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Why Would I Need a Financial Advisor for My Pension?



Posted on: 16th December 2020

This is a question that is asked a lot these days, so if you came here looking for the answer then you are not the first person to have confusion over the question.

When it comes to getting pension advice Manchester, Haven IFA have the expertise and we are glad to inform you why it’s so helpful to seek the help and advice of a financial advisor.

The Current Layout

With the current pattern for increased choice and flexibility when it comes to accessing your pension in the UK, one has to expect that there are elevated risks and responsibilities to go alongside it.

This carries an uncertainty of how things can play out when it comes to the risks and customers finding themselves unprepared and uneducated about what they could be taking on. Even with those uncertainties many people were choosing to make choices without consultation from a financial expert and leaving themselves wide open for the risks that come with it.

Where Do They Come In?

First off you don’t need to consult with a financial advisor when it comes to a state pension or guaranteed pensions.

The aid of a financial advisor is for when your pension is based on investment performance to prevent those in drawdown from running out of money within retirement. Now it’s not an absolute necessity to require an advisor but you certainly stand a lot wealthy in the long run with the help of one.

Financial advisors are not able to see how investments will go ten to twenty years ahead, however, they do have the requisite training to ensure that long term financial planning is not overly complicated. This is by being able to take into account all those manoeuvres that come along on the financial journey to better ensure your financial safekeeping.

Help to Hand

When working with a financial advisor you have a service dedicated to helping you in meeting your goals and sometimes even moving the goalposts back for a better outcome.

In being able to anticipate and adapt to the ever-changing financial landscape and those personal instances that crop up unexpectedly over the long term, a financial advisor is able to help you get around those circumstances within or outside of your control.

Those choosing to go it alone when it comes to pension planning are left without a long term plan in favour of short term rewards and missing out on how it can plan out for them over years ahead.

So Do I Need One?

You may only find you need a one-off piece of advice in order to set up a scheme or you may discover you need an ongoing stream of advice, everyone has a difference in requirement when it comes to financial advice.

As mentioned earlier those with guaranteed pensions will most likely not need any help, but if you have something like a defined contribution pension then its a tremendous benefit to have financially. For further advice on how Haven IFA can help you when it comes to your specific financial needs, give the team a call today for the best independent financial advisors UK.