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Should I hire a financial advisor?

With everything that has been going on in the world lately you’d be forgiven for thinking most things have been put on hold. Especially if you’re self-employed, as an increasing number of businesses seem to be struggling with the economic downturn caused by the Covid-19 pandemic.

An uncertain financial future is even more reason to seek the services of a professional financial advisor, as a solid financial plan will help you to weather the storm of the changing economic landscape. When the crash of 2008 happened, as with all recessions before, the economy starts its slow recovery and over the course of several years gets back to where it was before the recession.

A professional financial advisor should be a priority

You may, in the past, have turned to a financial advisor for help with retirement planning, mortgages, investments, and making the most of the money you have. The need for these services hasn’t disappeared. Life will continue the best it can through the pandemic and return to normal afterwards.

Some people will need to be smarter with their money to successfully navigate the coming uncertainty. Others will need financial help because the pandemic has directly impacted their business or livelihood. The lucky ones will have seen an upturn in their business due to Covid-19 and want to ensure their making the most of their money moving forward. Others will already have a financial advisor but will be unsure whether their current arrangements are performing as they should because of the changing circumstances, so will want to review their situation to see if any adjustments are needed.

Talking helps

Regardless of your personal circumstances, whether looking to make new financial arrangements or check on your existing products, good communication about how your financial health is looking can help to ease nerves, provide accurate information, and provide an opportunity to make any changes that are needed.

Speaking to an expert can help you to build a better picture of what’s actually happening, allaying fears and anxiety that may have built up after months of negative news articles and social media. At Mason Wealth Management we’re happy to talk to existing customers and non-customers alike that may need some professional advice and guidance or financial help during Covid-19.

My finances are long-term, why do I need to review them?

Your initial financial plan might have been perfect at the time, but financial advisors and investors couldn’t have foreseen the pandemic we find ourselves in the middle of. Just as you should inform your financial advisor when there is a dramatic change to your personal circumstances, a significant change to the economic situation should also be a reason to re-evaluate your position. Good financial advice from a professional financial advisor will always be tailored to get the most out of your money for your specific situation.

Keep things simple

While being presented with a maze of products can be confusing, an experienced and qualified financial advisor will provide the best advice for you and ensure you have simple and easily understandable investments. They will scour the marketplace to select what’s best for your current circumstances. You will have a clear understanding of everything proposed, plus a transparent approach to the financial advisor’s own fees and how they get paid.

Using a professional and experienced company like Mason Wealth Management also gives you added peace of mind, as they will perform regular reviews of your investments to ensure you keep getting the most out of your money. New products appear on the market all the time, or your plans for the future could change, either way, your investments need to keep providing you the best possible outcome for your goals.

Build flexibility into your planning

With markets currently unsettled it’s important to position yourself in a way that allows you to act when needed. To achieve this, we look at several different options for you, trying to build in as much natural flexibility as possible. Having a plan for a range of scenarios helps your financial planning to be resilient. This is amplified the closer you are to retirement, as the state pension is barely enough for most people.

While building in flexibility and considering different scenarios is essential, when you start taking action it’s important to have a single clear path to follow. This provides you with certainty about what’s happening and gives you peace of mind.

A financial partner with your best interests at heart

Mason Wealth Management has always been built on the relationships we develop with our clients. Your success is the reason we’ve continued to be successful for so many years and will continue to be into the future. Our practice is small enough to offer a personal service, providing friendly real-world advice in a down-to-earth way. At a time when other companies are speeding up their digital transformation and working from home, building close and meaningful relationships with real people can be reassuring.

Phil, Les, and Martina have always strived to provide the best possible ongoing support, ensuring your financial planning is meeting your changing requirements. While regular reviews and tailored solutions have always been part of our practice, the need for them is greater than ever. They allow us to identify areas of growth and underperformance, allowing us to tweak your plan to ensure you stay on track to achieving your goals.

If you need financial help during Covid-19 contact us for more information on how we can help you achieve your financial goals.