We know that we need to put in place insurance to protect both our families and us from ill-health and misfortune, and separately, that we need to start building regular retirement savings from an early age.
A major challenge for barristers aside from being time-poor is ascertaining the magnitude of insurance cover and retirement savings required to meet their personal needs, as these decisions are not guided, in the example of an employee, by the company in which they work.
As barristers are paid erratically and have to ensure they set aside money for VAT and bi-annual tax bills, cash flow planning adds further complexity to their finances.
Furthermore, as sole-traders, barristers cannot rely on other employees or a company framework to carry them through rough financial patches; rather, they are self-reliant and their current earnings and future careers are even more dependent on their own performance than an employee who can, for example, ride on the wave of a company’s good fortune.
It is for many of the reasons above that we see barristers under both workplace and additional personal stress, which can lead to some barristers experiencing severe lack of financial wellness, which is defined from the Consumer Financial Protection Bureau as:
Knowing who or where to turn to understand what one requires or simply ‘what is normal’ for someone in a similar position to you is challenging too.
Asking other barristers can unhelpfully have its own selection bias, as we are far more likely to seek out the advice of someone wealthier than we are. This can compound our anxiety as their greater wealth or higher disposable income can make our own arrangements seem inadequate.
Given the constraints on their time, we strongly believe that barristers do need to take advice. A few hours dedicated to seeking out the right adviser can save them both time and significant stress in the future. Having an adviser you can trust provides great peace of mind.
So if you accept that you do need advice, how do you go about finding someone you can trust?
Some starting considerations for choosing an adviser might be the following:
If you would like further information about our services or would like to arrange a complimentary, obligation-free telephone conversation or meeting to discuss your requirements, please contact us.GET IN TOUCH