When do you need a financial adviser?

Financial advice is something we all need at one point or another, but are we really using the advice of financial experts to the full?

With today’s complex family set ups, the huge rise in small businesses entrepreneurs and the longer life expectancy many of us enjoy, the role of a financial planner has become more diverse than ever before. It is hoped this article will help inspire others on how to get the very best out of a financial adviser.

We talk to Peter Morris, Financial Planner at Cranwell Wealth Solutions of Heathfield; to find out just how varied the reasons are for people seeking financial advice. Here Peter draws on seven recent examples from the last month alone…

1. Looking to retire and hoping to reduce IHT…

Earlier this month I met with a client who wishes to retire within the next year, but for now has excess cash from downsizing. She wants to use this to both help her retire more comfortably and also ensure that there will be a legacy for her children.

• Helping an older parent make important decisions…

Recently the daughter of a wonderful client of ours was seeking advice for her mum to discuss her estate and what options are available to make sure she can afford care, should the need arise in the future and also to start to identify ways to reduce her Inheritance Tax liability.

• Selling businesses and paying less Capital Gains Tax…

It is always inspiring to visit clients who have built up successful businesses and can now enjoy the rewards of selling them on. I recently met with a client who has sold part of his business and wants to pay less Capital Gains Tax. We talked through the options available and also how he could use the funds to set himself and his family up for the future. Maximising available pension allowances was the first step for him.

• Considering a move overseas…

An exciting adventure awaits one client who is considering moving overseas. He needed to talk through the consequences for his income tax, inheritance tax and estate. We explored his various options for either renting his property out, selling it, or gifting it to his children.

• Restructuring income and capital needs in early retirement…

A client in the early years of retirement was looking to structure their income/capital needs for the next six months. As the early months and years of retirement don’t necessarily fall into an immediate pattern of expenditure; it’s important to keep in regular contact to ensure they have enough while paying little or no income tax. We talked through the various options available and formulated a plan.

• Inherited money and developing the best plan for it…

It can feel an enormous responsibility when you inherit money. Recently a client wanted to make sure he had a secure plan in place to help him retire in 5 to 6 years following an inheritance, while also identifying how he could make the most of the funds he’s received now in the short term.

• Identifying replacement income if sickness / accident were to occur…

It’s easy to think it’ll never happen to me, but all too often people are losing out on income due to sickness or accidents. I met with a client who wanted to make sure he had organised a replacement income to ensure the household expenditure is covered should an accident or sickness occur.

The reasons really can vary when it comes to discussing your options with a financial adviser, but knowing all advice is complimentary and offered without any obligation whatsoever means you have nothing to lose and everything to gain.

Cranwell Wealth Solutions offer high street branches locally in both Heathfield and Uckfield, welcoming walk ins or appointments. The team is also very happy to meet with you over video conference or in your own home. www.cranwellws.co.uk 01825 767 568

The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time and are dependent on individual circumstances.

Exit Strategies may include the referral to a service that is separate and distinct to those offered by St. James’s Place.