Why World Hello Day is a great time to catch up with your financial adviser

Financial News

21 November marks World Hello Day. For the last 48 years, it has aimed to demonstrate the importance of communication for preserving peace. Communication is integral in all areas of our lives, including our finances, so why not get in touch this month?

Advice can be crucial after big life events or when you have a goal in mind. But building a relationship with your financial adviser over the long term can be even more beneficial. By getting to know you, your financial circumstances, and your aspirations, we can help you to achieve your goals.

It all starts with a simple hello. Here are just a few reasons why now might be a good time to get in touch.

1. You’ve experienced a big life event

A marriage, birth, or the death of a loved one might cause you to pick up the phone. We would always recommend you get in touch after a big life event. You might need advice on specific issues – such as Inheritance Tax – or you might find you want to revisit your plan because your priorities have changed.

Big changes in your life might make you look at your future plans differently. Maybe you want to retire earlier than you thought and are considering selling your business? Maybe your world travel retirement plans have been put on hold following the birth of a grandchild, freeing up cash?

Speak to us and we can incorporate your changing priorities into your long-term plan. We’re here to help you achieve your financial goals, whatever they are.

2. When you have goals in mind but no plan for how to get there

Big life events might change your medium- to long-term goals. The arrival of a child might mean you’re looking to build a nest egg to pay university fees when they reach aged 18. A sudden windfall might mean you’re looking to retire early.

Without a plan in place, it can be difficult to know how you’re going to achieve these goals or if they are even realistic at all.

As financial planners we take a holistic approach to the advice we give, considering your full financial picture to put together a plan that helps you to reach your goals.

3. When you can’t afford not to take advice

A big life event could mean reaching retirement. Equally, it could be a sudden inheritance or even a lottery win.

Whatever your age, receiving a large sum of money might mean it’s time to get advice.

You’ll need to think about what it means in the short, medium and long term and how it affects your plans. Does it change your plans or timescales? What does it mean for your attitude to risk?

Having a large sum to invest is great but it means the size of potential losses increases too.

Back in March, at the outset of the coronavirus pandemic, the stock market crashed. Those still years away from retirement, and with a modest investment, have plenty of time for their investment to recover.

For someone closer to retirement – with a larger fund accumulated over many years – the effect of an unfortunately-timed downturn in the market would be much more severe.

Seeking advice as soon as you come into a large sum can help you manage the amount effectively. We can help you look at a sudden windfall within the context of your finances as a whole, and help you avoid investment or tax pitfalls.

Equally, reaching retirement is an important time to seek advice.

Retirement itself can be complicated. There are many options to choose from, allowances to calculate, and tax charges to consider. The consequences of a bad decision at retirement can be far-reaching and even a good decision doesn’t mean the end of the hard work.

We also recognise the importance of seeking advice during retirement. Managing pension withdrawals, the tax implications of the Lifetime Allowance, and estate planning are all important and complex areas where we can help.

Get in touch and see what we can do for you.

4. When you’re worried about your dependants

Protecting yourself and your family against the unexpected is vitally important, especially if they are financially dependent on you.

Only 50% of Brits with a mortgage have life cover. If your income is partially or wholly used to cover the mortgage, what would a loss of that income mean for your loved ones?

Life insurance, critical illness cover and income protection could all give you peace of mind if you’re worried about what would happen to your family if you became ill or passed away.

Speak to us and we can help you find out what cover you’ve already got in place and what protection you need to fill any gaps.

5. When money matters are affecting your emotions

Recent research from Royal London quantified the financial benefit of receiving financial advice. It also found a link between advice and emotional wellbeing.

If you think financial matters are impacting your emotional wellbeing, remember that regular financial advice can make you feel more in control, more confident, and give you peace of mind, according to Royal London. Now might be the perfect time to turn to an adviser.

Get in touch

If you’ve experienced a big life event, need help planning for a future goal, or have lost confidence in your finances, get in touch.

A simple ‘hello’ might be all it takes to get you back on track. We might even be able to put you in a better position than you thought possible.

Financial advice can see your wealth grow and improve your emotional wellbeing too.

If you’d like to discuss any aspect of your finances or long-term goals, get in touch. Please email info@investmentsense.co.uk or call 0115 933 8433.

Please note

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The value of your investment (and any income from them) can go down as well as up which would have an impact on the level of pension benefits available.

The tax implications of pension withdrawals will be based on your individual circumstances. Levels, bases of and reliefs from taxation may change in subsequent Finance Acts. The Financial Conduct Authority does not regulate Tax advice or estate planning.