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For both businesses and individuals, a financial adviser is an important asset for managing your money. Our team of financial experts are by your side no matter where you are on your financial journey to help you establish your financial goals and the best route to achieving these through personalised financial planning, because we recognise everyone’s journey and circumstance is unique. Think of them as a friend who helps you to maximise what you have, improve on what you’re doing, helps you work towards your goals and assists with plans for the future.

You don’t have to be wealthy to benefit from the advice of an expert and you don’t have to have your own business. You may have inherited money from loved ones and need sound counsel on how best to look after it or you might be looking for a mortgage to buy your first home and looking for advice on your best options. Whether you’re on your own or in a couple, a business owner or part of an organisation, sound financial advice is worth its weight in gold so let’s take a closer look at the role of a financial adviser, what they do and how they can help you.

What is a financial adviser?

A financial adviser is a professional person who provides advice and services to support with finances. The type of financial advice they provide can include personal finance, investments, savings, tax planning, retirement and pension planning, mortgage advice, business and income protection, and insurance services such as life insurance and critical illness cover.

Examples of financial services

This list is not exhaustive but below are some of the most common financial services financial advisers support people with.

• Retirement planning – planning for your retirement may mean the difference between being able to retire when you want and being able to live comfortably and having to work for longer with less pension to show for it. Pension planning seeks to ensure your retirement is on your terms by drawing on various schemes, looking at different scenarios and planning appropriately.
• Savings and investments – making the most of your finances through effective savings and investment planning will ensure that your hard-earned money, is in return working hard for you. Whether you’re saving up for a big project or personal milestone, looking to the future or planning for your children’s future, financial advisers can offer guidance on the best options for your personal financial goals and circumstances. Individual Savings Accounts (ISAs) are one of the best, tax free ways to grow your savings and investments. A good balance between ISAs and pensions can provide financial flexibility. A well-funded ISA can supplement your income or help with early retirement, while pensions offer significant tax benefits that support long-term financial security. ISAs can also act as a buffer to reduce tax liabilities in retirement. Since pension withdrawals (above the 25% tax-free lump sum) are taxable, withdrawing from an ISA first can help manage income tax brackets.
• Mortgages – our specialist mortgage and protection advisers are by your side to provide expert advice on residential, commercial and buy-to-let mortgage products. They will search the market for the best available rates and terms ensuring your property purchase is a sound investment for your future.
• Insurance – whether looking for life insurance or income protection insurance, critical illness cover, or business protection, seeking the advice of experts at David Allen financial services will mean that you have the right level of cover for your needs, protecting you from a range of adverse scenarios.
• Tax planning – paying the right amount of tax is a legal requirement but there are ways to minimise the amount of tax you are liable for through various schemes and initiatives. Seeking out professional tax planning advice will help you fulfil your tax requirements without overpaying or missing out on vital benefits and exemptions.

When might you need a financial adviser?

Seeking sound financial advice is always a good idea to help effectively manage your financial circumstances but there are specific scenarios where using a financial adviser could help you save money in the long run.

• When you experience a significant life change – this could be marriage, divorce, inheritance, starting a family or buying a home
• Planning for your retirement
• Your financial situation is complex where you might have multiple sources of income, investments and savings
• You need expert guidance when it comes to exploring the best saving and investment options for your financial goals
• You don’t have time to manage your finances yourself

How to choose the right financial adviser

Considering how to pick a financial adviser is an important question. Choosing the right financial adviser for your financial circumstances will help you to achieve your goals, personal and professional. At David Allen Financial Services we pride ourselves on our supportive and straightforward guidance, we belove financial planning should feel empowering and not overwhelming. As with engaging any professional, it is important to try and talk to at least three different providers. A short consultation should equip you with a first impression, a quote and information tailored to your situation.

• Look for recommendations. If someone you know and trust is raving about a particular financial adviser then this is a positive indication of a good fit.
• Avoid anyone who is pushy and don’t be backed into committing to anything that you don’t feel comfortable with. Other red flags include companies or individuals that don’t respond to communication, they offer misleading or confusing information or they avoid answering questions.
• Ask questions. Ask about their portfolio of clients, the type of businesses they work with, their areas of expertise, their costs, the amount of time you might be expected to pay for, whether they are independent or restricted, the level of protection they offer and what to do if you’re not happy with their advice. The information they provide will help you discover if they are someone you can work with, they are reliable and affordable for your situation.
• The definition of fiduciary duty is the duty a financial professional has to look out for your best interests as their priority. In terms of financial services this means a financial adviser has a duty to act responsibly and honestly on your behalf, within the confines of the law and without self-interest. In the UK the FCA oversees fiduciary duty so ensure that your adviser is regulated by the Financial Conduct Authority.

David Allen offer financial services across the north of England and the Scottish Borders. Our team of independent financial advisers are friendly, experienced and professional and we pride ourselves on excellent levels of customer care. We encourage people to reach out to us and we’ll be happy to discuss your requirements and how we can help achieve your financial goals.

When you are ready to embark on your own personalised financial journey,  reach out to our team of friendly and highly knowledgeable team on 01228 711888 or visit david-allen.co.uk/services/financial-services.

Get in touch with the team today.

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