5 occasions when you should speak to a financial planner


an older couple shake hands with their financial plannerIf you want to reach your financial goals, working with a planner can have a myriad of benefits. They can ensure that you’re managing your wealth in the most effective way possible and help you to lay the groundwork for preparing for the future.

Furthermore, it isn’t only your finances that will benefit, but your mental health too. A financial planner can give you a greater sense of control over your money, instil confidence in your long-term plans, and give you peace of mind to know that your finances are taken care of.

Despite this, many people are hesitant to seek professional financial advice. If you’re unsure about whether financial planning could be right for you, read on for five situations in which speaking to a financial planner could really help.

1. When you have a major life event

There’s no better time to receive financial advice than when you’re approaching a major life event. Whether you’re getting married, having a baby, or moving home, working with a financial planner can ensure that you use your money in the most effective way.

As such, a financial planner could help you to assess which financial protection you may require, assist you with your estate planning, and help decide whether your financial plan needs to change.

For example, they may suggest that you put a Lasting Power of Attorney in place or seek financial protection to safeguard your family in the event of the unexpected. If you were to become incapacitated for any reason without the appropriate protection, it could leave your family in a difficult situation.

Alternatively, they may recommend using a mortgage broker if you’re looking to purchase a property. They can also suggest tax-efficient methods of saving and investing for your child’s future.

2. When you want to be more specific about your goals

You may have had financial goals in mind ever since starting your working life. People often want to “retire early”, but it doesn’t really give you anything specific to work towards. A financial planner can evaluate your finances and decide when you could realistically achieve a financial target.

For example, a financial planner can map out everything you need to do to go from “I want to retire early” to “I want to retire at 55”. They have the tools to both set you on the right path and ensure that you stay on track along the way, no matter what you’re striving for.

One such tool is cashflow modelling, with which a planner can predict your future finances and come up with any alterations that need to be made to your plan to still achieve your goals. They will also consider everything you need to maintain a comfortable and sustainable lifestyle.

3. When you have no time to manage your own finances effectively

Planning your own wealth and finances can be both difficult and time-consuming, especially when you might be managing your investments.

Rushing through decisions may cause you to make suboptimal choices and this could negatively affect your finances. This is where your planner comes in, handling the management of your wealth so you don’t have to.

A financial planner will stick with you throughout your financial journey and meet with you on a regular basis to discuss and evaluate your plan. This means that you can spend your time enjoying yourself stress-free, rather than endlessly dealing with the minutiae of your finances.

4. When dealing with money could affect your mental health

Managing your wealth can be stressful, no matter the situation you are in. It’s easy to worry about whether you’ve made bad financial decisions, whether your investments will grow as expected, or even whether you have enough money to achieve your financial goals.

This stress and anxiety can sometimes be overwhelming and worsening mental health could lead to poor money management. This could leave you trapped in a vicious cycle, leading to further anxiety, sleepless nights, and overspending.

A financial planner can help you feel more confident in your finances and help bring you peace of mind. They can give you a greater sense of control and provide reassurance when you need it most.

5. When you’ve made a mistake

If worst comes to worst and a financial decision doesn’t work out, or a difficult time for your mental health has led to improper financial planning, your planner can help plot a way out.

Sometimes, financial mistakes happen. An investment could backfire, a life event may change your financial situation, or an unexpected expense may catch you off guard. If any of these were to happen, you may not know what to do.

Your planner will be there to help you make informed decisions and readjust your plan as necessary. They can help navigate you out of difficult situations, no matter the cause, and find a way to get you back on track with your financial and personal goals.

Get in touch

If you think you could benefit from the help of a financial planner, get in touch. Please email info@investmentsense.co.uk or call 0115 933 8433.