Managing your finances and doing it right is not for everybody. It takes one unsound decision to send your financial health spiralling downhill. Taking advice from professionals who are trained in managing money matters and financial dealings is the right approach if you think a particular financial matter is beyond your understanding. However, you cannot hope to rely on a professional advisor for every small financial decision of your life. For instance, no financial adviser will draw up the monthly household budget for you, that is strictly a DIY job whether you like it or not.
Nonetheless, it is best to seek professional help in matter involving big investments or huge monetary returns. Some of the crucial financial dealings where you should seek help of a financial advisor include endowments, annuities and pension transfers, tax planning, investments, loans and mortgages, insurance plans. Financial advisors can be broadly classified in two categories – restricted advisers and independent financial advisers.
The independent financial advisers (IFAs) are useful for almost everybody. They help you make robust financial decision by giving you unbiased advice on a whole of monetary matters. For instance, if you are looking for a mortgage, a competent IFA will direct you towards a credible company like Stonehaven that provides lifetime mortgages without exploiting your financial situation. (more...)