/industry-wired/media/agency_attachments/2024/12/04/2024-12-04t130344212z-iw-new.png)
/industry-wired/media/agency_attachments/2024/12/04/2024-12-04t130332454z-iw-new.jpg)
/industry-wired/media/media_files/2025/01/08/tt1cRExE9yJ6VryuZ6cs.jpg)
/industry-wired/media/media_files/2025/01/08/tt1cRExE9yJ6VryuZ6cs.jpg)
Are you considering working with a financial planner and aren’t sure what the benefits are? Let’s see what the top benefits are when you work with a financial planner!
What Is A Financial Planner?
A financial planner helps you manage your money and ensure that you achieve your financial goals. The role of a financial planner is quite varied, but you can expect them to help you with the following:
- Insurance planning - to help you understand how much insurance you need
- Investment advice - to ensure that your money goes further and is protected when it is invested
- Financial analysis - to assess your financial health and offer support on how to improve this
- Goal setting - to help you find your short-term and long-term financial goals, including buying a home or saving for retirement
- Tax optimisation - to help you maximise deductions, manage your investments wisely, and learn about the tax implications of your financial decisions
Most financial planners will have been certified by the Certified Financial Planner Board of Standards (CFP board), and it is common to see ‘CFP’ following the name and information of financial planners. You can find financial planners working contractually or for large firms, where they will have the experience of other planners to draw on where needed.
What Are The Benefits Of Working With A Financial Planner?
Working with a financial planner has several benefits, making it a fine choice for many clients. By working with a financial planner, you can take the admin stress out of your finances, see your money go further, and comfortably enjoy your retirement. We have outlined the main benefits of working with a financial planner below so you can see if it's the right choice for you.
They Can Help You Make The Most Out Of Retirement
A financial planner can help you map out retirement goals and create the right plan to help you meet your goals. When creating a plan, your financial planner will consider any roadblocks that could make meeting your retirement goals difficult and how you can overcome this, directing you through any changes to your environment.
Financial planners can also help you manage your assets effectively. As you approach retirement, your savings and finances can change as you move from saving in certain accounts to utilising your pension, ISA, or other bonds. A financial planner will help you draw your income at the right time, ensuring you stay within certain allowances to prevent hefty tax bills and ensure you don’t miss out on interest.
They Help You Preserve A Legacy
Inheritance tax can be a complicated tax to understand, especially without any financial help. A financial planner can help you preserve a legacy while ensuring the appropriate amount of inheritance tax is paid. A financial planner will help you find the best way to ensure that your assets are passed to your family and can help you approach the topic of discussing death and money with them if needed. They can run you through options like gifting and trust planning to ensure you are leaving a legacy for your family without a huge tax bill.
They Can Reduce Admin Stress
A financial planner can also reduce much of the stress you might feel around your finances. Investment planning, estate management, and the world of taxes can be very confusing, so why not remove some of that confusion and use an expert to help you? A financial planner removes the complexity from financial planning for you and continues to monitor your finances, helping you handle any changes to your finances or tax laws.
They Can Create A Tailored Plan For You
Another benefit of using a financial planner is that they will create a tailored plan for your needs rather than offering generic advice that does not apply to your circumstances. Your financial planner will spend time getting to know you, your finances, and your needs so that your plan benefits you. They will regularly look at your plan and make adjustments where needed to ensure that your assets are protected.
They Offer You Experienced Advice
The experienced advice a financial planner offers you that can help you save money in the long term by switching you to tax-efficient products. Doing so can save you nearly 40% on tax bills, ensuring that you get more of your money for the next stages of your life.
What Are The Drawbacks Of Working With A Financial Planner?
There aren’t many drawbacks to working with a financial planner, but it's worth mentioning them to help you make your decision. It’s worth noting that most people have a positive experience with their financial adviser, but some found the following issues:
- They can be quite expensive depending on how they charge you for their services
- They might not always have your best interests at heart when it comes to where your money is invested
It’s important that you spend time doing your research to find a financial planner who you can trust with your assets without worrying about conflicts of interest.
Find Your Financial Planner Today
A financial planner can not only help you save money but will protect your assets and ensure you have a legacy for your family. The cost can be off-putting to some people, but it's a small investment that ensures your money goes further. Why not reach out to Solace Financial Planners to see what they can do for you and your finances?