If Not Now, Then When…

26th March 2022

The right time to get your financial ducks in a row? The sooner the better is probably the best answer. But there are certain significant milestones when seeking expert advice could be life-changing

Many people only think about taking professional financial advice as they get older, and particularly when their thoughts turn to retirement. But there are lots of key moments throughout our lives when expert support could prove valuable.

The earlier you put a financial plan in place, the better your chances of achieving your goals, even if you change tack over time.

“So many people overlook basic issues when they’re planning their finances, particularly as their circumstances change,” says Steph McDonald of HarperLees Financial Planning. “They don’t think about insurance as their families grow, say, or consider how long their cash will last in retirement. It’s all about adapting to your circumstances and priorities, as each life event comes along.”

KEY MOMENTS WHEN ADVICE COULD COME IN HANDY…

BUYING A HOME. In a complicated but competitive mortgage market, first-time buyers will benefit from expert advice on their options – how much they might be able to borrow, what type of mortgage is most suitable for their needs, and which lenders offer the best deals for their situation. And if you need to remortgage later on, advisers can help once again.

STARTING A FAMILY. As people settle into long-term relationships and start to think about children, their priorities shift. If others are financially dependent on you, do you have life insurance, as well as protection in the event you can’t work? Have you thought about saving plans for children, whether for education costs or simply to build up a nest egg on their behalf?

SETTING UP A BUSINESS. Britain’s self-employed workforce continues to grow, but you’ll need a degree of financial security to go it alone. An adviser can help you look at your income, spending, savings and investments, to give you the confidence to walk away from a regular salary – if indeed that is the right decision for you. If your business involves significant investment and marketing to get going, you need to know how long you have to support yourself and your loved ones before you start turning a profit.

GETTING DIVORCED. Divorcing couples face some painful choices about how to share their assets fairly, but also what the split might mean for their finances on an ongoing basis. For couples with children, these discussions can be even more difficult. Taking professional advice on what is possible and how to achieve it could be crucial and help prevent discussions becoming acrimonious.

APPROACHING RETIREMENT. As you get closer to retirement age, are your savings on track for you to stop working at a time of your choosing with the lifestyle you aspire to? A financial adviser can help you assess your current position and adjust your strategy if necessary to achieve your targets.

MOVING INTO LATER LIFE. Even after you’ve retired, you’ll need more help. Is your retirement fund going to last until the end of your life? What are your options if you need to pay for long-term care? Should you sell your home – or a chunk of the equity in it? Does your family face an inheritance tax bill, and how can you mitigate this cost?

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