Ten Things Your Financial Adviser can do for You

1. Manage your cash flow

It’s a simple statement to say that you’ll never get ahead if you spend more than you earn, yet in many households spending more than you earn is what happens on a regular basis. Your adviser can work with you to develop a budget, one that suits you and your lifestyle and will set you on the right path to live the life you want now and in the future.


2. Put your debt to work

There are different types of debt – good and bad. Your adviser can explain the difference and make sure that – where possible – your debt is working for you and your future.


3. Assist you with a savings plan

The benefits of a good, regular savings plan cannot be stressed enough.

  • How do you start?
  • How much can you afford?
  • What will your short-term, medium-term and long-term goals be?
  • What will your savings milestones look like?

As your financial coach, your adviser can help you develop a plan that will work for you and will also help you meet the goals you set together.


4. Invest your money

Saving is one thing and without the discipline of putting something aside it may not be possible to invest. Investing is something else – it is making sure your money is working as hard as possible. Knowing where to invest is a difficult decision. Your adviser is qualified and has the experience to help you navigate the myriad opportunities available to give you the best options available.


5. Help you realise your goals

There are a few steps required to achieve your financial goals. The first step is to talk through and understand your goals. Next is to make a plan – the plan should be clear in showing how you are intending to reach these goals.

The plan may change over time as your priorities change and goals need to adapt to changes of mind or circumstances. Your financial adviser will be able to work with you in adapting and reshaping your plan to meet these new goals. Without a plan in place, reaching your goals will be much more difficult.


6. Keep you on track

Making a plan is one thing. Sticking to it is quite another. It’s much more difficult and takes willpower and perseverance. Like working out, having a coach is better than doing it all alone. A financial adviser is your financial coach and will help you stick to your plan. This doesn’t mean not being flexible but it does mean making sure you stick to it even when temptations abound and times become tough.


7.Take care of your retirement

You want to stop working when it suits you. Your adviser is there to make sure that – using the right plan – you are able to make an informed decision about when is the right time for you to retire, and to ensure you retire with the lifestyle you desire.

Your plan should ensure that your money is accessible enough to maximise your income in retirement and continue to do the things you most enjoy doing. Retiring is not the end of life as you know it but the beginning of life the way you want to live it.


8. Protect your lot

Building your assets is vitally important for your future, but protecting your assets is equally important.

How much protection is enough? If something happens to you (or your partner) how will you continue the life you are accustomed to – how much will it cost to maintain your lifestyle for the present and the future?

If you don’t have enough insurance, your life may face drastic and unpleasant changes just at a time when this would compound other difficulties facing you. Your adviser can help you to determine what type of protection you might need when preparing for the worst. It is good to know that whatever happens, in you and your family’s life, you can continue as best as possible in changed circumstances.


9. Look after your estate

Families are at the heart of financial planning. Making sure that everyone is looked after when one member dies is something that can make a huge difference to the financial position of the rest of the family. This is even more important when a small business is involved.

A financial adviser can ensure that your estate is structured effectively so that when something does happen to you or a loved one your financial plans won’t be another thing you have to worry about.


10. Plan for your future

As your circumstances change you will need to update the way your finances are structured. A financial adviser can do this for you – make sure you are in the best shape to take the next step on your financial journey – from single to married to parents to new jobs, no jobs and even grandparents and retirement.


Source: BT.

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