Four Times When It Pays to Have a Financial Adviser

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At key times in your life, you will have decisions to make about your financial future. When you are unsure about which route to take, informed advice can be invaluable.

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An experienced financial adviser will explain how to avoid tax and make the most of allowances. They will protect your finances for the future, and the fees will prove worthwhile in the long term.

All bona fide advisers are on the online Financial Conduct Authority Register.

Below are four life stages when you may need help.

1. Having a Family

Having a family requires planning. Newlyweds may be considering whether to merge their finances. In some cases, separate banks are best: bad credit can affect a linked spouse.

Advisers can also help with financial planning for children, finding the right balance of funds and assets to ensure profitable yields.

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2. Getting an Inheritance

Receiving an inheritance can transform your financial situation.

But many don’t know what to do with a lump sum other than stick it in a cash savings account.

An adviser will expand your choices to include funds, company shares, bonds and investment trusts. Understanding risk and having a diversified portfolio are important considerations an adviser can help you with.

3. Approaching Retirement

An adviser can help you make the most of your money whether you are in a final salary scheme, a defined benefit pension scheme or a defined contribution (DC) scheme.

Today, annuities are no longer the only option for DC scheme holders. After age 55, you can use your DC pension pot however you like: an adviser will be well placed to explain your best options.

Younger people considering saving for later in life can also be aided by a financial adviser.

Top-flight IFA software used by financial advisers includes that from

For guidance on finding an adviser, see:

4. Leaving a Legacy

Many people have built up wealth in their home. Because of this, inheritance tax is often a concern. However, there are legal ways to avoid the ‘death tax’.

Typical strategies include gifting loved ones money or setting up a trust – a financial adviser will maximise your options.

You could also write a will to leave money tax-efficiently.

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