Baskadia

How can a shared financial advisor help your

household?

A financial advisor will work with you to get a complete picture of your assets, liabilities, income, and

expenses. On the questionnaire, you will also indicate future pensions and income sources, project

retirement needs, and describe any long-term financial obligations. In short, you’ll list all current and

expected investments, pensions, gifts, and sources of income. It's also important for couples or

individuals to know how much money they have coming in and going out, so making a budget and

spending tracker together is key. A financial advisor can work as a neutral party to help a couple focus

on their goals, increase communication, create “next steps,” and improve their financial outlook. 6 Ways

a Financial Advisor Can Help You Manage Your Money

1. Getting Married or Having a Child Getting married and having your first child are big transitions in

your life. Besides the extra commitment and lifestyle changes, you will need to consider the financial

implications. They can include whether you and your partner have shared finances, how this is worked

out; or if having your first child, budgeting for everyday items and unexpected purchases you may need

to make. That can help to avoid unnecessary disagreements later on. A financial advisor can help you

create a plan for budgeting, sharing incomes and preparing for unexpected emergencies, such as writing

a Will in case the worst happens or saving money for your child’s future. There is so much that a

financial advisor can guide you about – things that you may not have considered.

2. Help You Get the Most from Savings If you’re able to save money for the future, you want to make

sure not only that it’s secure, but also that it accumulates interest. There are so many options available,

it can be difficult navigating yourself around the metaphorical minefield of savings accounts, stocks,

shares and interest rates. While stocks and shares can be riskier, savings accounts are more secure but

have low interest rates at present. ISAs have slightly better rates but have to be in place for a minimum

length of time before you can get the full return. A financial advisor can give your more in-depth details

on any potential risks, the best savings accounts and ISAs for the length of time you want to save, and

help you get the most from your money until you need it. They can also show you to prevent identity

theft, which can be a problem when accessing accounts online. There is a wealth of information online,

from articles to books such as What’s the Deal with Identity Theft? by Robert M. Ryerson, who also

regularly writes financial articles on Medium. However, personalized advice is always recommended, as

everyone’s financial situation differs.

3. If You Want to Invest, But Don’t Know How in addition to savings, you might want to focus more on

investing in stocks and shares. An advisor can give you informed advice on where to start or on the best

way to use your money to start a new business. They can go through your finances and help you

determine the best option for you. Also, they will have knowledge of financial services that you’re not

aware of and know which ones to avoid. While there is no such thing as 100% risk free when investing

money, they can improve your chances of success and reduce the risks.

4. When Choosing Insurance or a Mortgage Getting the right mortgage can be challenging. While there

are several websites which allow you to compare mortgages, it’s difficult to know which one is right for

your personal circumstances. The process of understanding each one can be time consuming. Your time

can be valuable and so the cost of getting professional advice can be a better option for many people. A