When should you get financial advice?
When should you get financial advice?
Financial advice is personalised guidance from a qualified financial adviser to help you make decisions about your money, based on your own circumstances and goals.
You should consider getting financial advice when you are making a significant or complex financial decision, particularly if it could affect your finances for many years. This could include investing, planning for retirement, managing a large sum of money or dealing with a major life change.
What is a financial adviser?
A financial adviser is a professional with a Qualified Financial Adviser (QFA) certification who provides a paid service to individuals and businesses in managing money.
When to use a financial adviser?
Financial advice can be helpful when you are making complex financial decisions, experiencing a major life change, or do not have the time or confidence to manage your finances effectively.
Knowing what you need help with can make it easier to find an adviser with the right expertise and experience. You may want to consider professional financial advice if you are:
Making investment or retirement decisions
Advice may be helpful if you are investing for the first time, moving money from savings into investments, choosing between investment options, starting a pension, approaching retirement, or deciding how to take your pension benefits.
Managing a large sum of money
If you receive a lump sum, such as an inheritance, redundancy payment, pension lump sum, proceeds from a property sale or a significant bonus, you may have important financial decisions to make. A financial adviser can help you understand your options and plan your next steps with confidence.
Experiencing a major life change
Events such as getting married, starting a family, separating or divorcing, becoming a carer, coping with bereavement, serious illness or redundancy can have a significant impact on your finances. Advice can help you review your plans and understand the financial implications.
Planning for later life
You may benefit from advice if you are considering how to pay for care in later life, supporting an ageing parent, reviewing your estate plans, looking into nursing home costs, considering equity release, or managing your finances in retirement.
Looking for financial expertise
You may also consider financial advice if you:
- need help understanding your options
- want a second opinion before making an important decision
- have a complex financial situation
- do not have the time, confidence or knowledge to manage certain aspects of your finances yourself
How do you find a regulated financial adviser?
If you decide that financial advice could be helpful, take time to choose an adviser that is right for you. Before choosing a financial adviser:
- Check they are authorised by the Central Bank of Ireland
- Compare what different advisers offer, including the type of advice and services they provide
- Ask about fees and charges, and how they are paid.
- Understand what you can expect from the advice you receive and the level of ongoing support before deciding whether to proceed.
Find out about how to find a financial adviser in Ireland.
