Four questions financial advisers are most often asked

Since the arrival of the Coronavirus and the economic uncertainties of today, we have swapped out question 4, which was originally entitled, ‘Will Brexit affect me?’ and replaced it with ‘How will Covid-19 and it’s affects on local and world economies affect me?’  Otherwise, here are a few of the most common questions asked of our advisers.

1. Am I in a position to retire? And how do I ensure I don’t run out of money?
The number one question financial advisers hear, actually yes these are two questions but they go hand in hand and are often asked in the same breath. The role of a good financial adviser (financial planner) is to  support you in achieving, growing and maintaining financial security for you, your family and your business. Initially an adviser will ask for information about your financial situation before mutually defining your personal and financial goals, understanding your time frame and clearly identifying your risk profile and capacity for loss. They will then be in a position to understand and explain how close or far away this goal is for you as well as develop and present financial planning recommendations, with the aim of helping you retire with sufficient finance.

2. How can I minimise my tax liability?
Clients generally want to know how to keep more of their income – without jumping into dubious tax avoidance schemes. Good advice will help maximise all existing tax allowances, because once the time has past the opportunity is lost forever. As well as taking an overall look at how your savings and investments are structured, tax planning also involves looking at how income will be taken in retirement, and could recommend the use of trusts or investment schemes, to ensure you hold the right investments in the right name and ownership.


3. What will this cost?

It is most important the client understands what and how charges will be made for ongoing advice, and there are a variety of different ways an adviser might charge. It may be calculated on an hourly basis, on a percentage of the amount invested, or through ongoing charges. Generally an initial consultation is free and after a discussion and fact-find around the client’s assets and personal situation, an adviser will give an estimate for any work he or she is recommending. An adviser must agree with you the cost of their services before starting to work with you.

4. How will Covid-19 and it’s affects on local and world economies affect me?
It is highly likely you will be adversely affected in some way by the impact of the coronavirus. It is important that you speak with your adviser and vital you are comfortable with the investments you have and that they reflect your current attitude to risk.

Capital at risk. The value of an investment can fall as well as rise and you may get back less than you have invested.
The Financial Conduct Authority does not regulate taxation and trust advice.

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