Things you miss out on without an adviser

Financial planning is one important task everyone should seriously consider, whether they’re still building a career or considering starting a family. To plan well, it is recommended that you need the guidance of an experienced professional called independent financial adviser (IFA).

Financial advisers usually take a holistic approach in dealing with customers. They evaluate your personal circumstances and financial state and suggest ways how you can meet your goals and improve your financial wellbeing. They can orient you about the different financial products available here and abroad and provide a clear picture of the risks involved in an investment. They’re unlike the salesman who often cold calls you to sell an insurance or other products merely for profit.

If you don’t get a professional advice, here are at least five things you may miss out on, according to Steve Gregory, managing partner of Holborn Assets:

• Specialist advice about the circumstances in your home country which are very relevant to your financial welfare, such as taxing planning for pension benefits.

• Opportunities for investments which you had not considered but which are particularly suitable for you. For example, what are the most recent capital guarantee products available in each currency

• Due diligence provided by the IFA company which probably excludes more investment funds than it accepts - in the interest of preventing poor or fraudulent funds being recommended to consumers

• Taxation advantages relevant to their circumstances which they may not be aware of, such as new rules for offshore products being imported into Australia, qualifying for tax exemption there.

• A holistic approach to finances so that piecemeal decisions are not taken that turn out to be ill-advised. A good example is buying a savings plan when the family needs life insurance cover.