The benefits of financial advice

Who can benefit from financial advice?

Financial advice can be beneficial for people in all stages of life. Whether you're just starting out, saving for retirement, or trying to manage your finances in retirement, professional guidance can help you make informed decisions and achieve your financial goals.

Here are some examples of different groups of people who can benefit from financial advice:

Young adults: Starting out in the workforce can be overwhelming, especially when it comes to managing money. Financial advisors can help young adults develop a budget, set financial goals, and make informed decisions about student loan debt, savings, and investment.
Families: Families have unique financial needs and goals, and a financial advisor can help them navigate the complexities of budgeting, saving for college, buying a home, and planning for retirement.
Small Business Owners: Running a small business can be challenging and stressful, especially when it comes to finances. A financial advisor can help small business owners understand their options for financing, taxes, employee benefits, and retirement planning.
Retirees: Retirement can be a significant financial transition, and retirees may need advice on how to manage their assets, plan for healthcare costs, and make their money last throughout their retirement years.
Individuals with complex financial situations: High net worth individuals, those with multiple investment properties, or those with multiple streams of income may require more specialized advice to manage their finances effectively.

In conclusion, financial advice can be beneficial for people in all stages of life. By working with a financial advisor, you can gain a deeper understanding of your finances, set realistic goals, and make informed decisions that can help you achieve your financial objectives.

Your life stages

Starting out

Maximising your wealth

Enjoying your retirement

To protect your family

There are a myriad of life insurance products on the market; our adviser can tell you which ones are actually worth buying. They will assess your position and guide you through the best options to protect yourself and your family.

To help plan your spending and saving

To secure your long term future, you need to build some assets - initially to get you through the rainy days and then to pay for holidays and luxuries. Step one is to plan your spending so that you begin to save, and step two is to plan that saving so that you can build your wealth as efficiently as possible.

To help you plan for retirement

Once your short term saving needs are covered, you can start thinking about the long term. Most people these days realise that they cannot rely on the state for more than the absolute basics. Planning for retirement is a complex business, and there are many different options available. A Patrick Wayne Wealth adviser will not only help sift through the many rules and product options and help construct a portfolio to maximise your long term prospects.

To secure your house

The mortgage market has always been complicated, even more so in the aftermath of the credit crunch, with mortgages now even more complex and lenders’ requirements more stringent. Buying a house is one of the most expensive decisions we make and the vast majority of us need a mortgage. A Patrick Wayne Wealth adviser could save you thousands, particularly at times like this. Not only can they seek out the best rates.

To help you meet your investment goals

As you progress through life and your assets and income begin to increase, you can start considering how to enhance your position rather than simply consolidate it. This could mean anything from looking to retire early to paying private school fees. Whatever your goal, a Patrick Wayne Wealth adviser can help assess what is realistically possible and plan with you to help you achieve it.

To find the right combination of assets

Investment is as much about protecting against potential downsides as it is about targeting maximum growth. High returns are often associated with high risk and not everyone likes the idea that their investment might fall by a third or more overnight! A Patrick Wayne Wealth adviser will make a detailed assessment of your attitude to risk before making recommendations. They will also ensure you don’t put all your eggs in one basket by helping you diversify not only across asset classes but also across accounts, individual funds and product providers.

To obtain an objective assessment

Every new investment opportunity or product is likely to be accompanied by a certain amount of hype but that doesn’t necessarily mean it is right for you. Investors will continue to be caught out by market ‘bubbles’ or high charges because they rush headlong in. A Patrick Wayne Wealth adviser knows how products work in different markets and will identify possible downsides for you as well as the potential benefits, so that you can then make an informed decision about where to invest.

To save money

Once your risk and investment assessments are complete, the next step is to look at tax; even the most basic overview of your position could help. It may simply mean using Individual Savings Accounts (ISAs) or a pension plan to benefit from government incentives or choosing growth focussed assets over income to maximise capital gains allowances versus paying income tax. For more complicated arrangements, it could mean moving assets to your spouse or children to maximise their personal allowances instead. A Patrick Wayne Wealth adviser will always have your tax position in mind when making recommendations and point you in the right direction even in complicated situations.

To keep you on track

Even when your investments have been put in place and are running to plan, they should be monitored in case market developments or abnormal events push them off course. You can ask a Patrick Wayne Wealth adviser to keep a watchful eye on your investments. They can assess their performance against their peers, ensure that your asset allocation does not become distorted as markets fluctuate and help you consolidate gains as the deadlines for your ultimate goals move closer.

The value of investments can fall as well as rise and you may not get back the amount originally invested.

For peace of mind

Money is a complicated subject and there is lots to consider to protect it and make the most of it. Markets are volatile and the media are prone to exaggerate the risks and rewards. Employing a good wealth adviser can cut through the hype to steer you in the right direction. Whether you need general, practical advice or a specialist with dedicated expertise, you could find that in the long term the money you invest in expert advice will be paid back many times over.

The value of investments can fall as well as rise and you may not get back the amount originally invested.