Lifetime events that professional financial advice can help you navigate

Professional financial advice offers so much more than just practical, financial advantages. It also helps to improve your emotional well-being by making you feel better about your money and yourself – particularly in moments of crisis.

In the current climate, we recognize that you may be worried about your work, finances and what the future holds. Research by the Office for National Statistics (ONS) found that more than 25 million people have experienced “high” anxiety since the outbreak of the coronavirus (COVID-19]

Obtaining advice isn’t just for the affluent; many people can benefit from an expert overseeing their financial circumstances. Let’s look into what it means to take advice and what it may be able to do for you.

When professional financial advice could help you to avoid costly mistakes, here are five scenarios that you are likely to experience in your lifetime.

1) Consolidating your pensions.

Nowadays it’s common to have multiple pensions from previous jobs, and there are various advantages to consolidating them, such as managing all your money in one place and paying just one set of fees.
You could lose out on pension advantages when you transfer funds to a different provider and may also experience unexpected fees. Your professional financial adviser will advise on the most appropriate options.

2) Making financial gifts

Perhaps you want to help your family members by making a financial contribution to their education or home, or celebrating a special occasion. If you do not know the complex rules surrounding inheritance tax and gifting, you could leave the recipient with a potential tax bill in the future.
Your professional financial adviser can ensure that you are making tax-efficient financial gifts within the specified limits. They can also assess how much you can afford to give away without causing you financial difficulties.

3) Leaving assets to loved ones

You’ll want to ensure that your money, assets and property go to the desired recipient when you make a Will. If your estate is larger than the current threshold of ₤ 325,000 (2020/21 tax year), an Inheritance Tax of 40% may be applied, meaning that a substantial portion could be taken by HM Revenue & Customs.
Your professional financial adviser can recommend options that protect your wealth from taxation and ensure it goes to your relatives.

4) Starting to invest

Investment always involves an element of risk, but the risk involved can vary significantly between the different asset classes, markets, sectors and geographical areas, to name but a few. It can be difficult to evaluate the level of risk associated with an investment. Your adviser will help you to match investments that are appropriate to your goals and investment risks.

5) Being targeted by fraudsters

The returns they promise can make it very difficult to turn down if someone contacts you unexpectedly with an amazing investment opportunity. These opportunities often turn out to be scams.

Lawsons Equity – Professional financial advisers

Your professional financial adviser is there to help you if you are contemplating an opportunity or have already handed over money to someone you suspect is a fraudster. They can suggest legitimate ways to protect and grow your money.

Click here to arrange a no-obligation initial consultation with one of our financial advisers to discuss your needs in more detail.

We look forward to hearing from you.

Source data: [1] Office for National Statistics Research, Personal and economic wellbeing in the UK, May 2020.

Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.

The value of investments and income from them may go down. You may not get back the original amount invested.

Lawsons Equity Limited is a company registered in Malta with company number C49564 and licenced by the Malta Financial Services Authority as Enrolled Insurance Brokers under the Insurance Intermediaries Act 2006, and to provide Investment Services under the Investment Services Act, 1994.

Lawsons Equity Ltd have passported their services across the EU. To see a full list of countries click here.

In the United Kingdom, Lawsons Equity Limited is deemed authorised and regulated by the Financial Conduct Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website.