Given how important growing your wealth is, it would be understandable if you were to think that investment choices are the key consideration when it comes to getting advice from a financial professional.

Yet, the benefits you can receive from working with an experienced financial adviser will often be about far more than just where your pension fund and other savings are invested.

In this article, you can find out about four of the key benefits of working with a financial adviser when it comes to managing your money.

1. You benefit from their knowledge when planning your financial future 

It is very much common sense not to start on any major undertaking without a plan in place, and that goes just as much for planning your financial future as any other big project.

So, one of the key benefits you will get from working with an experienced financial planner is the wealth of knowledge you can tap into. 

This is especially the case when it comes to constructing a plan to meet your financial objectives, such as a secure retirement and protecting your loved ones.

These plans will include not only investments but also: 

  • How you fund your retirement
  • Your ongoing budgeting
  • Protecting your future wealth
  • Effective strategies for mitigating tax.

A comprehensive plan will also include having a strategy in place to deal with the financial effects of a potential long-term or career-ending injury.

The experience of a professional can guide you over issues you may not have even thought of, so that the financial plan you end up with is robust and suitable for your needs.

2. An adviser will ensure your plans are reviewed regularly

With a plan in place, it is then important to review it regularly to ensure you are always on track to meet your goals, making adjustments as necessary. 

Your circumstances are likely to change and when this happens, your plans may need to change as well. For example, you may sign a new, more lucrative contract or move to a different club. Alternatively, you may get the opportunity to go and play abroad.

Then there is the natural progression through your key life milestones, such as the end of your playing career, marriage, and the arrival of children into your life.

At each step, an adviser can help you manage your financial arrangements and identify some of the pitfalls, as well as the opportunities. 

At the very least, an experienced adviser will want to review your plans with you on an annual basis, together with other reviews if there is a sudden change in your circumstances that you will need to react to immediately.

These reviews will help make sure your plans remain aligned with your goals.

3. You will have someone you can talk to about your financial issues and problems 

Changes to your circumstances can happen suddenly and without warning. 

After all, it is a fact of life for a professional sportsperson that an injury can happen at any time. Then, there is the potential for issues that are outside your control to affect your life. For example, the sad and sudden events at Wasps and Worcester last season and, more recently, what happened at Jersey Reds. 

As a result of this potential for sudden change, you should not underestimate the value of a professional you can pick up the phone and talk to when you need to.

If you are confused or need advice about any financial issues, they will be able to help you, or refer you to the relevant individuals.

4. They will help you avoid potentially costly errors

A lot of the benefit of working with an adviser comes from getting guidance on managing your financial behaviours. 

For example, it is perfectly natural to be concerned about the value of your investments, especially at times of increased market volatility. 

At such times, a financial planner will act as a voice of reason and help you avoid an expensive mistake. They will provide sound, objective advice, helping you stick to the plan and remain invested.

There is also evidence showing that working with an adviser can be financially beneficial. For example, the International Longevity Centre (ILC) carried out research to quantify the effects of taking professional advice.

This 10-year study found that people who had been given professional financial advice were, on average, £47,000 better off than those who had chosen to do things themselves.

The 10 years covered by the research included the 2008 financial crisis, and clearly highlights the value of financial advice, particularly during times of financial uncertainty.

Get in touch

If you would like to talk to an adviser about your financial planning, then please do get in touch with us at DBL Asset Management.

Email or call 01625 529 499 to speak to us today.

Please note

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future results. 

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates and tax legislation may change in subsequent Finance Acts.

This article is for information only. Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The Financial Conduct Authority does not regulate cashflow planning or tax planning.