When should you hire a financial advisor
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- Financial Advice
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Having a financial adviser on your side is beneficial, but knowing when to make that investment is a critical step for planning your financial future. When deciding whether to hire a financial planner, you need to consider the costs, what you hope to get in return and the different types of investments so that you can make an informed decision.
Several complex financial products on the market would greatly benefit from having a financial planner talk you through how to invest in them.
Annuities are mostly for post-retirement income. You can trade-in your pension after you have hit retirement age in exchange for a regular income, which can be vital after you've left the working world.
Financial or tax planning
The old saying of "Mo' money, mo' problems" comes into play here. When you have more assets to manage, it gets more and more challenging to handle them alone and all at once. If your portfolio is truly diverse, it can be impossible to know about all of the products you have, which is where a financial planner steps in.
Mortgages and equity release
Again, knowing the basics here is essential as an adviser can only advise you. They are not there to walk you through the process.
Insurance in itself is quite complicated. There are exceptions across the many different types of insurance that can confuse even the savviest of people. Know the basics and when to reach out for help.
Pensions and pension transfers
Getting a pension is a case of picking the right provider, or joining the one that your work provides. It can be extremely complicated if you are transferring a more substantial existing pension, so this is where a financial adviser can assist.
Regular Financial Monitoring
If you don't know how to invest, the right adviser will help you to get a portfolio set up, establish what your goals are, and answer any questions. They will also send out statements to update you on your portfolio and set up meetings to touch base on the progress of your goals.
Paul Dodd Investment Advice is committed to providing independent financial management throughout Leeds and North Yorkshire. If you need to speak to one of our financial advice specialists today, please get in touch to discuss the ways that we can help you.