Do I need a financial adviser?

Throughout every investor’s journey, there’s one key question that often makes its way to the forefront of your financial plan – Do I need financial advice?

The answer is not as simple as yes or no, and will depend on your unique financial situation.

However, we’re going to answer your question with a few more questions, to explain in detail a few scenarios and situations where financial advice could be beneficial.

Do you need tailored guidance?

This is one of the most important questions to find out if you need financial advice, as you can receive tailored guidance from your expert on how to approach your finances.

Some investors might look for generic investment tips, but for the best chance of a successful financial outcome, you need advice that’s aligned with your unique financial situation.

Your adviser will assess various aspects of your finances, from your income and spending to your financial dependents and future goals. This can allow them to offer the right recommendations that are suited to your specific circumstances – thus helping to create the most effective approach for you.

Have you made a detailed financial plan?

Financial planning can be essential for reaching your future goals, so if you haven’t yet created one, or maybe you’re not entirely satisfied with the one you have, a financial adviser can help.

They can assist you with outlining all your future goals, both short and long-term, and making sure each one is both reflective of your ambitions but also realistic in terms of your financial situation.

Your adviser can then help you establish the right steps to meet these targets, involving things like your investment strategy, asset allocation, etc.

For example, if you’re looking to achieve a comfortable retirement, your adviser can give you access to an advanced retirement planning tool to help you structure your plan accurately.

Are you managing your investments effectively?

This question urges you to look at your investment strategy to see how effectively it aligns with your future goals.

With a modern wealth management service, you can gain the experienced guidance of a financial expert who not only advises you but can also manage your investments for you.

Your expert can help you find the right portfolios that provide a balance of risk and potential reward suitable to your financial situation. As well as this, they can handle the responsibility of monitoring and adjusting your investments where necessary.

You can always have an input where you want in the type of investments made, but if you wish, you can leave the bulk of the task to your skilled professional.

Are you prepared to navigate impacts on your wealth?

There are a wide range of things which can impact your wealth, whether it be changes to inflation and interest rates, financial markets, or even things in your own personal life like career changes.

Therefore, as your financial situation changes, so can the effectiveness of your plan. This is why it’s important to consider ongoing financial advice that helps you navigate these impacts as they occur.

For instance, your adviser can help you re-evaluate your retirement plan regularly, so you’re consistently on the right track to build your wealth tax-efficiently and reach all your future goals.

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We hope you’re now much more informed on whether a financial adviser might be beneficial or not for your financial situation.

If you’ve found it to be true, contact a modern wealth management service to start building the right approach to your finances.

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Please note, the value of your investments can go down as well as up.