5 ways a financial adviser can help you with your finances

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Like most people, the first time you spoke to a financial adviser was probably when you bought your first home. After all, a financial adviser is the most qualified person to reach out to for advice on securing the right mortgage.

You might not realise it, but financial advisers can help you in lots of other ways too. From assessing the current state of your finances to helping you plan for the future, getting financial advice can add real value.

So, rather than waiting for your mortgage deal to come to an end, why not get in touch today for a financial MOT? Just like you get your car checked every year, your finances could probably benefit from a thorough review.

Here are just five of the ways we can help you.

1. We’ll check the health of your finances

We can give you a good insight into the current state of your finances. We’ll look at your savings and investments, mortgage and other loans, pensions and insurance to develop a deep understanding of your financial affairs.

This type of financial check-up isn’t about recommending products. It’s about building up a clear picture of your finances so that we can spot opportunities you’re not currently taking advantage of and resolve any issues.

A financial MOT can be especially important if your circumstances have recently changed. If you’ve started a family or had a radical career change, your finances might need a bit of rejigging.

2. We can help you create a budget

Creating a budget, and then sticking to it, is one of the most important ways to ensure you’re on solid financial footing. However, it’s a time-consuming task that can be difficult to get right.

We’ll look at your household’s income and comb through all your expenses to create an effective budget. We’ll make sure your expenses don’t exceed your income and check whether you can reduce your outgoings, for example, by spotting gym memberships or magazine subscriptions you no longer use.

We can also adjust your budget if your circumstances change in the future.

Having a solid budget in place will give you a sense of security that your finances are running as smoothly as they should be.

3. We’ll provide security for your family

If you have dependents who rely on you financially, it’s worth thinking about how they would cope if you died or became seriously ill. Without your income, they could suffer severe financial hardship at an already stressful time.

We can help you plan for the unexpected by recommending protection insurance. The right type of cover will be dependent on your circumstances, so it’s important to get professional advice.

Whether it’s life insurance, critical illness cover, income protection or a mixture of all three, we’ll give you peace of mind that your family will be looked after should the worst happen.

4. We’ll guide you on setting goals

When you’re saving and investing, you need to know what you’re actually saving and investing for. Deciding on a financial goal will give you something concrete to work towards. You’ll then be able to see whether you’re on track to meet your goal or whether you need to make any adjustments.

Some common financial goals include:

  • Buying a property
  • Saving for university fees
  • Going on a world cruise
  • Building a nest egg for retirement.

We’ll produce a plan detailing how long it will take to achieve your goal and how you will achieve it. For short-term goals, this could involve putting money in a cash savings account, whereas for longer-term goals you might consider investing in the stock market.

5. We’ll help you plan for the future

Your retirement might seem like an eternity away, but it’s never too soon to start planning. In fact, research shows the sooner you start saving for your retirement, the better – even if it just means investing a small amount.

Figures from Unbiased show that if you invest £100 a month from age 40 and your money grows by 4% a year, you would have around £36,500 at age 60.

Conversely, if you started earlier at age 20 and invested just £50 a month, you could end up with nearly £60,000. This is because of the power of ‘compound interest’ – when you earn interest on your savings as well as interest on interest. Over a long period, it can make a huge difference to your money.

If you invest into a pension, your money will be worth even more because the government adds 20% tax relief to pension contributions. If you pay £50 into a pension the government will top this up to £62.50. So, using the example above, your pension could be worth around £72,800 at age 60.

We can help you to decide how much to save into your pension, based on your other financial commitments and budget.

Get in touch

If you want help getting your finances in order, please get in touch. Email us at office@verve-financial.com or call 0330 320 5048.

Please note

The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

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