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When to seek help from a qualified financial advisor

There are some tasks in life which most of us will attempt to do ourselves, and some that are best left to the experts. A significant proportion of motorists will try their hand at changing a wheel when they have a flat tyre, for example, but very few of them would even consider repairing a damaged gearbox. The old saying about horses for courses still rings true for so many things.

The same could be said about the world of personal finance, of course. Running the family’s bank account and perhaps a credit card is relatively uncomplicated, especially in the age of online banking, but some processes are far more complex. These can be made simpler with the advice and guidance of experienced specialists who have been working in finance for many years.

One of the reasons for the complexity is the fact that the markets are constantly evolving, and many of the products offered by banks and other finance houses change regularly. A specific strategy that may have proved fruitful just a decade ago may be less beneficial, or perhaps even obsolete, by now. Keeping track of developments isn’t easy, especially for the average man or woman on the street.

Keeping tabs on your pension is crucial

A good example of this would be your workplace pension. Employers or trustees will often make changes in the pension scheme in order to hopefully increase its worth. If you have a deferred benefit scheme, the rules of that scheme will explain how changes can or cannot be made. These adjustments can include aspects such as definition of earnings, how pensionable service is calculated and closing the scheme to any new members.

Most people work all their lives and only really think about their pension in their later years. While this is perhaps understandable, it’s definitely not the wisest of moves to make. Even in your younger years, you should be taking an interest in how your pension is being managed, and this is often best achieved with help from a retirement planning advisor.

The same principle can also apply to investments. If you have some money to invest, can you really be sure that you know how to go about it? Have you calculated the value of your potential returns? Have you ascertained your attitude to the risks that may be involved? Are there any industries that you may be ethically opposed to, and would therefore not want to invest in?

The whole question of when to seek high quality financial advice becomes clearer when you think of it in terms of a car that needs some maintenance. There will be some jobs that you’ll want to tackle yourself, but there will also be others that need the input of a qualified mechanic. Sometimes it’s a good idea to call in some help, while on other occasions you may not need any assistance at all.

Here at CNS Financial Solutions, we have helped so many people with their pensions, investments, wealth management, mortgages and more, and we could be doing the same for you. If you’re about to make a financial commitment and you’re not sure about the process, why not give our team a call today? We’re available right now on 07414 750 874, so feel free to get in touch soon.

Approver: Quilter Financial Services Ltd. 09/01/24

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