Don’t as­sume that a fi­nan­cial plan­ner is not of use to you

Gloucestershire Echo - - CASHING IN -

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.

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