Planning for a secure financial future
Featured Products Promotional FeaturesPosted by: Dental Design 25th October 2022
Without a clear understanding of your personal and business finances, it’s unlikely that you will have the information you need to plan effectively for the coming years, especially as so many things are still in a state of flux. So what can you do to safeguard your finances and keep working towards your future goals?
A difficult to navigate financial landscape
The cost-of-living crisis is the term on everyone’s lips at the moment, and for good reason. In a relatively short time, we’ve seen prices skyrocket and leave many people struggling. Fuel prices continue to climb, inflation has reached the highest rate for 40 years (currently 9.1%)[i] and energy prices show no sign of settling.
These price hikes are impacting everyone, which means that it can be difficult to know how to proceed with any financial plans you have in the pipeline. The best way to ensure that you are well informed about your finances and can reach your financial goals is to seek assistance from experts.
Finding advice that suits you
When seeking financial advice, there are two options available to you: Independent Financial Advisers (IFAs) and Restricted Advisers. Both of these options have advantages, so it’s necessary to know how these individuals can help you and what options are on the table.
Restricted Advisers: as the name suggests, Restricted Advisers can only give advice on a limited selection of products on the market and are usually tied in with certain companies. This means that if you are shopping for insurance policies, for example, they will only be able to offer you a certain selection that fall under their remit.
They may also only be able to offer you products in one area. For instance, they may specialise in providing pension products and not be able to offer you any advice on other areas. This is both a benefit and a disadvantage, as it guarantees that they are very knowledgeable in their specific field, but it also means that they can only take a limited approach to your unique financial situation.
Independent Financial Advisers: one huge benefit of choosing the services of an IFA is that they have the freedom to offer you the whole spectrum of products available on the market. This means that they can take a deeper dive into your finances and see how you can save in multiple areas, whether that’s by finding insurance policies that will better align with your needs or by guiding you through pension policies to help set you up better for the future. They can also look at different opportunities for you, such as giving tailored advice on entering the stock market or making other investments.
As their help isn’t tied to a particular company or set of products, you can also guarantee that an IFA will always offer you advice that is in your best interests. As such, in the vast majority of cases advice from IFAs is likely to be more beneficial.
Find a firm that understands you and your industry
There are hundreds of firms with IFAs out there, but how can you find the right firm for you?
Dentistry is a unique industry in that dentists are considered self employed. Plus, with rules and regulations guiding the industry constantly changing, it really pays to choose a firm who has a deep understanding of the profession. This way, you can guarantee that the advisers can apply their knowledge to your financial situation and have a better grasp on how your work life will be impacting your funds.
The award-winning team at money4dentists are the perfect choice for dentists. Not only have they got decades of experience in the industry, but they also only work with dentists, guiding them to achieve their financial goals time and time again. No matter whether you are looking towards retirement, want to invest in stocks or have a vision to expand your business, the experts at money4dentists are here to help every step of the way.
Secure your future
While the economy is unpredictable, it makes sense to ensure that your finances are in the best shape possible. By seeking advice from IFAs who truly understand your situation, you can guarantee that you receive the best guidance possible, giving you the tools you need to keep your finances secure and continue to work towards any future financial goals.
For more information please call 0845 345 5060 or 0754DENTIST.
Email info@money4dentists.com or visit www.money4dentists.com
[i] BBC News. What is the UK’s inflation rate and why is the cost of living going up? Link: https://www.bbc.co.uk/news/business-12196322 [Last accessed June 22].
