How can a financial adviser help me?

For customers

Having your finances organised and being in a comfortable position can be one of the most satisfying and stress-relieving states you can feel in life.  

Here at Aegon, helping people achieve financial security is our mission. We fully believe in the advice network and of course the value that advice can add to people’s overall financial wellbeing. 

While it may be possible to reach your financial goals alone – you could improve your chances of getting there with the help of a professional financial adviser. If you’re still unsure whether speaking to a professional is right for you, we’ve broken it down to help you decide. 

They can coach you towards your goals

You might know where you want to be in 10, 15, 20 or even 40 years when it comes to your financial goals, but do you know exactly how to get there? According to research from the Pensions and Lifetime Savings Association more than three-quarters of us don’t know how much we’ll need in retirement. If you fall into this category as well, this is where a financial adviser can come in.

Think of advisers like a ‘financial coach’ – they can tell you based on your goals exactly how much you’d need to put aside each month to match your expectations. And what those expectations would actually total up to.

Having any type of professional coach in an area you want to focus on – could help you stay better motivated, accountable – and most importantly on track.

Setting you an actionable plan

The first thing most coaches would draw up after you both set goals is a plan to get there – having one that allows you to achieve both your short and long-term goals is really important.  That could be a plan on how to achieve a comfortable retirement, taking time out of work to spending time travelling, moving abroad to your dream home or just saving for a very rainy day. 

You can, of course, create a plan for yourself, but without professional help and guidance, there’s an increased chance you won’t meet your aims. This comes back to ‘the how’.  Getting a professional to pull together an individually personalised plan could prove invaluable.

While guiding you through life’s financial challenges

Although your ability to save and invest may be high, the difficulties can come in thick and fast.

These can be external – such as the impact of stock market moves, rising inflation which reduces your spending power and poorly performing investments.

Or personal – such as saving to get married, becoming divorced, the cost of having children, losing your job or more positively – getting a new role.

Each of these, whether positive or negative, can present challenges to your wealth management capabilities which is where an adviser can practically help you.

According to our research1, around a quarter of those who said they needed financial advice were looking to find out more about their retirement options or to invest in the stock market.

Do you really have the time, energy and knowhow to manage all of this effectively? A financial adviser can either do a lot of this for you or has direct access to experts who can.

All of which gives you a better chance of your financial plan staying on track.

Helping you when things aren’t going well

We also found out through our research1 that when it comes to money, a significant two in five people who’ve never sought advice admit that they don’t have a good relationship with it. You might find it surprising that even though this is the case, the majority of people we surveyed were still prepared to risk making decisions on their own.

Whether things are going well or not, keeping your plan on track to help you reach your goals will take effort. A financial adviser can help you with changes of direction, at times it may even mean reassessing your goals if things don’t go as planned. 

Working together with an adviser is likely to make things easier than working on your own.

Protecting you, your family, and assets

Once you’ve started to build your wealth, your adviser can then make moves to help you to protect it. 

This might include maximising your tax efficiency, looking to reduce costs and even by providing access to additional policies, such as critical illness, income protection and life insurance.

This includes protection long term too. By looking to the future with you to make sure any wealth you build in your lifetime can be passed on in the most tax-efficient way to your family. Inheritance tax planning could also take into account any long-term care needs that may arise as you get older.

So what next

With all this in mind you might be best placed to achieve your goals without a financial adviser if you have the interest, time and experience to do so. Working with a highly qualified, regulated and trained individual on the other hand could bring serious peace of mind when it comes to achieving a lifetime of financial security.  But remember there’s a cost involved if you do.

To find out more about financial advice, you can read our report.

You can also search for a financial adviser by visiting MoneyHelper.

1Why seek financial advice. Data source, Aegon, July 2019, 2000 UK consumers.