When Is Financial Advice Beneficial?

When is financial advice beneficial

Seeking financial advice from an expert financial planning and wealth management firm can not only help you grow your wealth, but build it in a resilient way.

Read on to learn more about some of the many instances when financial advice is beneficial.

1. When creating a financial plan for the future

Financial advice is crucial when creating a financial plan, as an expert adviser can give you extensive information and guidance on how to best set and achieve your goals.

For example, Netwealth, a modern wealth management service, can provide advice from a highly experienced team, who can assist you in establishing and reaching achievable financial goals.

They can help outline a clear path towards reaching these goals, while factoring in every aspect of your current financial circumstances, and all your unique requirements.

In addition, your chosen financial advisers can offer continuous advice throughout the execution of your plan, so you can review and adapt your steps to align with changes in your lifestyle, circumstances, targets, etc.

2. When approaching your retirement

Financial advice is also beneficial for when you’re approaching retirement, as there’s usually much to consider at this stage in your life.

Your chosen financial adviser can help you to devise specific targets for your retirement, including:

  • The age you want to retire
  • The retirement lifestyle you want
  • How much you want in your pension pot

Your adviser can then detail what you need to do to ensure you have the best chance of achieving these goals, and give guidance to ensure you’re making well-informed financial decisions.

For example, this could mean making the right contributions in different account types, which are best suited to build your wealth and shelter you from tax, so you have sufficient funds to suit your desired lifestyle when you reach retirement.

They’ll also make you fully aware of common mistakes or regrets when planning for retirement, and ensure you’re equipped to avoid them – such as underestimating the length of your retirement, for instance.

3. When executing your investments

You should also consider seeking financial advice when you’re looking to build an investment portfolio or executing your investments, to ensure you have the best approach to grow your wealth and meet your investment needs.

With expert advisers and wealth management, you can receive guidance on the different investments you can make, and how you can achieve the best balance of preferred risk level and potential returns, to suit your financial ambitions.

Also, financial advisers can tailor their advice to give you the best investment strategies to match your needs. For instance, you may be interested in socially responsible investing (SRI), if sustainable and positive impacts on society are as important to you as growing your wealth.

Moreover, the right wealth management service will be able to invest on your behalf.

As you can see, financial advice can be a crucial component in a wide range of scenarios, when it comes to planning and managing your finances.

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


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