Marianne Curphey
AUTHOR Marianne Curphey| CREATED 13 Jan 2016
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Looking after the bigger financial picture

Lots of people approach their finances in a piecemeal way, buying products at different times as the need arises. But wouldn’t it be better to review everything you have as a whole?

It’s easy to get carried away and buy clothing or furniture that don’t suit your wardrobe or home. A gold-effect padded gilet when you only ever wear suits… a Hawaiian-style home bar when you are a disciple of pure-white minimalism.

It’s the same with managing your finances. That’s where an adviser comes in. They work for you, finding out what’s appropriate for you and how it fits into the bigger picture.

This is a holistic approach. Good money management isn’t about one product – a mortgage, an ISA or insurance. There’s a wider strategy, where the needs of all your family and their goals are taken into account. And where individual financial and investment products add up to a powerful whole.

Research1 by Old Mutual Wealth shows that 90% of people who see a financial adviser regularly feel that the advice has benefited them.

They cite “peace of mind” as the most important advantage. Other virtues include their finances being made more tax-efficient, achieving their financial goals, protection against losses and being better off financially.

We’ve illustrated, in an infographic, so you can see how a financial adviser works with you to produce winning results.

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Future-proofing your finances

The perfect wardrobe is one where items complement each other. In financial terms, this means looking at all aspects of your finances and how they work together.

That could include:

  • arranging life insurance or critical illness cover to protect your mortgage repayments
  • putting in place savings plans and Junior ISAs for children at the same time as you set up your own long-term investments
  • starting a pension that suits your retirement plans
  • making a will, setting up a trust if necessary and looking at how to protect your estate from Inheritance Tax
  • making more tax-efficient investments by switching them into your spouse’s name, or by setting up a pension for your children.

The personal touch

For an adviser to help you with this it requires a deep knowledge of you and your family. “Everyone’s requirements are different and a financial adviser will get to know you and your family – and find out your dreams, aspirations and your deepest financial fears,” says Yvonne Goodwin, founder of Yvonne Goodwin Wealth Management. “They’ll be able to identify priorities, recommend products aligned to your goals and monitor your investments to check they are still on track.” This process usually begins with a fact-find.

Whatever life brings

Your investments may need to be adjusted to fit with changing circumstances. You’ll need to look again at your finances if you marry or remarry, separate or get divorced, have a baby, welcome grandchildren into the family or suffer a bereavement.

Wills, trusts, savings and retirement dates will all need to be reviewed, along with ensuring that you have enough financial protection in place for any dependants.

If you’re ready to get your finances co-ordinated and working together, speak to your financial adviser. If you don’t have one and would like to find one in your area, check out find an adviser.

1 Old Mutual Wealth, Redefining Retirement 2015


Marianne Curphey

Financial Journalist FREELance

Marianne Curphey writes on investment and personal finance for national magazines, newspapers and websites including BBC Worldwide, the Daily Telegraph, Sunday Telegraph, Times, Guardian and Observer. She is author of Family Resilience, a Centre for the Modern Family report published in June 2012. This report looks at what sustains and nurtures families – what makes individual members of a family more resilient to life’s challenges and crises.