Financial Advice for Young Families

Getting the right financial advice when you’re a young family can make all the difference, both in the short and long term.

Of course, there are exceptions, but generally speaking the “Young Family” stage is one of the most financially squeezed stages of life, torn between the need to build and maintain a great quality of life, work/life balance, and ensuring the future wellbeing of any children you may have, or planning to have.

This makes obtaining tailored, bespoke and thoroughly suitable financial advice all the more beneficial, and MacFarlaine and Brooks has the experience you require to see it all through.

Bespoke Mortgage Advice

We know how the expenses for a young family might seem to stack up quickly, and it’s likely that your mortgage will (or already is) one of your biggest expenses.

It’s this expense that means young families often spend time running around after different mortgage brokers, banks and building societies looking for what might SEEM the best rate, year on year.

Instead, we keep our advice in house. MacFarlaine and Brooks is a full-service IFA with access to a huge range of mortgage providers.

We’ll look not just at your mortgage (or the money pot you intend to buy with), but your finances as a whole, gaining a deeper understanding of your current position and financial goals before scouring the market for the mortgage that best fits your needs, affordability and suitability.

Not only that, but we can keep making those comparisons for you as time wears on, ensuring that you are always on the best plan for you and your family as things develop.

Holistic Financial Planning

If you’re unfamiliar with the word, we wouldn’t blame you – it doesn’t come up more than enough in the language used by financial services providers, who sadly are sometimes only interested in what they can sell you on the day.

Holistic Financial Planning means “looking after the whole”, not just treating your mortgage, savings, investments and estate planning as separate entities.

This is the approach we take at MacFarlaine and Brooks, ensuring that where possible, the advice we provide to Young Families is in harmony with the rest of your financial arrangements, and if needed, creating a new, bespoke financial plan that looks after every aspect of your finances as they work for you towards a shared goal – whatever that may be!

MacFarlaine and Brooks is a full service IFA (Independent Financial Adviser), which means we can help you take care of everything from Cash ISAs, Help to Buy schemes, pensions, investments and mortgages – the full works, which as our experience has shown, all work best when they take each other into consideration for a more manageable, comprehensive and effective financial plan.

Saving for the future of your family

As parents (or perhaps still ‘parents to be’), we understand that you may be feeling that pressure – the pressure to provide for your family’s long term future.

In an often volatile financial market, that can sometimes seem like a heavy weight on the shoulders of a young family – and we’d like to help.

MacFarlaine and Brooks advisers have spent years in the financial markets, long enough to see some of their clients grow up, grow old and even reach retirement in some cases, and we’re more than happy to share this experience with our new clients to help guide them through similar paths.

So, even if it seems like you haven’t got much to save, we can help you make the best of it, whether you’re saving for your mortgage, a house move, a new family car or for the future of your children and their education.

We specialise in helping clients find the right savings plans and investment schemes, suitable to their situation as an individual and as a family unit to help build the future YOU want for your family.

Life Cover

Not all aspects of great financial planning for young families is making and saving money – its about protecting it too.

Sadly, sickness, accidents and “the unknown” are facts of life, and having the right life cover to help you protect your family and their assets is often considered essential to ensuring their future if you or your partner should no longer be able to provide an income.

MacFarlaine and Brooks can find the right life cover for you and your family to protect against the worst, paying out as a lump-sum in the event of your passing to help those you love recover.

Income Protection Insurance

Income Protection Insurance is another useful type of life-cover, and can cover you should you become incapacitated and are unable to work.

Unlike Life-Cover, Income Protection Insurance doesn’t usually pay out as a large lump sum. Instead, it pays out to you or your beneficiaries as a monthly, tax-free benefit that can range up to 70% of your gross annual salary for the period of time you take out the cover.

Family Income Benefit

Again, Family Income Benefit (or FIB) is slightly different from standard Life Cover or IP Insurance. An FIB policy covers you in the event of your death should it occur during this period, and pays your family or other designated beneficiaries out in monthly, tax-free payments until the end of the cover.
It differs from Life Cover primarily in the way it pays out.

Critical Illness Cover

Again, another variation on life insurance. With Critical Illness Cover, you are covered should you contract one of the diseases listed by the insurer, who would pay out a lump-sum in the event of your diagnosis. For most people, Critical Illness cover is used to protect against various cancers, however other diseases are often covered. We can help you find the one for you.

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