You might be earning well, building your pension, investing for the future or approaching retirement, but still be unsure whether you’re making the right financial decisions.

Should you move your pension? How should you invest an inheritance? Will your savings support the retirement you want? And are you making the most of the money you’ve worked hard to build?

These are the kinds of questions where financial advice can make a meaningful difference.

At Future Planning, we help people understand their financial position, consider their options and build a plan around the life they want to lead. You don’t necessarily need an adviser for every financial decision, but if you’re facing an important choice or several financial priorities at once, a conversation could help you understand your options.

Not sure whether advice is right for you? Explore the seven situations below to see where professional financial planning may be useful.

What Does a Financial Adviser Actually Do?

A financial adviser helps you understand your financial position and, where appropriate, recommends steps to help you meet your financial goals.

Depending on your needs and the services they provide, this may involve reviewing your pensions, investments, retirement plans, savings, tax considerations and other financial commitments.

For example, you might want to know whether you can afford to retire early, how to use an inheritance or whether your existing investments are suitable for your goals.

If you are unfamiliar with the process, read our guide to what a financial adviser actually does. It explains the role of a financial adviser, the types of decisions they may help with and what you can expect when seeking advice.

It is also worth understanding the difference between financial guidance and regulated financial advice. Guidance helps you understand your options, while regulated advice involves personalised recommendations based on your circumstances.

1. Are You Planning for Retirement but Unsure Whether You Have Saved Enough?

Retirement is one of the biggest financial decisions you will make. You may have contributed to a workplace pension for years, built up savings or accumulated several pension pots through different employers. But how do you know whether you have enough to stop working?

Your pension balance alone cannot answer that question.

You also need to consider when you want to retire, how much you expect to spend, your State Pension entitlement and whether your other assets can provide additional income.

For example, someone hoping to retire at 55 may need their savings to last considerably longer than someone planning to retire at 67. Someone who owns their home outright may also have different financial needs from someone who expects to continue paying a mortgage or rent.

At Future Planning, we believe retirement planning should begin with the lifestyle you want, not simply a target pension balance.

Our retirement planning guide for the UK explains the key considerations, including retirement expenses, pensions and potential sources of income.

When could advice help? If you are approaching retirement, considering early retirement or worried about whether your pension will be enough, professional advice could help you understand your options and assess your next steps.

2. Have You Received an Inheritance, Bonus or Other Large Sum of Money?

Receiving a significant amount of money can open up new opportunities, but it can also raise difficult questions.

Perhaps you have inherited money from a family member, received a redundancy payment, sold a business or received a substantial work bonus.

Your first thought might be to put the money into savings, invest it or use it to repay your mortgage. However, the most suitable option will depend on your existing finances and what you want the money to achieve.

Before making a decision, consider:

• Do you need to keep some of the money accessible for emergencies?
• Do you have expensive debts that need attention?
• Are you planning a major purchase?
• Could the money help fund your retirement?
• Would investing some of it fit your financial goals and attitude to risk?
• Are there tax considerations you need to understand?

For example, someone approaching retirement might use an inheritance to review their long-term financial position. Someone in their 30s might have different priorities, such as buying a home or building long-term savings.

There is no single answer that works for everyone.

A financial adviser can help you assess the options and understand the potential advantages and disadvantages before committing a large amount of money.

When could advice help? Consider seeking advice when a financial windfall could significantly change your future plans or when you are unsure how to balance immediate needs with longer-term goals.

3. Are You Thinking About Investing but Unsure Where to Start?

Having money in savings is useful, particularly when you need quick access to it. But if you have money set aside for longer-term goals, you may be wondering whether investing is worth considering.

Investing can offer opportunities for growth, but it also involves risk. The value of your investments can fall, and you may get back less than you put in.

Before investing, think about how soon you might need the money, whether you have an emergency fund and how comfortable you would be if your investments lost value.

For example, money you need for a house deposit next year has a different purpose from money you intend to leave invested for the next fifteen years.

You should also consider how your investments fit alongside your pension, savings and other financial commitments.

At Future Planning, our financial planning service takes a broader view of your financial circumstances and future goals, helping you understand how different financial decisions may fit together.

When could advice help? If you are investing a substantial amount, have limited investment experience or are unsure about the level of risk you can afford to take, personalised advice may help you make a more informed decision.

4. Has Your Financial Situation Changed After Marriage, Divorce or Having Children?

Your financial priorities can change considerably throughout life.

Getting married, having children, separating from a partner or becoming responsible for a family member can all affect your income, expenses and long-term plans.

Having children, for example, may lead you to think about household budgeting, future education costs and how your family would manage financially if your circumstances changed.

Divorce or separation can raise different questions about shared assets, pensions, housing and ongoing financial commitments.

In these situations, it is worth reviewing your financial arrangements rather than assuming that your previous plans will continue to meet your needs.

Depending on your circumstances, a financial adviser may help you assess your financial position and identify areas that need attention. You may also need separate legal or tax advice for certain decisions.

When could advice help? Consider reviewing your finances when a major life event changes your responsibilities, income, assets or long-term financial priorities.

5. Are You Approaching Retirement and Unsure What to Do with Your Pension?

Building a pension is one challenge. Deciding how to use it when you retire is another.

As retirement approaches, you may need to decide when to access your pension, how much income to take and how to balance flexibility with financial security.

Depending on your pension arrangements, you may be considering options such as pension drawdown or buying an annuity.

With drawdown, your pension remains invested while you withdraw money. This can offer flexibility, but your investments can fall in value and withdrawals need to be managed carefully.

An annuity can provide a guaranteed income for life in exchange for some or all of your pension savings, depending on the arrangement you choose. However, the terms and level of income depend on the annuity purchased, and flexibility may be more limited.

Neither option is automatically right for everyone.

Your decision may depend on your expected retirement spending, other guaranteed income, health, investment risk, family circumstances and whether you want to leave money to your beneficiaries.

You should also consider tax implications and the possibility that your spending will change throughout retirement.

A financial adviser can help you understand the options available to you and assess how different choices could affect your retirement income.

When could advice help? If you are approaching retirement and are unsure how to turn your pension savings into a sustainable income, getting advice before making an irreversible decision may be particularly valuable.

6. Are You Worried About Inheritance Tax or Passing Wealth to Your Family?

If you have accumulated savings, investments, property or other assets, you may want to understand how you can pass your wealth to the next generation.

Perhaps you want to help your children buy their first home, support your grandchildren or make sure your family understands your wishes.

However, transferring wealth involves more than deciding who should receive it. You also need to consider your own financial security, the potential tax implications and whether giving away money could affect your future needs.

For example, gifting a substantial amount to family members could leave you with less money available for unexpected expenses or later-life care.

Inheritance tax rules and the treatment of different assets can also be complex and may change over time.

A financial adviser can help you understand how your assets fit into your wider financial plan and identify where specialist tax or legal advice may be needed.

When could advice help? If you have significant assets, want to make substantial gifts or are concerned about inheritance tax, reviewing your plans early may help you understand your options.

Plan How to Pass on Your Wealth

7. Do You Have Several Pensions, Investments or Financial Commitments to Manage?

As your career progresses, your finances can become harder to manage.

You might have pensions from previous employers, investments with different providers, savings accounts and property. Each arrangement may have different charges, terms, benefits and investment options.

The challenge is understanding how everything works together.

For example, transferring an old pension might appear to simplify your finances, but some pensions have valuable benefits or guarantees that you could lose by transferring. Combining pension pots is therefore not automatically the best decision.

A financial adviser can help you review your arrangements and understand whether they remain suitable for your needs.

At Future Planning, we take a wider view of your financial position, considering how your pensions, investments, income and future goals fit together rather than looking at each decision in isolation.

When could advice help? If you have several financial arrangements and are unsure whether they are working together effectively, a review could help you understand the bigger picture before making changes.

Get Your Finances in Order

Is Hiring a Financial Adviser Worth the Cost?

Financial advice comes at a cost, so it is reasonable to ask whether it is worth paying for.

The answer depends on what you need help with, how complicated your circumstances are and what value personalised advice could provide.

If your finances are straightforward and you feel confident managing them, free guidance and reliable information may be enough for some decisions.

However, if you are approaching retirement, managing significant investments or dealing with an inheritance, professional advice could help you understand the risks and consequences of different options.

Before committing, ask the adviser to explain:

• What service will I receive?
• What will the advice cover?
• How much will it cost?
• Will there be ongoing fees?
• What additional costs could apply?
• How will recommendations be explained?
• Can you choose whether to implement the recommendations?

You should understand the fees and services before proceeding.

You can also use the FCA Financial Services Register to check whether a firm or adviser is authorised to provide the relevant regulated financial services.

The aim is not to pay for advice simply because it is available. It is to decide whether the service meets a genuine need and offers value in your circumstances.

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Frequently Asked Questions (FAQs)

When should I speak to a financial adviser?

Consider speaking to an adviser when you face an important financial decision, such as retiring, investing a significant sum, receiving an inheritance or reviewing your pension. Advice may also help when a major life event changes your financial circumstances.

Can I manage my finances without a financial adviser?

Yes. You may be comfortable managing straightforward finances yourself, particularly if you understand your options and have clear goals. However, more complicated decisions may benefit from personalised advice.

How much does a financial adviser cost in the UK?

Costs vary depending on the adviser, the complexity of your circumstances and the service you need. You may be charged a fixed fee, an hourly rate or a percentage-based fee. Ask for a clear explanation of the charges before proceeding.

Is financial advice different from financial guidance?

Yes. Financial guidance explains available options and helps you make your own decisions. Regulated financial advice involves personalised recommendations based on your circumstances and needs.

Do I need a financial adviser to plan my retirement?

Not necessarily, but advice may be helpful if you are unsure whether your savings will support your retirement, need to decide how to access your pension or want to understand how your different sources of income could work together.

Is It Time to Review Your Financial Plans?

You do not need to wait until retirement is just around the corner or until a major financial problem appears before reviewing your finances.

Sometimes, the most useful step is simply to understand where you stand today, what you want to achieve and whether your current arrangements support those goals.

You may not need professional advice for every decision. But if you are unsure about your pension, considering a significant investment, dealing with an inheritance or trying to bring several financial arrangements together, speaking to a financial adviser could help you understand your options.

At Future Planning, we believe financial planning should start with your circumstances, your priorities and the questions that matter to you.

If you would like to discuss your financial planning needs, contact Future Planning to find out whether we can help.