Why and When to use an IFA?


The next instalment of our A-Z Guide to Financial Planning focuses on the letter W - Why and When to use an IFA?

According to a report by Money Advice Service (MAS), 52% of the UK population has never sought financial advice. So why are people so reluctant to ask for help?  Knowing who to trust and when it's time to call in the experts is particularly pertinent where money is concerned, with many hesitant to ask for guidance, often sticking their head in the sand and avoiding financial situations.  

Over the years we face many hurdles, often unaware that these can be eased simply by turning to an IFA for support. So how can an IFA help? What life events should we be prepared for? When is it a good time to call in the experts?  We explore a number of situations where valuable knowledge and experience from a trusted IFA could be key.

It’s not surprising that personal retirement planning remains the main driver for people seeking independent financial advice, but there are fears that individuals are leaving financial planning too late. As people get older their expectation of when they will be able to retire changes, many believing that they cannot afford to retire early. In order to maximise your retirement options, a plan is essential and that’s where an IFA can assist.  An IFA can help you make retirement plans that fit in with your lifestyle, whether that includes working part time, spending more time with family or travelling  abroad.



Unfortunately, 1 in 2 marriages ends in divorce. Should this happen to you, it is vital that as well as speaking to your solicitor, you also obtain the advice of an IFA. An IFA will be able to assist you in completing certain paperwork, thereby speeding up the divorce process and reducing your legal fees.  In addition, they can assess the valuations of both parties’ pension benefits and help you and your ex-spouse achieve a fair settlement of these valuable benefits.



It’s likely that you’ll have assets and money to leave to your loved ones.  With a little planning and support from an IFA, you can make sure that they get the full benefit of your life’s hard work.

An IFA can help you work out the best way to plan things to make sure you eventually leave your estate as tax efficient as you can. The sooner you can get started on planning the better,  so that your loved ones can make the most of the assets and other benefits you want to pass on to them.

Likewise, if you are a beneficiary in a will, you may receive a substantial sum of money or asset. If this should happen, having a trusted IFA on hand to explore the multitude of options available to you is invaluable.



Recent research by Partnership, a later-life funding specialist, shows that only seven per cent of consumers aged over 45 would turn to a professional adviser for help on planning how they would pay for care home fees. This is despite the average care home fee in England being nearly £38,000 a year. The cost of long-term care can quickly drain your nest egg. How can you plan ahead to make sure you don't run out of money? Whether you are a retiree who has yet to confront the challenge of paying for long-term care or a family member concerned with the rising costs of care that you may be responsible for. Seeking advice from an IFA could open the doors to a number of funding options available to help ease the financial burden of future care. To find out more, click here.



Naturally people over 50 often want to help secure the future finances of their family, such as providing a solid financial start for grandchildren.  Like any financial decision, there are many different factors to consider, for example the tax implications for you and the individual and how the money should be invested. An IFA can help you explore the wide variety of options available.

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