Many female entrepreneurs opt to start their own business or go self-employed to accommodate a more flexible working pattern that fits around family life. However, running a business while raising a family as many women do, can be very challenging and time consuming.
Parental responsibilities mean that female entrepreneurs have very little free time, and they are so focused on their business and family life that they do not have time to consider their own financial planning.
Below are some ways that a financial adviser can help business owners to manage their own finances.
Prioritise your pension
One area that a financial adviser can help women who are self-employed or business owners is their pension.
If women have taken a career break to raise their children then this can limit their income and consequently their pension savings.
If you are self-employed or a business owner, then you cannot benefit from the government’s auto-enrolment scheme which is where everyone who is employed and eligible has a pension set up for them through their workplace and receives contributions from their employer.
This means everyone who is self-employed is fully responsible for starting their own pension and deciding how much to save in it every month.
For help with your pension and checking if you are on track for the retirement you are dreaming of, you can book in a no-obligation meeting with one of our financial advisers or call us on 0117 973 0500.
The value of an investment with St James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested. Equities do not provide the security of capital which is characteristic of a deposit with a bank or building society.
In general, women take less risk with savings and investments
Women are typically less confident making financial decisions and many women opt for low-return savings accounts or low risk investments rather than creating an investment plan that could help them to make more of their money.
Holding long-term savings in cash or low risk investments could mean that women are missing out on potentially much greater returns.
This, coupled with women not having time to review their own personal finances means that women could benefit from financial advice and having a financial adviser manage their finances for them.
At Four Wealth Management, a financial adviser will work with you to create a financial plan based on your individual goals and any investments will be suitable for your own circumstances and designed to help you make more of your money.
A financial adviser can also help you to make sure you are using all available tax reliefs and allowances that you are entitled to.
Book a no-obligation meeting now or call us on 0117 973 0500.
Issues facing female entrepreneurs
Running your own business and managing your own time and workload can be rewarding. However, female entrepreneurs miss out on traditional company benefits such as pension contributions, sick pay, medical insurance, life insurance and more.
All of these protections and securities typically offered by an employer are still important to have.
A financial adviser at Four Wealth Management can work with you to understand your individual circumstances and let you know what protection policies you should put in place to protect your income and your family’s financial future.
Book a no-obligation meeting now or call us on 0117 973 0500.
Diversify your investments
Many business owners reinvest a lot of their time and assets back into their business in the hopes that it will grow. However, if the business has a few years of poor performance then this could mean that the business owner has no other assets to fall back on if they do need additional income.
A financial adviser at Four Wealth Management can help business owners to create a financial plan and diversify your investments so that your income is not fully reliant on your business and nothing else.
Book a no-obligation meeting now or call us on 0117 973 0500.
For many business owners, their business is their retirement plan. They plan to sell their business when they want to retire and live off the proceeds. However, this is a risky retirement strategy. It is important that you have a personal pension to fall back on in case your business underperforms and the value is not the amount you are expecting when you come to retire.
Book a no-obligation meeting
To get your finances on track and protect the financial future of you and your family, book a no-obligation meeting now or call us on 0117 973 0500.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
