Seeking expert financial advice is one of the most important steps to take in your financial journey. In this article, we’ll discuss where you can receive both one-off and ongoing financial advice, and which one might benefit you more when building your wealth.
Where to get one-off and ongoing financial advice
By contacting a UK wealth management company, you will receive expert advice from professionals who have the knowledge and experience that’s well suited to helping you achieve your financial goals.
Your wealth management service will provide unique guidance for your circumstances, whether it’s for a one-off consultation, or ongoing advice to help you navigate your changing finances.
Do I need one-off or ongoing financial advice?
Let’s look at some key instances where you should seek financial advice, to see whether a one-off or ongoing approach is best.
- Financial planning
Financial planning is a vital component in building your wealth, and therefore, seeking the advice of your wealth manager is pivotal.
With one-off advice, you’ll be able to create the best plan for you. This involves establishing the right financial goals for your future, that not only align with your ambitions, but are also achievable when considered along with your current financial circumstances.
As well as this, your adviser will take into account any concerns and anxieties you may have about your finances, ensuring you receive the best advice that’s tailored to you and your unique situation.
Then, with the skills of your financial adviser, you’ll be able to set clear and precise steps to help you reach your financial goals and, in turn, build your wealth effectively.
However, as you begin executing your financial plan, your circumstances may change. This could be changes in your career, or in the cost of borrowing and inflation rates, for example. Each of these might impact your plan.
Therefore, ongoing advice could be ideal to help you navigate these impacts as they occur, so you feel more reassured and knowing your plan can remain flexible and well-suited to achieving your goals.
- Retirement
When approaching retirement, financial advice is important to help you achieve the best outcome, including reaching your desired retirement goals.
With one-off advice, your wealth manager will help you re-evaluate your retirement plan, so you’ve got a clear and achievable set of goals in place – that, most importantly, factor in your current circumstances.
You can then receive guidance on how to reach these goals. Your adviser will help you establish the pension contributions you need to make to achieve your goals efficiently, and ensure you have the right amount in your pension pot when you retire.
Ongoing advice can help you evolve as your circumstances evolve – to ensure that as much of your money is sheltered from tax as possible.
As you experience changes in things like your income, or the inclusion of a spouse, for example, your adviser will make sure you’re making the most of your available allowances at all times. As of the tax year 2022/2023, your pension allowances stand at:
- Lifetime allowance – £1,073,100
- Annual allowance – £40,000
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With this in mind, it’s clear that regardless of your circumstances and goals, financial advice from your wealth manager can be crucial in helping you to build your wealth effectively.
One-off advice is always helpful, but if you’re looking for a more impactful, long-term solution to your financial challenges, then ongoing advice or regular advice could be ideal for you.
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Please note, the value of your investments can go down as well as up.
