How a financial adviser can help you manage your money

A financial adviser helps you organise your finances and considers your income, expenditure, pensions and other investments to create a projected view of your future. 

This enables you to be better prepared for things to come and to make changes, while understanding their impact on the bigger picture. Essentially, you’re better able to plan your retirement and look forward to such things as taking the holidays you’ve always dreamt of.

At the centre of all this is the often elusive skill of managing your money, something which takes time to learn but once mastered, can literally pay dividends.

After six years of research between 2001 to 2007 into the value of financial advice, ILC-UK found that those who took financial advice ended up with an average increase in their pension wealth of £27,664 more than those that didn’t take advice.

That’s a clear demonstration of value, however, what can you do to ensure that value is delivered consistently across your plan?

Understand your number

A fundamental part of the whole process involves understanding what we call ‘your number’. This is the amount of money that you’ll need to ensure you have complete peace of mind going into retirement. It includes enough to fund your future lifestyle, making it secure, and ensuring you never run out of money.

By getting to know you and your ambitions, a financial adviser will provide you with a detailed plan of action to help you focus your finances. You’ll start by creating a financial roadmap that helps you make the right choices and find the right balance between current responsibilities and future aspirations. This is further helped by your adviser mapping out different scenarios: since all roadmaps come with twists and turns, it’ll be valuable to see all your possible routes.

Adapting behaviour

Financial planning involves a change in behaviours, none more so than getting into good habits to ensure long-term benefit. You’ll need to ask yourself questions that dive into your understanding of money management, such as:

  • Can I sleep comfortably knowing I’ll have enough money for my future?
  • Do I have the security of knowing where I’m heading financially?
  • Am I going to be able to maintain my current lifestyle once I stop working?
  • Do I feel empowered financially to live the life I want today and tomorrow?
  • Have I made adequate financial plans to live the life I want and not run out of money?
  • Do I have a complete understanding of my financial position?

Set clear goals

Managing money can be stressful for anyone. Overcoming this worry can be achieved by starting right at the beginning and setting clear goals. Your goals are unique to you; nobody else is in the same position as you and therefore the way you handle your finances and plan for the future should be unique too.

The problem is that there are countless saving and investment options to choose from, and if you tackle planning on your own, it’ll be easy to fall back into the very stress you’ve been trying to escape. A financial adviser will have an understanding of the full market, and be in a position to advise on exactly what solution you need according to your appetite for risk, thus saving you time and ensuring your goals are met and built into a realistic plan.

Your financial adviser will give you an objective view, free of bias. With Advisa Wealth, we want you to be confident and comfortable working with us. With regular reviews and years of experience, we are a team of specialists who are happy to answer any questions you may have