Do I need to inform my IFA I'm being made redundant?

ferry

Hi all
Sadly,I'm being made redundant at the end of the month.
I have nothing else lined up at the moment but in terms of planning should I let my IFA know the impending doom?

I'm wondering if there is any benefit in doing this from a mortgage,life policies provider contact point of view ?

Cheers as usual
F

27col

Not quite sure what your employment status has to do with your IFA.

ferry

27col wrote: »

Not quite sure what your employment status has to do with your IFA.

Well when we 'employed' our IFA it was about a financial overhaul for when I was earning good money so to be honest I was thinking along the lines of "lets see where we can cut back then" under the new circumtances

oscarward

To be fair, when I was made redundant I did go and see my IFA and ask his advice and to see where I stood, I have been dealing with him for 30+ years so he knows my position.

Got some good advice and reassurance about the future financially. Luckily I had done a review about 18 months before so was in a fairly good position for the future.

getmore4less

Is your IFA activly managing your finances then they need to know.

if they are pasive, in that they have advised and set stuff up then maybe to asses the impact of stopping things

Whatever, you need to review your finances and budget for the reduced income.

DO you already have a proper budget based around a SOA?