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Your 2022 financial plan – 3 times to call in the experts

We look at why now could be a good time to start planning your financial future, and three times you should think about taking advice.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

January is a time when lots of people start making plans for the year ahead. But when it comes to your finances, just focusing on what you want to achieve in 2022 might not be enough.

Rather than only looking at your next big financial goal, you should be thinking about the other milestones that might come up years, or even decades, from now.

This article and guide will help you learn about financial planning and where advice could fit in. But the information and tips given here aren't personal advice. If you are unsure whether a course of action is right for you, you should seek advice. Remember all investments can fall as well as rise in value so you could get back less than you invest.

Start planning your financial future now

Half the people we surveyed said they had no idea where they wanted to be financially in 10 years' time*. And a fifth of us know where we want to be, but not how to get there.

You might not have ever thought about where you want to be financially in the next 10 years, or you'd rather focus on one financial goal at a time. But it's only by knowing roughly what our long-term goals are that we can be sure we're taking the right steps towards them.

Our 5 to Thrive is a good place to start as it maps out 5 building blocks for financial resilience. You'll get guidance on things like controlling your debt, putting money away for emergencies and getting started with investing.

But sometimes it pays to call in the experts. As well as saving you time and effort, taking financial advice means you can rest assured you've got a plan in place that's suitable for your situation and goals.

Here are three times you should really consider getting advice to help you with financial planning.

  1. When it's for something really important

    It's not the worst thing in the world if you don't have as much money set aside for a holiday as you'd like. It's a different story if you come to retirement and you don't have the cash you need.

    Some things are too important not to consider getting advice. Your retirement is a prime example as it's something you've worked for your whole life. It's something you'll typically only do once too.

    What you do with your pension at retirement is an important decision that could impact how much money you have to live off. You should make sure you understand your retirement options and take advice if you're not sure.

    You should also get guidance from Pension Wise, available from age 50. It's the government's free, impartial service to help you understand your options.

    Looking after your loved ones if the worst should happen is incredibly important. A financial adviser can help set up insurance or protection policies which could provide you and your family with vital income if you're not able to work. They can also help arrange your estate and work with will writers to make sure your wishes are carried out when you pass away.

  2. When your situation is more complicated

    When it comes to things like financial protection, long-term care or inheritance tax planning, you need to know about different products available and the rules around them. It's at this point you should think about getting a financial adviser to help you.


    Or perhaps you have lots of different goals you need to weigh up. For example, you might want to help your children get on the property ladder, while also saving for retirement. An adviser can use cash flow modelling, to work out how much you can afford to give, taking into account the impact it'll have on your lifestyle and inheritance tax liability.

    It can show you how much money you could have in the future and whether you are on track to achieve your goals – helping to answer questions like 'do I have enough money?' .

    Financial savvy and common sense will only get you so far. When you're dealing with complicated rules and products, or have lots of different goals to weigh up, it's time to think about advice.


  3. When you don't have the time, readiness or confidence to do things yourself

    It's hard to translate what you want from life into tangible financial goals, let alone come up with a plan to make that happen.

    Saying you want to save for retirement isn't enough. You need to think about how much you'll realistically need to live off, and then make sure your pension is on the right track. You can do this yourself by using our how much will I need to retire guide, but it does take a bit of time and effort.

    If you speak to a financial adviser, they'll ask the right questions to find out what you really want from life and pin down your financial goals. By leaving it to an expert, you just focus on what you want from your future. They'll help turn it into a sound financial plan.

    Once you've got these nailed down, an adviser can look through a wide range of options and financial products to help find something that's suitable for you.

    Researching all the different options yourself takes time and a bit of financial savvy. But an adviser has a wide range of knowledge and resources at their disposal and can give your finances the consideration they deserve.

Is it time to talk to an expert?

If you think you could benefit from advice, it's worth booking a call back from our helpdesk to find out more.

They won't provide advice on the call, but they can talk you through how advice works, and the charges involved. That way you can get a better idea of whether it's right for you. If it is, you'll be put in touch with an adviser.

Book a call back

*HL survey conducted by Opinium, 2,039 respondents in September 2021.

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Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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