviser for my Pension?

There are some great resources out there to help you find a financial adviser. We would always recommend that you do your research before settling on a financial adviser who is right for you.

There are thousands of Financial Advisers across the UK, ranging from large corporate businesses with multiple Advisers working for them, to sole trading Financial Advisers or smaller family-owned and run service providers like Redwood Financial. So, there are many considerations to take into account before choosing a Financial Adviser that you can trust and want to work with to grow and protect your wealth.

The Trading Standards Buy With Confidence Scheme is a great place to find trusted businesses that have passed an extensive vetting process before being admitted into the scheme.

Should I choose a Chartered Financial Planner?

A Chartered Financial Planner is a widely accepted ‘gold standard’ qualification for professional Financial Planners and Financial Advisers in the United Kingdom.

Jasmine Lambert, the senior Financial Planner at Redwood, is a fully qualified Chartered Financial Planner.

By definition, holders of the Chartered Financial Planner qualifications are among the most experienced and most qualified Advisers in the profession.

As of May 2016, there were over 36,000 members of the Personal Finance Society (the principal professional body for Financial Advisers in the UK), of which only just over 5,000 hold Chartered Financial Planner status.

Ultimately, choosing a Chartered Financial Planner provides you with that extra level of confidence that the Adviser you are working with is an expert and specialist in the planning you are undertaking. They will help you make the right choice for your unique needs, evidenced with substantive suitability of advice reports, which are the culmination of a detailed analysis and understand of your financial position.

How can I check if a Financial Planner is qualified?

There are two websites you can visit to check the status of a particular firm or Adviser.

The LIFB’s Professional Services Register shows individuals who currently hold one or more of their professional services certifications and you can use the search function to look up qualified Advisers in your area.

Financial Planning Advice is a regulated industry under the auspices of the Financial Conduct Authority FCA and their Financial Services Register is a great place to check if the firm, individual, or body you are planning to work with is authorised or registered by the Financial Conduct Authority FCA, or is exempt.

Need more advice?

Our Free Pensions Webinar is a great place to start your retirement planning journey. You can also talk to us on 01489 877547 to book an Initial Meeting or fill out our Contact Form to request a callback.

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Jasmine Lambert Chartered Financial Planner
Jasmine Lambert
Jasmine was awarded the British Young Practitioner of the Year in 2018. She is a qualified Chartered Financial Planner and full member of Society of Will Writers.
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