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Financial Advice: “But I don’t have any money”

These are usually the first words spoken to me once someone is aware I am a Financial Adviser, says Georgina Wright, Chartered Financial Planner, at Abbotstone Financial Solutions.

As a financial planner my role is not all about investing! There is a huge market for advice in the UK that is not being recognised or advised and this is the “oh, but I have no money” market.

In today’s “have everything” society the mindset for saving is marred by the need to acquire here and now, a new car, the latest phone – we are all guilty! But what happens in the event of accident or illness? How do we ensure our mortgage is paid, that our partners and children are provided for in the event of the unimaginable?

Protection (insurance on ourselves to provide an income or capital lump sum in the event of a particular event – sickness, accident, death), in the main, is unbelievably cost effective! Possibly one of the best analogies I have heard was that ‘if you had a machine in your spare room that printed money wouldn’t you make sure that you took out insurance to cover it if it broke or stopped working?’

When reviewing your protection needs it is essential to review your current financial position (looking at income and outgoings, debts including any mortgage repayments and loans) and also your personal familial situation. The need for protection increases as the family does.

Generally it is the purchase of a first home that will commence my relationship with a client. Providing independent advice regarding mortgage protection – giving peace of mind that the mortgage will be repaid in the event of sickness or death, and income protection.

Naturally, when your needs or circumstances change for example moving in with a partner or marriage, the objectives change, increased protection may be required to provide for a partner in the occurrence of an unforeseen life event and the same if children are born.

With regular reviews together we can assess whether the time is right to commence saving for the future (looking at income and outgoings), where savings can be made, and offer advice as appropriate. If you think now is the right time to get in touch, give us a call or drop us an email and we can work out the best plan for you.