FIVE REASONS WHY BUSINESS OWNERS NEED A PROFESSIONAL FINANCIAL ADVISER FOR THEIR PENSIONS

Aug 01 2023

When it comes to expert advice, we know that two Pauls are better than one! That’s why our managing partner Paul Crichton took time out for a cuppa and a chat with Paul Lothian, director at Verus Wealth, to find out how effective financial planning can complement the work we do as accountants to make your money work harder.

Here’s what they had to say:

Paul Crichton (PC): As an accountant, I know how important it is for business owners to have a solid pension plan in place. I want to bring to my clients’ attention the benefits of working with a professional financial adviser, especially when it comes to pensions. Can you explain why it’s so important?

Paul Lothian (PL): Of course, Paul. As a financial planner, I believe that having a professional adviser is crucial for business owners when it comes to their pension planning. Here are five reasons why:

Expertise and knowledge

Professional financial advisers have a wealth of expertise and knowledge in pensions. They can help business owners navigate the complex world of pensions and ensure they make the best decisions for their retirement. They have access to the latest industry information and are up to date with any legislative changes that may affect their clients’ pensions.

Tailored advice

Every business owner’s situation is unique, and their pension plan should reflect this. A professional financial adviser can offer tailored advice that considers their client’s individual circumstances. They can help business owners choose the right pension plan, make contributions that are tax-efficient, and ensure they’re on track to meet their retirement goals.

Investment management

A pension plan is essentially an investment, and managing investments can be complicated. A professional financial adviser can provide business owners with advice on the best investment strategies for their pension plan. They can help them create a diversified portfolio, choose appropriate investments, and monitor their investments to ensure they’re performing as expected.

Risk management

There are risks associated with investing in pensions, such as market volatility and inflation. A professional financial adviser can help business owners manage these risks and ensure their pension plan is protected. They can advise on strategies to minimise risk, such as diversification, and help business owners understand the potential risks associated with their investment choices.

Peace of mind

Having a professional financial adviser can give business owners peace of mind. They can be confident that their pension plan is in good hands and that they’re on track to meet their retirement goals. A financial adviser can also provide ongoing support and advice, which can be particularly valuable during times of market turbulence or economic uncertainty.

Verus Wealth is an award winning independent financial planning firm and the first firm in Dundee, Tayside and Fife to be awarded the CII’s Chartered Firm Status – the highest standard in the UK. As an independent firm, we deliver impartial advice that’s right for you, not a suite of products, so you can be sure of an honest and ‘braw’ opinion!

PC: Those are braw reasons indeed, Paul! It’s clear that working with a professional financial adviser can provide business owners with many benefits when it comes to their pension planning. Thanks for sharing your insights.

PL: You’re welcome! As a financial planner, I believe that having a solid pension plan is essential for every business owner, and working with a professional financial adviser can make all the difference.

Paul Lothian