Back in 2008, we were at the height of the banking crisis which was perhaps best epitomised by the collapse of Lehman Brothers, RBS and Northern Rock and represented gloomy times for many. Since then, Uber, Bitcoin, Instagram, the Selfie Stick, Airbnb, Snapchat, Tesla and the iPad have emerged, so who knows what will be around in another ten years’ time.
Perhaps you’ve experienced a number of changes in your own life? Marriage, children, a new career, a new home, divorce, retirement and even bereavement could have arisen.
For some of these you may have engaged the services of a professional, such as an accountant or a solicitor. You may have used a comparison site to switch your energy, car or home insurance, but how many have engaged the services of a financial adviser?
With fourteen changes to pension, tax and inheritance legislation over a ten year period, many of these will have had, or potentially impacted, the future of your assets, income, wealth and planning for future generations. Surprisingly, according to the FCA’s (the financial services regulator) latest survey – ‘The changing shape of the consumer market for advice’ - there are 18.2 million people with £10,000 or more in savings and/or investments who might have a need for advice but yet haven’t taken any.
The same report also indicates that a total of 4.5 million UK adults took financial advice on investments, saving into a pension or retirement planning in the last 12 months, which represents an increase of 1.3 million compared to the previous year.
This latter figure is hugely encouraging, especially at a time when change has never been more prevalent and where there is considerable political uncertainly, especially in the short term. It’s also clear that the responsibility for your own financial future lies increasingly with you, but that’s not to say you won’t benefit from professional advice and assistance in reviewing your financial position and helping you achieve your goals and aspirations.
Despite what people may think, financial planning is not just for the wealthy, it includes the basics affecting everyone; protecting income, debts and loans, saving for the future, mitigating Inheritance Tax, reviewing and implementing pensions and retirement plans.
Whilst this isn’t an exhaustive list, the key message is that financial advice is available and suitable for every one at all stages of their life and can provide much wanted security and peace of mind.
If you'd like independent financial advice, please get in touch with Justin Rourke on 01768 222030 or email using the link below.Contact Justin
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