How financial advice can help you navigate your situation


Are you in a financial situation that you’re finding quite complex to navigate on your own? This is why financial experts are the key for many investors.

We’ve put this article together to take you through a few of the many financial situations where you could benefit from the help of a financial adviser.

Read on to find out more. 

Planning for your retirement

One of the most common financial situations where investors often require guidance is when they’re planning for retirement.

For one, your adviser can help you establish the right goals for your future, factoring in all your ambitions and any obstacles you might be facing.

For example, this could include:

  • Living a certain retirement lifestyle
  • Supporting your financial dependants in retirement
  • Have a certain value of assets when you retire

Your adviser can help you set goals that are beneficial for your wealth whilst also being realistically achievable in terms of your circumstance.

Also, your adviser can help you grow your pension savings tax-efficiently. They’ll take into account the annual pension allowance – currently £60,000 for the 2023/2024 tax year – when planning your contributions with you.

They’ll help you contribute the right amounts throughout the tax year to shelter your money from tax and grow your money towards your goals, without compromising your financial capabilities.

Building your children’s wealth

You can also use financial advice to help you build your children’s wealth with junior accounts – such as a Junior Individual Savings Account (JISA).

With a JISA account, you can grow your child’s savings tax-efficiently, and help them have a sum of money to go towards their financial future.

Each year, you can contribute a certain amount of money into your child’s JISA. As of this financial year, the maximum annual JISA allowance contribution is£9,000.

This money is protected and cannot be withdrawn until your child turns 18, when the money can be accessed tax-free.

This can be a great way to prepare your child’s finances for the future, and give them a significant sum of money to go towards certain goals. For instance, this could be to pay for education, go towards purchasing their first property.

Therefore, financial advice is not only beneficial for your own wealth, but that of your family’s.

Leaving an inheritance

Another situation where financial advice can be beneficial is when you’re looking to leave an inheritance.

This process allows you to leave your wealth behind to your loved ones when you pass away – also known as leaving your estate behind.

This is comprised of various assets you have, including things like your cash, trusts, investment accounts, valuable personal items, and much more.

An adviser can be key here since leaving your estate behind can make you subject to Inheritance Tax (IHT), and your expert can help you navigate it.

They can make you aware of your IHT threshold – £325,000 for the current tax year – which shelters any value of your estate up to this amount from tax.

Also, they can help you explore your options for gift-giving, which can allow you to give your wealth to your loved ones gradually before you pass away. These gifts, depending on how you structure them, can be given tax-free.

Once again, speak to your adviser to see how this process can be approached for optimal tax-efficiently.

As you can see, there are a range of financial situations where financial advice can offer huge benefits to investors. Therefore, if you’re currently in a situation like one discussed above, or another that you need financial guidance on, speak to your modern wealth management experts.

Please note, the value of your investments can go down as well as up.


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