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Sample of All FAQs (Helpie FAQ)

  • Should I use an advisor or do it myself?

    Deciding whether to use a financial advisor or handle your finances on your own is a personal choice that depends on several factors, including your financial knowledge, time availability, complexity of your financial situation, and comfort level with making financial decisions.

    When considering the cost of a financial/investment advisor, it’s essential to weigh the cost against the value you expect to receive. A good advisor can provide comprehensive financial planning, investment management, tax strategies, retirement planning, estate planning, and other services that help you work towards your goals. If you’re unsure, you should consider consulting with one of our financial advisor’s for an initial consultation.

  • What does an investment advisor do?

    Their primary role is to help clients make informed decisions about their investment portfolios and assist them in achieving their financial goals. Some of the key tasks and responsibilities of an investment advisor are client assessment, investment planning, investment research and analysis, and portfolio management. An investment advisor should also be in regular communication with their clients updating them on performance and relevant regulatory changes.

  • What is an investment advisor?

    An investment advisor is a professional who provides guidance and advice on investment-related matters. They assist individuals, families, and institutions in making informed decisions regarding their investment portfolios, taking into account their financial goals, risk tolerance, and investment preferences.

  • What is the difference between a wealth manager and a financial planner?

    A wealth manager and a financial planner are both professionals who provide guidance and advice on managing finances, but there are some key differences between the two roles.

    A wealth manager typically focuses on managing and growing their clients’ investment portfolios and overall wealth. They specialise in investment management, asset allocation, risk assessment, and strategies to maximise returns. Wealth managers often work with high-net-worth individuals or families and may offer services such as portfolio construction, tax planning, estate planning, and investment advice.

    On the other hand, a financial planner takes a broader approach to personal finance. They consider various aspects of an individual’s or family’s financial life, including budgeting, retirement planning, insurance needs, tax planning, and education funding. Financial planners assess their clients’ overall financial situation, help set financial goals, and develop comprehensive plans to achieve those goals.

  • What does wealth management do?

    Wealth management typically encompasses various financial services, including investment advice, financial planning, tax planning, estate planning, retirement planning, and risk management. Wealth managers work closely with their clients to understand their financial situation, objectives, and risk tolerance in order to develop customised strategies to meet their specific needs.

  • What is wealth management?

    Wealth management refers to a professional service that provides comprehensive financial advice and investment management to individuals or families. The primary goal of wealth management is to help clients preserve and grow their wealth over time while addressing their financial goals and objectives.

  • Why would I need a financial plan?

    There are several reasons why you might need a financial plan:

    1. Goal Achievement: A financial plan helps you define and prioritise your financial goals, such as buying a home, saving for education, or planning for retirement. It provides a roadmap to achieve these goals by outlining specific strategies and steps.
    2. Financial Organisation: A financial plan helps you get a clear overview of your current financial situation, including income, expenses, assets, and liabilities. It helps you organize your finances, track your cash flow, and make informed decisions about your money.
    3. Investment and Retirement Planning: A financial plan assists you in developing investment strategies tailored to your risk tolerance and time horizon. It helps you save and invest effectively to accumulate wealth and plan for a comfortable retirement.
    4.  Management: A financial plan helps identify potential risks and develop strategies to mitigate them. It includes analysing insurance needs, such as life insurance or income protection insurance, to protect against unforeseen events.
    5. Tax Optimisation: A financial plan considers tax implications and helps you structure your finances in a tax-efficient manner. It identifies strategies to minimise your tax burden and maximise your savings.
    6. Estate Planning: A financial plan helps you create an estate plan, ensuring your assets are distributed according to your wishes while minimising tax implications.
  • How often should I review my financial plan?

    The frequency of reviewing your financial plan may vary depending on your individual circumstances and any significant changes in your life. However, as a general guideline, it is recommended to review your financial plan at least annually or when significant life events occur, such as marriage, starting a family, changing jobs, or retirement. Regular reviews ensure that your financial plan remains aligned with your goals and allows you to make adjustments based on changes in your income, expenses, or investment performance.

  • Are financial planners worth it?

    The value of a financial planner depends on your specific circumstances and needs. Here are some factors to consider:

    1. Expertise and Knowledge: Financial planners possess expertise in various areas of personal finance and stay updated with changing regulations and market trends. Their knowledge can help you navigate complex financial matters and make informed decisions.
    2. Tailored Advice: Financial planners provide personalised advice based on your individual goals, risk tolerance, and financial situation. They create customised strategies that align with your specific needs, helping you optimise your financial outcomes.
    3. Time and Convenience: Managing finances can be time-consuming and overwhelming. Financial planners can handle the research, analysis, and implementation of financial strategies on your behalf, saving you time and effort.
    4. Accountability and Discipline: Financial planners help keep you accountable to your financial goals. They provide ongoing support, monitor your progress, and make adjustments as needed, helping you stay disciplined and on track.
    5. Cost-Effectiveness: While financial planners charge fees for their services, their expertise can potentially save you money in the long run by optimising your financial decisions, minimising taxes, and avoiding costly mistakes.
  • What does a financial planner do?

    A financial planner is a professional who assists individuals, families, and businesses in managing their finances effectively. They provide expert advice and create personalised financial strategies based on their clients’ goals and circumstances. Financial planners typically offer services such as budgeting, retirement planning, investment advice, tax planning, insurance analysis, and estate planning. They assess their clients’ financial situation, develop comprehensive plans, and provide ongoing support to help clients achieve their financial objectives.

  • What is a pension fund?

    A pension fund refers to the pool of money accumulated from contributions made by individuals, employers, or both, which is then invested to generate returns over time. The pension fund is managed by the pension provider or a fund manager appointed by the provider. The purpose of the pension fund is to grow the invested capital and generate income, which will ultimately be used to provide retirement benefits to the pension policyholder.

    Pension funds typically invest in a diversified portfolio of assets, such as stocks, bonds, property, and other financial instruments. The investments aim to achieve growth and income while managing risk based on the pension scheme’s objectives and risk appetite. The value of a pension fund can fluctuate based on the performance of the underlying investments.

  • How do you start a pension?

    To start a pension, you in conjunction with your advisor should take the following steps:

    1. Research: Understand the various types of pensions available, such as personal pensions, company pensions, PRSAs, Personal retirement bonds. Consider factors like costs, investment options, and flexibility.
    2. Choose a Provider: Select a pension provider or scheme that aligns with your preferences and requirements, taking into account such factors as charges fund performance and customer service.
    3. Set up Contributions: Determine how much you can afford to contribute regularly, taking account of the tax relief available.
    4. Complete the Application: Provide the necessary personal information and complete the application forms provided by your chosen pension provider.
    5. Monitor and Review: Keep track of your pension performance over time and regularly review your investment choices to ensure they align with your retirement goals.
  • What are the benefits of a pension?

    There are several benefits to having a pension:

    1. Retirement Income: A pension provides a regular income during retirement, supplementing the state pension or other sources of income.
    2. Tax Advantages: Contributions to pensions usually receive income tax relief, meaning you receive tax benefits on the money you contribute. Additionally, pension growth is generally tax-free or tax-deferred until you start withdrawing funds.
    3. Investment Growth: Pensions allow you to invest your contributions in assets like equities, property and bonds, potentially generating growth over the long term. This can help your savings accumulate and keep pace with inflation.
    4. Financial Security: A pension provides a financial safety net in retirement, helping you maintain your standard of living and cover expenses when you’re no longer working.
  • When should I start my Pension?

    It is generally recommended to start a pension as early as possible. The earlier you begin contributing to a pension, the more time your money has to grow through investments and compound interest. Starting early also allows you to make smaller regular contributions over a longer period, easing the financial burden. The specific age to start a pension may vary depending on your personal circumstances and goals, but it’s beneficial to start saving for retirement as soon as you can afford to do so.

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    Simple FAQ Content

  • What is a Pension Advisor?

    A Pension Advisor is a professional who provides guidance and advice on retirement planning and pensions. We help individuals understand their pension options, assess their financial situation, determine the appropriate pension scheme, and develop a retirement savings strategy that aligns with their goals and circumstances. Pension Advisors are knowledgeable about pension regulations, investment options, tax implications, and can provide personalised recommendations based on an individual’s specific needs.