WHY YOU NEED A FINANCIAL ADVISER

Many of us bury our heads in the sand when it comes to thinking about our finances. You’ve probably heard the term ‘Financial Adviser’ before and like many, thought it was for the extremely rich to get advice on when to buy their next yacht or whether to remortgage their 10th house.

The financial landscape has changed in recent years and financial advice is now regulated and becoming more and more accessible to all of us. There are hundreds of apps out there encouraging you to pay into a pension, save for a mortgage or even invest in your favourite fashion brand. Whilst putting a few pounds into an ISA every year is great, have you really ever stopped to think about planning for your future?

If you have any assets (Yes, your business is worth something!), children to think of, or want to have a financially stable retirement you should really start planning now.

I caught up with Kate Woosey founder of Alex Financial Services to talk more about how she helps individuals and businesses reach financial security.

“The financial advice industry is changing in a good way, but the rise of Robo-advice and the advice gap in the UK means that many people who need to speak to a financial adviser in a personal and holistic manner are not receiving the help they need, or even know where to find it. Alex’s mission is to help close this and provide the personal financial services that many small businesses and the self-employed need.”

unnamed (1).jpg — **Kate Woosey** founder of

**Alex**
*“No one ever spoke to me about the importance of protecting my income”*

MEET Kate - the woman behind alex

“I always had the sense that I would be self-employed during my working life. I like the notion of working for myself, not so much building a company, but in managing my own career and work schedule. Prior to retraining as a financial adviser, I worked in comms for the design/interiors industry where I was freelance for three years, as a financial adviser it feels very much the same process as before, however, the client work has differed and is very much more regulated in what I can and can’t do. “

“Even though I’m self-employed and run Alex as if it were my own business, it is technically not a company as I sit within a wider financial adviser network - it's classed as a trading style, many advisers work in this way as it gives you better research tools and helps to streamline your compliance, regulation, and processes. Even though it feels like a company of one and I set my own rates, with the complexity of the financial industry it gives me the time to focus on my clients and how I like to run my business. “

WE NEED TO TALK MORE ABOUT MONEY

For most of us, pensions are just a hypothetical conversation, we can’t imagine being retired and much less imagine saving enough to pay for the lifestyles we currently lead. The government introduced the idea of Auto Enrolment, ensuring that employers are giving all employees access to pensions as well as footing some of the bill themselves.

“As a freelancer for a few years in my late 20s, no one spoke to me about the importance of protecting my income or saving for a pension. I think there has been a shift in the last couple of years but finding advice and someone who aligns with your values is hard. I hope to be that change but at the same time, historic views on financial advice/advisors is hard to break.”

With it becoming increasingly harder for people to get on the property ladder, when they finally do it’s not surprising that their first thought isn’t about making a will. It is so important to protect yourself and your property.

“People have a lot of blocks when it comes to gaining financial advice which can impact their financial health, particularly women, which is a key factor in why I retrained”.

Thinking of a career as a financial adviser?

“I would say go for it. The learning process, exams and training can be intense and there is a lot of regulatory work to get your head around, however, the industry needs more people to join. I love working with people on a personal level and build up long relationships with them. In this job you really do get to be there for people through each stage of life.”

Buying a house is one of the most expensive decisions we make in our lives and the vast majority of us need a mortgage. A financial adviser could save you thousands, particularly at times like this. Not only can they seek out the best rates, they can help you assess sensible levels of borrowing.

Remember: buying a house isn’t the right move for everyone, look into all of your options.

“I get more excited about putting £50 into my stocks and shares ISA than in a 0% savings account. However, it poses the risk of if I need the money out, I could sell at a loss, so I think I’m still finding the balance, especially in the early days of Alex.”

It doesn’t need to be fancy, it just needs to work for you

“I’m naturally money savvy in terms of savings and investments. For my own income and expenditure, I have a separate business account (which is a lifesaver), as well as a savings account for my taxes (keeping 25-30% back). I pay myself a set amount each month to budget for my personal life. It’s not fancy, but it works for me”

“I think I could practice what I preach and stick to a monthly budget in certain areas, like meals out or food shopping. I also should probably keep more money back as instant access cash (I recommend 3-6 months expenditure). “

Get in touch with Kate now to see how she can help you plan for your future