Seeking financial advice is one of the most important decisions for you and your finances and often brings about many questions for people who require the advice of an expert.
We’ve put together a list of the most frequently asked questions (FAQs) about seeking financial advice.
Read on to gain more clarity and understanding on financial advice and how it can work for you.
- Who can seek financial advice?
Many people wonder whether they might benefit from financial advice, and whether there are any criteria for seeking expert guidance.
The truth is, anyone can seek financial advice and benefit significantly from insight into their finances.
Regardless of your financial situation, there’s no better time to start seeking financial advice than now.
For example, Netwealth financial planning has expert advisers who are experienced in dealing with a wide range of clients, each with their own situations, challenges and needs.
Your adviser will tailor their advice to your unique circumstances, whatever it may be, to help you build your wealth as effectively as possible.
- What can financial advice help with?
Financial advice can help you with a variety of different financial situations, challenges, and goals including:
- Retirement planning – You can receive guidance on how to grow your wealth for retirement, and to be tax efficient with your pension savings.
- Asset allocation – Your adviser can help you allocate your assets in a way that best suits your current financial situation, and your goals for the future.
- Navigating a divorce – There are many aspects of your finances to consider when going through a divorce, and an adviser can help you make the best decisions to protect your wealth.
- Inheriting money – When inheriting money, an adviser will help you understand all the tax rules that may apply, so you can achieve the best financial outcome from your inheritance.
Your expert adviser will help you take the necessary steps to achieve your goals, that are both beneficial to growing your wealth, and realistic in terms of your financial situation.
- What type of financial advice is best?
The type of financial advice you need will depend on your specific situation, and what your adviser will recommend as the best approach.
Two key forms of advice are:
- One-off financial advice – This is when your financial situation calls for a one-off session with an adviser. They will analyse your finances, understand your requirements, and give you advice that’s focused on a specific goal, or to cover a particular aspect of your finances.
- Ongoing financial advice – This is used to provide a more in-depth and proactive relationship with an adviser. You’ll have regular sessions where your adviser will review your finances, and help you navigate the various impacts that might affect your situation.
- How can financial advice help with investing?
A crucial aspect of your financial health is how you manage your investments, and an adviser can offer expert guidance.
For example, they can help you find the right balance of risk and potential reward with your portfolios. This will ensure you’re making the right investments to build your wealth, while also investing in a way that’s suited to your current financial circumstances.
Your adviser will also take into account all of your financial goals, and analyse your income, expenses, etc., to find out how much you should be investing according to your unique requirements.
For example, they could help you explore the Three Pot Theory and how it can optimise your finances, and help direct your investments.
- Where can you find appropriate financial advice?
A good place to find meaningful financial advice is with an expert wealth management service.
There are many things to consider when seeking the right wealth manager. But you should opt for a service with experienced and qualified professionals, that offers highly competitive fees and powerful technology so you can better access their expert guidance.
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Please note, the value of your investments can
