Advice matters: how professional financial advice can help you navigate major life events

 23 April 2021
Advice matters: how professional financial advice can help you navigate major life events

With all the twists and turns of 2020 continuing into 2021, you may be feeling anxious about your work, your finances, your investments, and what the future holds. 

You are not alone. Research carried out by the Office for National Statistics (ONS) found that, since the outbreak of coronavirus (COVID-19), over 25 million people have experienced ‘high’ levels of anxiety.


Talk to a professional

Professional financial advice isn’t just for the wealthy. Most people can benefit from an expert overseeing their finances. Professional financial advice also offers so much more than just practical, financial benefits. Seeking expert advice can help to improve your emotional well-being by reassuring you about your money and yourself, and help you make informed decisions.

Here are five situations you’re likely to encounter in your lifetime when seeking professional financial advice could help you avoid making hasty (and costly) decisions.

1. Consolidating your pensions

Few people approaching retirement have had a ‘job for life’. Most of us have had a varied career, with several jobs during our working lives (aka a portfolio career).  So, it’s fairly common to have multiple pensions from these previous jobs, some of which will be more substantial than others. There are various benefits to consolidating these separate pensions, such as the ability to manage all your money in one place, and paying just one set of management fees.

However, be aware that you could lose out on pension benefits when you transfer funds to a different provider. You may also encounter unexpected fees. Your professional financial adviser will advise on the most appropriate options for your individual circumstances.

2. Making financial gifts

The pandemic has hit the younger generations hard, delaying their education and reducing new job prospects. You might want to help your younger family members by making a financial contribution towards their education or their first home, or to help them start their own business. Once again, professional advice could be invaluable to maximising the value of  your gifts. There are complicated rules around Inheritance Tax and gifting, and without you might leave the recipient with a potential tax bill in the future.

Your professional financial adviser can ensure that you make tax-efficient financial gifts within the specified limits. They can also assess how much you can afford to give away without causing yourself financial difficulty.

3. Leaving assets to loved ones

When you make a Will, you’ll want to ensure that your money, assets and property go to the intended recipient. If your estate is larger than the current threshold of £325,000 (2020/21 tax year), Inheritance Tax of 40% may be applied, meaning that a large portion of the value of your estate could be taken by HM Revenue & Customs. Your professional financial adviser can suggest options that will protect your wealth from tax and ensure that it goes to your loved ones, not the tax man.

4. Starting to invest

Investment always involves an element of risk. The level of risk involved varies significantly between different asset classes, markets, industries and geographical areas, to name just a few. It can be very difficult to assess the level of risk involved in an investment on your own. Your adviser will help to match you with investments that are appropriate for your goals and investment risk.

5. Being targeted by scammers

When you’re contacted unexpectedly by someone with an incredible investment opportunity, the returns they promise can make it very difficult to turn down. Unfortunately, these opportunities usually turn out to be scams.

If you’re considering an opportunity, your professional financial adviser is there to help. Remember, if it seems too good to be true, it probably is. They can suggest legitimate ways to safeguard and grow your money.


Talk to an expert: talk to Panthera Wealth

Contact us to arrange your initial consultation, to discuss your finances, investments and more. 

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The plan has enabled us to identify key times where our finances will impact on our lifestyle and as it is a live plan we can see where we can make changes in time to ensure we meet our long term objectives.

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