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Finding Tailored Financial Advice for the LGBT Community

Charitable | Articles | Advisers


Tailored Financial Advice

When considering estate planning, life insurance, investments or mortgages you might find you need some help. The laws surrounding personal finance can often be confusing and if you
aren’t confident about your own knowledge of things like tax rates, insurance premiums or investment risk it might be an idea to consult a financial advisor.

A financial adviser will offer you tailored financial advice, that is, advice that is given specifically to you, regarding your financial affairs.

If you are in a same sex partnership, you may be thinking about a civil partnership and the effect it could have on your financial situation. In the UK, a civil partnership holds the same consequences in law as a heterosexual marriage. This means your tax code could change, as could any benefits you may be entitled to. Tailored financial advice would help you understand what entering a civil  partnership could potentially mean to you, financially.

Tailored financial advice could also help you to find a balance between potential investment income and an acceptable level of risk. Perhaps you do not wish to be exposed to any risk at all; a financial adviser would advise you to stay away from certain investment opportunities. The fact that the advice is tailored means it is specifically designed for your needs.

On the other hand, you may want to see a greater return on your savings than if you were just to leave them in a savings account. A financial adviser may point you towards trusts or investing in stocks or shares.

If you’re thinking about looking for tailored financial advice, it’s important to know what your adviser is charging. A ‘fee only’ adviser will charge you a one off sum, whilst a ‘fee based’ adviser may also collect commission on any investment returns you make.

There’s a lot of debate in the UK about the effectiveness of financial advisers, as many are actually  tied to certain products. Even some independent advisers will point you towards trusts and investments that offer them commission. Be sure you know who you’re taking advice from before jumping into anything too soon.


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