Don’t assume that a financial planner is not of use to you
IS FINANCIAL planning just for the wealthy or relevant for someone who earns £25k a year? Mike D
FINANCIAL planning is used by millions of people worldwide to help them achieve the life of their dreams.
A financial planner is not simply a financial adviser. True financial planning is the process of establishing what someone really wants from life, then working with them to create a blueprint that outlines agreed actions on how they can achieve their goals.
Financial planners take their clients through a structured, six-stage process, ensuring that people receive a similar experience wherever they go.
Once terms of business have been agreed and the planner knows what is expected by the client, they begin to piece together the information they need to form a plan. From the obvious income, expenditure, assets and labilities; but equally as important is personal information, such as future plans and dreams.
Figures are analysed and evaluated based on the client’s circumstances, the planner looks at tax implications, investments and estate planning and wills.
A draft plan is presented to the client, discussed, and then a final plan is completed.
This discussion is important, because the more the client engages in the decision-making process, the more they will want to carry out the actions agreed.
It’s important to realise that recommendations may not be product-related, which means that financial planning is about the person and not about products.
Once recommendations have been implemented, the final step is ongoing monitoring to make sure everything is on track.
Financial planning is about asking deep and meaningful questions that, if acted upon, will move you towards a life which brings you more happiness and fulfilment.
Because after all, you don’t want more money; what you really want is what more money will bring you.