When is it time to hire a financial adviser?

when to hire financial advisor

Wealth Management and Retirement Planning are a necessary part of planning and securing your financial future. They can also be a complex and daunting prospect that too many of us leave in the ‘too difficult to think about now’ box. However, a Financial Adviser can be the perfect solution to this problem, helping you to create a simple and effective plan without the worry of constant changes in legislation or the economy.

So, when’s the best time to hire a Financial Adviser? It is safe to say that pretty much any time is the right time to hire a Financial Adviser, and the earlier you can get educated about your retirement and wealth-management options, the more robust and sustainable your planning is likely to be!

Working with a Financial Adviser is a specialist who can take the stress and strain out of managing your finances so that you can focus on what enjoy and do best.

What does a Financial Adviser do?

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:

  • Understanding your expenses, income, insurance coverage, financial objectives, tax status, risk tolerance, along with the additional information required to develop your Financial Plan
  • 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
  • Analysing your financial data to develop strategies for meeting your financial goals
  • Answering your questions about Retirement & Wealth Management Plans
  • 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
  • Preparing or interpreting your financial document summaries, investment performance reports, and income projections
  • Implementing your Financial Plans or referring you to specialist professionals who can help e.g. Accountancy or Tax Specialists
  • Managing and updating your portfolios
  • 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

When to Seek Out Financial Advice

The catalyst for most people to seek out Financial Advice is the occurrence of a major life event or the unexpected benefit of a financial windfall, or conversely major financial losses.

Significant life events might include:

  • A promotion or a new job at work which changes your salary and/or your benefits
  • A change of employer that changes your salary and/or your benefits
  • Job loss or redundancy that could impact or improve your lifestyle, financial or retirement plans
  • You receive an Inheritance, a windfall or maybe you win the Lottery!
  • To plan for early retirement in later life
  • You are approaching your retirement age and want to ensure that you can afford to stop working
  • You receive an Inheritance of money, property, or assets from a loved one that you need advice on how to invest the money and protect it for future generations
  • You have recently experienced a Marriage, Divorce, or loss of a partner that requires a review of your financial status going forward
  • You have elderly parents who need help managing their overall finances
  • You would like to have confidence that you can pay off your house or fund your children’s further education (or both!)
  • You need to put your affairs in order, for reasons such as ill-health or just to ensure you have a plan in place for later life

Should I choose an Independent or Restricted Financial Adviser?

Both an Independent Financial Adviser and Restricted Financial Adviser (IFA) can help you to grow, protect and enjoy your wealth. The difference lays in the breadth of Investment products they offer.

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 their 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.

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.

Do you need a Financial Advisor?

Have you now decided you do actually need the help of a qualified Financial Adviser? You can talk to us at Redwood Financial. As you can see from our website, we have a wealth of experience across a broad range financial services.

Simply call us or complete our website contact form to organise a free initial consultation with one of our experts, like Jasmine Lambert. We look forward to hearing from you!

Are you a business owner looking for financial advice?

Jasmine Lambert Chartered Financial Planner
Jasmine Lambert

Jasmine is the Managing Director and a Chartered Senior Financial Planner at Redwood Financial. She helps clients manage and grow their wealth and protect their estate. Jasmine also provides expert advice in our FREE Redwood Webinars, where you can learn more about Wills, Trusts and Estate Planning.

Redwood Financial is one of the south’s leading Investments, Pensions, Wills, Trusts & Estate Planning providers and we are dedicated to helping families to grow, protect and enjoy their wealth. With our unrivalled knowledge of Estate Planning, Lasting Powers of Attorney, Probate, Pensions, Savings & Investments, we can advise on any situation.
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