What is a Financial Adviser?

Posted on 5th June 2023

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If you’re looking for the most effective way to build your wealth and achieve a successful financial outcome in your situation, there’s one key thing you will want to consider:

A financial adviser

But what is a financial adviser and why are they important for your finances? In this article, we’ll take you through a guide on what financial advisers can do, and why you might benefit from incorporating one into your financial journey.

Read on to find out more.

What is a financial adviser?

A financial adviser is an experienced professional who can offer you advice on how to manage various aspects of your finances.

They are able to assess your unique financial situation and offer expert guidance that’s catered to each scenario, goal, and any challenges that might be present in your finances.

Your adviser will conduct a full analysis of your income, and discuss different components involved in your current circumstance with you – such as how many financial dependants you have, your spending, and what your ambitions are for the future.

There are a wide range of scenarios where a financial adviser can help you, including – trying to optimise your asset allocation, planning for your retirement, navigating a divorce, receiving an inheritance, or leaving money for the next generation.

You can also discuss any concerns or obstacles that might be causing uncertainty or worry in your financial situation. Your adviser will be able to devise the right approach to your finances, that will help you overcome these challenges and build your financial confidence.

Where can you obtain a financial adviser?

If you’re looking for the right financial adviser for your situation, we recommend you consult a modern wealth management service.

The experienced advisers will be able to combine meaningful advice with things like powerful online tools and investment management, to offer the best advice service for your finances.

Be sure to find a wealth management service with transparent fees and vast experience in the industry, for the best chance of achieving a successful financial outcome.

What can a financial adviser bring to your finances?

There are various factors a financial adviser can bring to benefit your finances, including, but not limited to:

Financial planning

Your adviser can help you develop an extensive financial plan, that takes into account all your future goals, and implements the right steps to achieve them.

These goals could include things such as – retiring with a certain amount in your pension pot, protecting your wealth through a divorce, or inheriting money as tax-efficiently as possible.

Whatever your goals might be, your adviser can help you refine them so they’re both beneficial to building your wealth, but also realistically aligned with your financial circumstance.

Investment management

Your adviser can also help you manage your investments more effectively. Their expert guidance will allow you to find the right investment opportunities to help you reach your goals.

For instance, they can offer you a range of portfolios that deliver the right balance of risk and potential reward, when compared to your financial circumstance. These investments can then help you grow your wealth towards your goals.

As well as this, your adviser can ensure that any personal investor values you have are taken into account in your approach. For example, they can guide you on the right socially responsible investing (SRI) approach to take.

Ongoing advice

Another key aspect of a financial adviser is that they can offer ongoing advice throughout your financial journey.

This will allow you to receive constant guidance on how to navigate various impacts that present themselves in your finances.

These can come in the form of career or lifestyle changes, as well as external factors like market changes and new tax rules that apply each tax year.

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Now you know what a financial adviser is and why they’re so important for your finances, make sure you consult your chosen wealth management service to begin your journey with an expert.

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