31 Oct The Importance of Working with an Independent Financial Adviser
Whether you are a contractor or locum, freelancer or small business owner, you will know the importance of having good professional contacts that you can trust and rely on. As you are often wearing many hats already, it is essential that you are able to connect with the right people who can give you the advice you need, when you need it. These people ultimately help your business and personal finances to grow.
What does “Independent” mean?
It may be that you have been allocated someone to give you financial advice within your bank. When you go to meet with them, they may discuss things like mortgages, pensions and investments.
Perhaps you find their service helpful, and maybe you have been talking to them for many years so you have built a relationship.
This is great, however financial advisers within a bank, are typically only able to promote the products offered by the bank itself.
In reality, there is a huge range of other products on the market that may be suitable for you, even better for you, and may save you money.
How an IFA can help you?
An Independent Financial Adviser (IFA) will be able to give you the choice of all the products on the market. Whether you are looking for a best-rate mortgage or how best to save for your retirement, they can give a wide range of advice.
IFA’s offer advice on areas such as:
- Mortgages & home finance
- Retirement planning, including pensions
- Investment planning, including best-rate savings
- Protection products, including how to protect your income in the event you are unable to work
- Tax planning, working alongside your accountant
As a contractor, freelancer or small business, it is vital that you understand the options available to you, financially. Else you could be missing a trick to save money and build a solid financial future.
In addition, if you don’t have the security of employment, to cushion you in the event of long-term sickness, then this leaves you exposed to risk. An IFA can help protect your assets, such as your home, as well as work towards building your financial growth.