If you have made the decision to put together a financial plan, there is likely to be a temptation to do it all yourself.
After all, this will save you endless amounts of time and money, right? Wrong. An expert can guide you through the process and provide you with insights into your own finances that would otherwise have gone unnoticed.
What about other sources of advice?
These days, it is fairly easy to access information. You can flick through a magazine or log on to the internet whenever you need pointing in the right direction.
However, the problem with finding advice through these methods is that it will be generic – in order to make the most of your finances, you need guidance that has been tailored to your situation.
Although your friends and family may have any number of anecdotes on how they manage their money, the chances are the same techniques will not be relevant to you.
What are my financial needs?
Before you seek advice from anywhere, you will need to carefully consider what your financial needs are.
Do you have children who are still financially dependent on you? Do you have obligations such as mortgage payments that you need to meet?
Going through a major life event such as having children or moving house may also have a bearing on how you address your financial plan.
All these questions are important when putting together a financial plan and will help shape any objectives you put in place.
What can an advisor achieve for you?
If you have decided that receiving the expertise of a financial advisor is the right way to go, you will no doubt be asking yourself exactly what they can help you achieve.
They can help you feel more financially secure and get the most out of government concessions – this is often an area that people do not feel comfortable trying to navigate themselves.
Having a clear idea of what you want to achieve with your money from the outset is a good idea, as this will help guide your expert in their recommendations.
Although you will pay the advisor for their services, the chances are that you will be making savings in other areas that you hadn’t even thought about.
It all goes back to the saying of having to spend money to make money – can you really afford not to receive expert advice?