Why women need a financial adviser in their power team…
Who’s on your power team? It might include your family members, closest friends, fitness coach, therapist, childminder or your cleaner. These are the trusted people who support you and make your life easier. The pandemic has made many of us realise how much we value and even depend on our close network: when we are unable to connect with them in person, we feel their absence more than ever.
You probably have your own well-established team, but does it include a financial adviser?
Sharing the mental load
There are many advantages to having a seasoned professional helping to keep an eye on your financial affairs, including some non-financial benefits you may not have considered. The recent Peace of mind: Understanding the non-financial benefits of financial advice report from St. James's Place and the International Longevity Centre (ILC) found that people who used an adviser felt more confident and better prepared for the future, and reassured that they were on the right track financially.
A financial adviser can help to remove some of the mental load that comes with things such as planning for retirement, meeting tax deadlines, keeping on top of changing pension rules or optimising your investment performance. They can give you back the luxury of time, as well as peace of mind and security that an expert is keeping a watchful eye on your finances - even when it’s the furthest thing from your mind.
Many women keep a lot of plates spinning, and if you can outsource some of the worry about money matters to a supportive and trusted expert, that’s one less thing you have to think about.
Will I lose control?
One reason you might not feel comfortable seeking financial advice is that you don’t want to hand control of your money to someone else. This is understandable – no one would want to give up their financial decision-making to a virtual stranger. In reality, financial advice is collaborative – your adviser is there to support you in making your own choices throughout every stage of your life.
Our research with the ILC found that women who had taken advice say their improved financial literacy has empowered them to make informed decisions. The adviser-client relationship is designed to be a long-term one, and people often find that their adviser comes to feel like a member of the family, sitting around the kitchen table as a trusted source of personalised information who knows their situation well and guides them on key decisions.
Financial advisers come from all walks of life, too – they might be a parent like you, or have elderly parents to care for, and will understand the challenges you face.
How advisers help in a crisis
An adviser can really come into their own in times of crisis, as St. James's Place client Louise found when her husband, Andy, was diagnosed with a terminal illness. Her financial adviser took away the burden of worrying about complex financial issues when Louise was caring for Andy as well as their two children, working full-time, and later grieving the loss of her husband. Her adviser organised the family’s finances, handling insurance payouts and Andy’s pension, and reducing a Capital Gains Tax bill. All this meant that Louise was financially secure and could focus on supporting her children.
A good financial adviser will get to know you as well as your friends do, bringing a level of tailored, specialist support you simply can’t get from anyone else in your network.
If you don’t yet have a financial adviser in your power team, now’s the time to get one. Get in contact today to see how we can help you take control of your financial future!