Do self-employed people need a financial adviser?
Self-employment removes some of the automatic financial structures employees receive, especially workplace pension contributions and employer benefits.
You usually need to arrange your own pension saving
MoneyHelper explains that self-employed people can set up their own defined contribution pension. Contributions, investment performance, charges and how benefits are taken all affect the eventual retirement outcome.
Irregular income changes cashflow planning
Variable income can make emergency reserves, contribution levels and long-term commitments harder to set. A plan may need more flexibility than one built around a fixed monthly salary.
Employer benefits may not be there
Self-employed people may need to consider what happens if illness or injury stops them working, because sick pay and employer protection can be limited or absent.
When advice can be useful
Advice may add value where pensions, investments, business cashflow and personal protection need to be coordinated, or when you want a regulated recommendation rather than choosing a pension yourself.