How can a financial adviser help?

It does not matter whether the client is a man or a woman; financial advice is pivotal to meet any future financial goal. A financial adviser can assist with the following:

1. Calculating the figures

While rules of thumb, such as ‘just invest 15% everything you earn’, are useful when you don’t really know how much you will need in retirement, an adviser has the skills to calculate how much capital a specific client would need on her retirement date, and can then work backwards to determine how much she needs to save every year to meet that goal.

2. Optimising tax

Contributing to an employer fund and an independent retirement annuity is a great way to reduce your tax bill. An adviser stays on top of tax laws and will help you optimise your contributions to different retirement funds.

3. Budgeting

To free up enough cash to save sufficiently for retirement requires astute budgeting, where an adviser can, once again, lend a hand.

4. Securing your income

To provide enough for retirement, a client has to ensure that she can earn an active income until at least her sixties. A financial planner will be able to advise a client on the most appropriate income protection and critical illness cover for her specific career and circumstances.

5. Keeping you on track

A good financial planner meets with his client at least every year to determine whether her needs may have changed over the past year, and to discuss with her how she is faring in terms of meeting her goals.

6. Making sure your will reflects your wishes

A financial planner stays ahead of the latest estate duty and pension fund laws, and will guide a client as to how she can structure her will and beneficiary nominations on her retirement funds to best reflect what she would like to leave as a legacy.

A longer life expectancy means that women have to be even more careful with their financial planning to ensure that their retirement years allow them to continue the lifestyle that they are accustomed to.