Simon Hawker, IFA - When does it pay to seek independent financial advice?

Tuesday 11 July, 2017

Simon Hawker, Managing Director and independent financial adviser, Lonsdale Services, St Albans: ‘Read some case studies from our Lonsdale Services independent financial advisers that demonstrate the advantages of seeking independent financial advice and the financial benefits you can achieve.’

Wealth management financial planning

Clients with a diversified investment portfolio or complicated financial goals benefit from independent financial advice.  Read Simon Armstrong’s Investing the proceeds from a business sale, and Simon Prestcote’s Generating an income following a property sale. 

At key turning points

Independent financial advice should not just be considered the preserve of wealthy clients.  It is important that anyone experiencing a key turning point in their life gets independent financial advice.  For example, if you are approaching retirement, splitting from a partner or have inherited money, you should consider paying for advice so you invest income tax efficiently in suitable financial products.  Read Richard Porter’s - Generating tax-efficient retirement income, and Mark Bowen’s Reviewing your defined benefit pension scheme.   

To understand financial rules and regulations

Deb Nolan is a qualified independent financial adviser who specialises in pension advice and has the Chartered Institute of Insurance (R08) pensions update qualification. Read Deb Nolan’s Understanding your financial entitlements.  Deb Nolan increased the tax-free cash pension entitlement for members of a money purchase occupational scheme through her understanding of historic pension legislation. 

Agree relevant financial priorities 

Independent financial advisers should be trained to understand a client’s financial requirements.  A competent independent financial adviser should analyse, be intuitive and understand your needs.  Your adviser must also ensure that you are confident in your decisions before proceeding. Read Allan Ross’s: Meeting future education costs for grandchildren and mitigating Inheritance tax.  

Modelling financial planning scenarios

By modelling a client’s current and forecasted cash-flow, an independent financial adviser can demonstrate the benefits of using various financial products to achieve different lifestyle scenarios.   Read Neil Homer’s Modelling financial planning scenarios

Reviewing financial goals and priorities

Independent financial advisers build a relationship by meeting clients annually to review their investment plan, and if necessary rebalance their investment plan to meet future financial needs.  By paying attention to changing life circumstances, independent financial advisers allow you to make the most appropriate financial decisions at different points in your life.  Read Daniel Stansall’s Monitoring your investment portfolio to avoid portfolio drift.

 

 

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