Frequently Asked Questions

Whether you’re planning for retirement, securing your dream home, or growing your wealth, our team of experienced advisers is here to guide you every step of the way with tailored, professional advice.

Mortgages | Investments | Wealth Management | Pensions | Protection | Equity Release

Financial Advice

Do I need a financial adviser?

While it’s possible to manage your finances independently, a financial adviser can help you make informed decisions, plan for the future, and ensure you’re on track to meet your goals. Our advisers offer tailored solutions, whether it’s planning for retirement, growing your wealth, or navigating complex financial decisions.

What does a financial adviser do?

A financial adviser provides expert guidance on everything from pensions and investments to mortgages and protection. At our firm, we create a personalised plan to help you achieve financial security and peace of mind, with ongoing support as your circumstances evolve.

Why should I use a mortgage adviser?

Mortgage advisers, like ours, have access to the whole of market for mortgages and can find the most suitable deal for your needs. We handle everything, from assessing affordability to navigating the application process, saving you time and money while ensuring a smooth experience.

What are the benefits of using a financial adviser?

Working with a financial adviser provides access to expert knowledge, bespoke financial strategies, and peace of mind. Our firm ensures you stay on top of changes in the financial landscape, potentially maximise your savings, and make the most of opportunities - helping you achieve your financial goals confidently and efficiently.

Quilter Financial Planning

What does being part of Quilter Financial Planning mean?

Being part of Quilter means we adhere to strict ethical and professional standards, giving you confidence in the advice and solutions we provide.

How does Quilter support financial advisers?

Quilter provides access to advanced tools, training, and market-leading solutions, enabling our advisers to offer high-quality, tailored advice.

What is Quilter, and how does it benefit me?

Quilter is one of the UK’s leading financial planning networks, offering expert knowledge, innovative financial solutions, and extensive resources. By working with our firm, you benefit from Quilter’s trusted expertise, ensuring you have the best advice and tools to secure your financial future.

Should I trust financial advice backed by Quilter?

With Quilter’s established reputation and rigorous standards, you can feel confident that you’re receiving advice that’s not only personalised to your needs but also supported by one of the most respected names in UK financial planning. Our partnership with Quilter ensures that you’re always in expert hands.

Award Winning Network

Beals Wealth Management are proud to be part of Quilter Financial Planning, an award-winning network celebrated for its outstanding customer service, innovative platforms, and exceptional financial strength.

Recognised for Service

FT Financial Adviser Service Awards 2024 - Five Stars (Platform, Pension, Investments)

Defaqto - Gold Service (Platform, Pension, Investment Bond)

Investment Life & Pensions Moneyfacts Awards 2024 - Best Online Service

Highly Rated Products

Defaqto - 5 Star rating (Platform, Personal, Pension, Drawdown & Onshore Bond)

Defaqto - 5 Diamond rating (WealthSelect, Monthly Income, Cirilium Blend, Cirilium Passive and Creation)

Money Marketing Awards 2024 - Best Retirement Provider

Exceptional Platform

Member of The London Institute of Banking and Finance

Schroders UK Platform Awards 2024 - Platform of the Year

Investment Life & Pensions Moneyfacts Awards 2024 - Best Wrap/Platform

Pensions

Should I start saving into my pension now?

Yes, starting early allows your money more time to grow, thanks to compounding. Even small contributions made consistently can add up over time. It's never too early—or too late—to begin saving for retirement.

How much should I contribute to my pension?

A common rule is to aim for contributions equal to 12-15% of your annual income, including employer contributions. However, the exact amount depends on your retirement goals, age, and current pension pot. A pension adviser can help you determine the right amount.

How do I pay for pension advice?

Pension advice is typically paid for directly from your pension pot rather than out of your pocket. This makes professional advice more accessible and ensures the cost is manageable. Our pension advisers will explain the process clearly during your consultation.

Should I consolidate my pensions into one plan?

Yes, consolidating pensions can make them easier to manage and may reduce fees. However, it's essential to assess any guarantees or benefits you might lose before transferring. A financial adviser can help you decide if this is right for you.

Savings & Investments

The value of investments and the income derived from them may fall and you may get back less than you invested.

Should I invest or save my money?

Savings accounts are great for short-term goals and emergency funds. Investing is better for long-term growth, as it offers higher returns, albeit with more risk. A financial adviser can help you decide the right balance for your needs.

What are ISAs, and should I have one?

ISAs (Individual Savings Accounts) are tax-efficient savings or investment accounts. They protect your money from income and capital gains tax. Whether you should open one depends on your financial goals and tax situation.

Whilst ISA’s investors do not pay any personal tax on income or gains, but ISAs may pay unrecoverable tax on income from stocks and shares received by the ISA managers.

Tax treatment varies according to individual circumstances and is subject to change.

Stocks and Shares ISAs invest in Corporate bonds; stocks and shares and other assets that fluctuate in value.

How do I manage investment risk?

Managing risk involves diversifying your portfolio across asset types, geographies, and sectors. A financial adviser can tailor an investment strategy based on your risk tolerance and goals.

How do I know if I’m investing in the right funds?

The right investment depends on your goals, risk tolerance, and time horizon. A financial adviser will analyse your situation and recommend funds or portfolios that align with your financial objectives.

Whole of Market for Mortgages

Should I fix my mortgage rate?

Fixing your rate provides payment stability, which can be helpful during periods of economic uncertainty. However, it may cost more in the short term compared to variable rates. An adviser can guide you based on market trends and your budget.

Can I get a mortgage if I’m self-employed?

Yes, but it can be more complex. Lenders typically require at least two years of accounts and proof of consistent income. A whole of market mortgage adviser can help find the right deals for self-employed individuals.

What does a whole of market mortgage adviser do?

A whole of market mortgage adviser can access a wide range of mortgage products, including those not available directly to the public. They can recommend the most suitable options based on your specific needs.

How much deposit do I need for a mortgage?

Most lenders require a minimum deposit of 5% of the property’s value. However, a larger deposit (e.g., 10-20%) can secure better interest rates. Your adviser can help determine the right approach for your financial situation.

Protection & Insurance

Should I get life insurance?

If you have dependants, a mortgage, or other financial responsibilities, life insurance ensures your loved ones are financially supported if something happens to you.

What is the difference between life insurance and income protection?

Life insurance pays a lump sum to your family if you pass away, whereas income protection replaces part of your income if you’re unable to work due to illness or injury.

How much does life insurance cost?

The cost varies based on factors such as age, health, lifestyle, and the level of cover. An adviser can find a policy tailored to your needs and budget.

Do I need critical illness cover?

Critical illness cover provides a lump sum if you’re diagnosed with a serious illness, helping you manage living costs and expenses.

Wealth Management

What does wealth management include?

Wealth management encompasses financial planning, tax advice, and estate planning. It’s about growing, protecting, and passing on your wealth effectively.

Do I need wealth management services?

If you have significant assets or complex financial goals, wealth management services can help optimise your finances and provide peace of mind.

How do I choose the right financial adviser for wealth management?

Beals Wealth Management advisers have the right qualifications, experience, and a transparent fee structure.

How often should I review my wealth management plan?

At least once a year or whenever there’s a significant life change, such as marriage, a new job, or retirement. Regular reviews ensure your plan stays aligned with your goals.

Equity Release

Should I consider equity release for retirement funding?

Equity release can provide tax-free cash from your home while allowing you to remain living there. It’s a useful option for those aged 55 and over, but understanding the long-term implications is essential.

What are the risks of equity release?

While equity release can provide flexibility, it reduces the inheritance you leave behind and can affect your eligibility for certain benefits. A specialist adviser can help you weigh the pros and cons.

Can I use equity release to pay off my mortgage?

Yes, but the existing mortgage must be repaid first, usually with the funds from the equity release. An adviser can guide you through this process.

Have further questions?

If you’re unsure where to start or need personalised advice, our expert team is here to help.

Contact us today for a no-obligation consultation and take the first step towards securing your financial future.

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