My partner and I are looking to buy a flat. However, while currently we both work, in the middle term future (5-10 years), I’ll become much more disabled than I’m now. By all chances my income will shrink significantly if I can’t work anymore or earn less, hence turning my partner into a main earner of the household.
We have been using a financial adviser from Swiss Life Select for a few years. And while that’s something that’s the financial advisor is theoretically good for (looking at the situation as a whole), I’m disappointed by the products I have signed in the past (more than 2% fees on stick investment, 3A with insurance…). Hence, I’m more than reluctant to use that adviser again and turning to the community.
What kind of contracts / insurances should we setup to protect us given our situation ? Or do you know a (good) independent financial adviser (in Vaud, Fribourg) who could help with our specific situation ?
If you already know that you will be disabled, then you probably have a pre-existing medical condition? Any insurance company that thinks economically will exclude something like this in advance. I would even check whether you already have an exclusion with SwissLife. Or am I missing something?
I don’t know an independent financial advisor in Vaud or Fribourg, but that is certainly the route I would take: consult an independent financial advisor.
Be prepared to be billed fairly high hourly, but IMO it’s probably worth it. Ideally, set a budget/time limit and come with well prepared questions, probably sent to them in advance.
Even if they’re independent, they’re motivized by billing as many hours as possible, while you are interested in the opposite. Maybe even discuss beforehand what you want to discuss and how much that is going to cost you.
I expect your situation to be too complex for us to help much remotely and you probably need tailored advice as depending on your income and conditions, you may want to protect more of it (in order to have more in the future, especially the income of your partner if you’re going to rely mostly on it in the future) or less (if your income is low and the cost of protecting it doesn’t warrant the actual protection it gives).
I can’t recommend a good independent advisor and I can’t vouch that my advice is sound so you should assess your next steps as best as you can, knowing you are acting with less than the full knowledge you would need.
What I would do is try to contact a not for profit association and ask them for guidance/being redirected toward someone who can help/an advisor they’d vouch for. If that’s a for profit independent advisor, I’d ask for more than one name and not be shy to contact more than one and end the discussions and go to another one if I don’t feel they’re actually able to help me efficiently, either when contacting them by phone or during the actual meeting(s).
Handling your budget isn’t your main question but as I expect them to have a good network in the financial advising world, geared toward protecting consumers from the institutions/people who would want to take advantage of them, I expect them to have at least adjacent knowledge of people who could actually help, if they can’t themselves.
It might be worth asking other associations/institutions.
I can’t recommend someone, either, but would double-down on your idea to get independent advice, ideally specializing on your situation, for example to cover things like health insurance and claims from IV or your pension fund, as well as the financial and legal setup between you and your partner.
Swiss Life Select is a structural distribution business, and in the best case I’d think of your contact as a sales rep. earning commissions on their sales, rather than an advisor looking out for your interests.
When buying, I assume you take into account your mid-term expected income?
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