What is a big risk to your financial plan?
If you don’t have a financial plan, how will you get where you want to be? Beyond that, there are numerous factors and risks outside your control that might put the plan off course. But a plan that is agile, flexible and reviewed regularly, can still give confidence that you’re on the right course.
As financial advisers, how do we help individuals?
Our first instinct with new clients is not to talk about money or numbers as many would expect, but to discuss future goals and lifestyle. The numbers are important, but only become relevant when we know what is important to you in retirement.
Do I need a financial adviser?
Financial advice is a bit like a long trip in the car using sat nav. You set your destination and hope for a smooth journey. In this case the destination is a certain lifestyle in retirement. But there are delays, diversions and unexpected events on route. With a financial adviser and a flexible financial plan, you stay focussed on the destination, even if the course needs to alter.
Do you have enough money for your future, too much or you’re not sure?
Nearly all new clients when we meet them don’t know the answer to the question. That’s fine, we can help you to understand which category you are in and put together either a savings plan or an inheritance tax plan. Either way, it’s about giving you the understanding of where you are now, and the confidence that we can get you to where you want to be.
How can I manage inheritance tax?
One we can be certain that you have enough money for life, we can consider suitable inheritance tax strategies. Spending, gifting, trusts, investments or insurances – these will be your choices that you make together with your adviser.
How much do I need in my retirement pot?
A common question, but it’s different for different people. That said, the pot is the sum of your needs i.e. your cost of living, plus your lifestyle costs i.e. what you want to do, expressed as a monthly figure.
Thinking about money, what should I consider regarding cash and investing?
People understand cash and it is important in financial planning. But the value of cash can be eroded over time by inflation. Investing is about getting a return from the companies we use everyday who provide services and make a profit from their activities. It is these profits that investors can ultimately benefit from.
What are the questions that you need to consider for your own retirement?
Have you had enough of work?
Do you have enough financially?
Do you have enough to do in retirement?
The combination of responses will have a bearing on what your next steps might be.
What do I need to consider before making investments?
Is investing now the right thing to do? How much money is available to invest, for how long, and with what level of risk is acceptable? These will all be factors in determining investment decisions.
What does a good financial planner do and why do I need one?
A good financial planner will always focus on your goals. It is your goals and your priorities that will be the basis of your financial life plan. That means we don’t focus first on financial products, but rather financial outcomes. The products then become the vehicles for achieving your goals.
What does a meeting with a financial adviser look like?
A first meeting is a bit like a first date. You’re looking for compatibility, we’re trying to find out if we can really help you. We start with the soft facts, rather than hard numbers. What do you want your future lifestyle to look like? The second meeting is about numbers, and we discuss how your financial life plan needs to be written to deliver the outcomes you’ve identified.
What financial services do you offer?
We offer mortgages, insurance, pensions and investment planning as well as advice on inheritance tax planning. But these are just products. Our service revolves around you and your financial priorities and life goals. We help you with a financial life plan and then look at the products and how they will work together to help you reach your goals.
Why does insurance form an important part of your financial plan?
Most people don’t give a second thought to insuring their house, car, pet or high value gadgets. So why is it less intuitive to insure our income and our life? Loss of a job or far worse, the loss of a loved one, can have serious repercussions if insurance is not a part of your financial plan.
Why should I be interested in pensions?
A pension is an investment in your future self. If you’re auto-enrolled into a pension, that’s you, your employer and the government all setting money side and investing in your future. The earlier you start saving the longer your money can work for your benefit, providing the lifestyle you want once you choose to finish working.
Why should I have a retirement plan?
Retirement could be one of the longest holidays of your life. By starting early, and saving consistently, you give yourself the confidence that you know where your financial future is heading.
