FAQ's
Better Financial Solutions
What does an Independent Financial Adviser (IFA) do?
An IFA provides impartial financial advice tailored to your personal circumstances. This can include guidance on pensions, retirement planning, and protection needs. An IFA is regulated and works in your best interest rather than being tied to specific products.
How do I know if I need financial advice?
You might consider seeking financial advice if you want clarity about your pensions, need help planning for retirement income, or want confidence that your long-term financial decisions align with your goals. A professional review could help you understand the options available and what might be appropriate for your situation.
What is a pension review and why could it be useful?
A pension review involves gathering information on all your existing pension arrangements and examining aspects such as fees, investment options, and suitability. A review could help you see whether your current setup still matches your retirement objectives and personal circumstances.
Can I transfer my pension to another scheme?
Yes, pension transfers are possible, but whether it is suitable depends on your individual circumstances. A regulated adviser can explain the opportunities and risks involved and help you consider whether a transfer could be appropriate.
What is retirement income planning?
Retirement income planning involves identifying how you could generate income from your pension savings once you retire. This may include considering different ways to take income and understanding the potential risks and benefits of the available options in the context of your personal goals.
What are annuities and how do they relate to retirement planning?
An annuity is a way to convert pension savings into a guaranteed income for life or over a period of time. An adviser can explain different types of annuity approaches and discuss factors to consider, such as income flexibility and potential costs. The aim is to help you make choices that could suit your income needs and circumstances.
Do you provide advice on protection (insurance)?
Yes. Alongside pensions, an IFA can provide regulated guidance on:
- Life insurance
- Critical illness cover
- Income protection
This guidance could help you protect your financial security and support your overall financial planning.
How is advice tailored to my personal situation?
Good financial advice begins with understanding your goals, circumstances, risk tolerance, and timelines. An IFA will take the time to discuss these elements and provide guidance that reflects your unique situation, rather than offering generic recommendations.
Will I receive ongoing support after initial advice?
Many advisers offer ongoing support, where your plans are reviewed periodically, especially as life events occur or personal goals change. This could help ensure your financial plan continues to align with your needs.
How much does financial advice cost?
Costs vary depending on the scope of advice and services provided. A regulated adviser will explain all fees clearly before providing guidance, so you understand the potential costs and what you could receive in return.
Important Information: This FAQ is for general information purposes only and does not constitute financial advice. Pension transfers, annuity purchases, life insurance arrangements, and investment decisions carry risk and may not be suitable for everyone. The value of investments can fall as well as rise and you may not get back the amount originally invested.
