If you have been working with DBL Asset Management for a while, you likely recognise the benefits of professional financial advice. Hopefully, with our support, you have increased your short-term financial security and progressed towards your long-term aims in life.
As such, you might feel inclined to recommend our services to those around you. This referral can be incredibly valuable because it gives your loved ones peace of mind that we can be trusted to manage their wealth effectively.
Here are five situations when you might recommend your friends, family, and work colleagues to us.
1. Receiving a large inheritance or redundancy payment
Many individuals seek financial advice for the first time when they receive a large windfall, perhaps from an inheritance or redundancy payment.
If you know somebody who has recently received a lump sum, they might benefit from our support because there are several potential challenges they could face.
For example, leaving a large portion of wealth in a current account or low-interest savings account may not be the most effective way to use their windfall. We can discuss alternative options, including investing, or using the funds to support specific financial aims, such as buying a second home.
There might be certain tax implications to consider too, depending on how they choose to hold the wealth. We can explain this to them and find the most tax-efficient ways to hold and potentially grow their windfall, so the wealth supports their wider financial aims.
2. Starting a family
Starting a family is another important life milestone when your loved ones could benefit from financial planning.
Having children will likely change their budget and their expenses will increase in certain areas. We can help them review their spending and ensure they are still able to meet their financial obligations.
More importantly, new parents may want to explore options for protection, such as life insurance, to ensure the family is financially secure if they were to pass away unexpectedly.
Additionally, parents might decide to build wealth for their children to help with university costs or getting on the property ladder.
These are all areas we can help with, to ensure your loved ones can protect their families and create more opportunities for their children in the future.
3. Navigating a divorce
A divorce is a very difficult life transition, which could have a significant effect on the finances of everybody involved. If you know somebody who is currently navigating a divorce, our expert guidance could help them alleviate financial stresses during an emotionally challenging time.
This is especially true for women, as PensionsAge reports that, on average, women saw their income cut in half in the year following a divorce. Meanwhile, men only saw a fall of 30% in the same period.
Divorce can also cause long-term financial problems if one person earns more and has a larger pension pot than the other. While married, the lower earner was likely planning to rely on pension savings from a partner to fund their retirement, to some extent.
Despite this, Legal & General reports that only 13% of couples consider splitting pensions during a divorce.
Professional advice can be incredibly valuable as we can help clients gather information about their assets and ensure that everything is split fairly.
We can also support clients in creating a new plan and managing financial challenges they might face as their circumstances change.
Consequently, they can continue working towards their long-term financial aims despite any disruption caused by the divorce.
4. Thinking about retirement for the first time
Preparing for retirement is an important part of financial planning, but many people fail to consider it earlier in life.
According to PensionsAge, 39% of those surveyed said they had not worked out how much they need to save for retirement, and 16% relied on “gut instinct” to determine a savings target.
If you have friends, family members, or work colleagues who are yet to make plans and are starting to think about retirement for the first time, they might not know where to begin.
We can support them by discussing their current situation and the kind of lifestyle they would like to lead in later life. From there, we can build a tailored financial plan and help them build their savings, so they can be confident they will achieve their dream retirement.
5. Building an investment portfolio
As you may already know, investing is a useful way to build wealth and potentially improve your financial position in the future. However, if you have never invested before, it can be incredibly daunting.
The people around you might recognise the benefits of investing but may not take the first step towards building a portfolio because they are concerned about the risks involved. Many people also lack knowledge about different investment types and how to balance their portfolio.
If you refer them to us, we can discuss what they hope to achieve from investing, and their attitude to risk, so we can build a portfolio that supports their unique aims. Crucially, we can ensure that their portfolio is well-diversified and offer guidance during periods of market volatility.
Overall, this means those close to you can invest with confidence.
Get in touch
If you have friends, family, or work colleagues who might benefit from financial advice, then please invite them to get in touch with us at DBL Asset Management.
They can email enquiries@dbl-am.com or call 01625 529 499 to speak to us today.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
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.
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.
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.
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.
Note that life insurance and financial protection plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.
Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.