If you are a do it yourself investor, the signs that professional advice may be cheaper for you in the long run have been outlined below.
1) You are approaching the pension contribution limit
The £1 Million lifetime pension contribution allowance can cause difficulties for individuals with significant resources. If you are close to the limit, beware that you may face a charge of 55% of the excess.
2) Your tax bill is starting to hurt
It is very important for your long term financial prosperity to minimise your tax bill wherever possible. This includes income, capital gains & inheritance tax. ISAs (Individual Savings Accounts) and pensions could form part of your tax strategy.
3) You have received a windfall
Money received as part of an inheritance or the sale of a business can open up serious taxation implications that could be reduced with the right advice.
4) You want help keeping on top of your portfolio
Are your investments still in line with your current needs and objectives, or do they match them from 10 years ago? It's important to keep your investments aligned with your current requirements as part of regular holistic reviews of your situation.
5) You want to avoid the dangers of a home bias
Home bias is the tendency to invest in domestic stocks or funds to the detriment of diversification. However, looking further afield can help you to maximise your returns for a given level of risk. A good adviser will help you to achieve this.
6) You’d like assistance in putting an action plan in place
Are you "time poor, cash rich"? Your adviser will develop a deep knowledge of your financial situation, and enable the time you spend with them to be extremely efficient while still being in depth.
Contact Westminster Wealth Management today and one of our skilled advisers can construct a financial plan for you that will enable you to meet your financial goals.
The value of investments and income from them may go down as well as up and you may not get back the original amount invested.
A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.
Information is based on our current understanding of taxation legislation and regulations which is subject to change.
Six situations where DIY investors need a helping hand