You may not think your finances are that complex. You have been a teacher for much of your life, and you hope to continue in this career. You have relatively uncomplicated finances – with some savings, your teachers’ pension scheme, your home and a few bits and bobs here and there. There is nothing that exciting about your finances – so why should you choose to see an independent financial advisor?
The Citizens’ Advice Bureau (CAB) note that there are times in your life when you will be unsure what to do with your money. They also point to those moments when you must make significant choices about your financial future. Like any sector, the financial sector is flooded with products that you can choose from, making it difficult to know which to select.
You may feel confident to make the choices. However, more likely is that you are confused by this choice. You may feel yourself frozen in place and unable to make any decision at all. It is at this point that you should seek out the help of an independent financial advisor.
An advisor will have a view of the whole market. They will also be able to see the bigger picture, giving you insights into your retirement, investments, savings, how to make use of a lump sum, whether you should buy property or what happens if you choose to turn this into annual income.
It is worth noting that there is a difference between advice and guidance. An advisor is regulated by the Financial Conduct Authority (FCA) and guidance services are not. Also, it is important to interrogate ideas of independence. Some advisors will be incentivised to offer some products over others. Therefore, it is always vital to ask the question: how do you earn your money? If you would like to know the different types of adviser, then you should see this definition offered by the CAB.
The content in this article was correct on 23rd September 2019. You should not rely on this article to make important financial decisions. Teachers Financial Planning offers advice on pensions for teachers and non-teachers. Please use the contact form below to arrange an informal chat with an advisor and see how we can help you.