Our finances, along with our health, are probably our main consideration in life. Yet many of us fail to seek independent financial advice, or worse still turn to the internet.
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The truth is the right guidance can help us realise our financial dreams, such as early retirement, while also avoiding unwelcome surprises and costs along the way.
So what are the benefits of having a financial advisor?
Here Charles Stewart, managing director of Stewart Lyon Financial Services in Lossiemouth, Moray, tells us why the right guidance is vital to making the most of your money.
Why should I get independent financial advice?
Charles says: “The answer to this comes from what people who have used us over the years have said. That is that they didn’t know they needed a financial advisor until they had one. There’s so much we can do. You come to speak to us about one thing and we find out other things we can improve upon and we’ll make a considerable difference to your long-term finances.”
Key to that is the expertise built up over the years by a good advisor. They’ll have a great overview of the financial environment, covering everything from mortgages to pensions, insurance and savings. Whether you’re buying your first home, setting up a pension or saving for your kids, they’ll make it easier for you.
It’s also important to seek out independent financial advice and not take guidance from someone tied into selling you a particular product. Financial advisors’ legwork and expertise will help you avoid being drawn in by seemingly attractive deals that actually have a sting in the tail.
Charles adds: “With mortgages we’ll do research and look at more than 130 lenders then narrow it down according to what people need. The client goes home and looks at a comparison site and says, ‘Oh, I’ve found a cheaper rate.’ But they don’t see the penalties. They don’t see the cooling off period, the lock-ins. They don’t see all the other bits that go with it and make it not a great deal.”
When should I get independent financial advice?
It’s never too late to seek financial advice, but the simple fact is that the earlier you get it the better. The more time you have to plan your finances the more difference you can make. Investments will produce a far greater return over long periods of time, making it easier for you to achieve your goals.
Charles says: “Today is the best time to get financial advice. There are particular events such as starting work, getting married or starting a family when advice is crucial. Retiring too is an obvious one. But it’s so much better if you speak to someone ten years before you retire. In every instance, the earlier the better. The right time to speak to a financial advisor is now.”
Can having a financial advisor help me retire early?
Yes. A financial advisor will help you put in place plans to boost your finances and make that dream of early retirement a reality. They can set up pensions and savings funds tailored to your own needs. Again though, the sooner you start the better.
Charles says: “The first thing to do is establish what sort of retirement you want. The more you put in the more you get out. At 40 you can afford to take a bit more risk because your investments have time to come good. Nothing diminishes risk like time.
“Also money put away for 25 years is worth a tremendous amount more than money put away five years ago. So we would encourage people within their budgets to increase their pension contributions.
“Putting away the equivalent of one family takeaway a week can make a tremendous amount of difference over 25 years. It can be life-changing.”
It’s never too late though and Charles points out that often early retirement is a lot more possible than people think. They just need to get the right independent financial advice.
He says: “Something I see with older clients is people often don’t know how well off they are. They’re planning their life over retiring at 68 when actually they could retire at 64. They’re sick of their job and grinding away. If they spoke to us they would find out they could retire earlier.”
Experts in finance for over 40 years
Stewart Lyon has been offering expert financial guidance for more than four decades and is authorised and regulated by the Financial Conduct Authority. The team cover investments, pensions, mortgages and protection and will offer tailored solutions to each client’s specific requirements and objectives. They will regularly review your bespoke financial plan to ensure it continues to meet your needs.
So if you want help with navigating the financial maze, why not contact Stewart Lyon Limited?
