I am privileged to have witnessed first-hand the value financial planning can add to the lives of our clients; this value may be difficult to understand until it is experienced.
Sure, some of the value is easily quantified and tangible. This could be helping a client save tax, implementing a suitable investment strategy, reducing the costs paid for products or investment management or making sure money is in the right place at the right time. However, a lot of value we add is difficult to quantify in pounds and pence.
Often, the value of financial planning is best told through our clients’ stories of how we have helped them turn a dream into a reality. Examples I have seen range from giving a longstanding client the confidence to go ahead with the renovations for her dream home, safe in the knowledge this will not impact her future financial security; showing a couple they can afford to give up the corporate rat race and adopt a nomadic lifestyle years before they had ever imagined it would be possible or showing a client approaching retirement that she can afford to take a sabbatical to go travelling.
As inspiring and exciting as it is to help clients live out their dreams, a Financial Planner will also highlight the risks that could prevent these dreams becoming reality. For the fitness fanatic with young children who was unexpectedly diagnosed with an illness meaning he couldn’t return to work, having protection in place for his family was priceless.
Life is precious and can be turned upside-down in a split second. What if you fall ill, or died, would your loved one’s cope? Would they be able to enjoy the same lifestyle in the future? Part of our role as Financial Planners is to ask the difficult questions, find the solutions and help you avoid the expensive mistakes.
So, what is the value of a Financial Planner?
Well according to our clients, the real value of a Financial Planner is not in saving tax or investment managements (although these are of course a big part of what we do) but in the non-tangibles such as:
- Helping them visualise the future by creating “Your Financial Plan”
- Providing peace of mind
- Saving time (which you can never get back!)
- Preventing expensive mistakes (which some may call financial coaching)
- Being a sounding board
- Simplifying financial affairs and keeping them organised
- Acting as a hub across various professional advisers such as lawyers and accountants
- Providing ongoing education both for them but also their children resulting in multi-generational planning
- Being ‘the number on the fridge’; the second person their wife/husband/partner/son/daughter would call in the event of a disaster. I don’t think there is bigger compliment than that!
Working with a Financial Planner will ensure you are making sensible decisions about money, giving you the confidence and peace of mind to focus on the things that really matter so you can live the life you want to live. After all, money matters, but life matters more.
At Paradigm Norton our Financial Planners have a purpose: to help you achieve your life goals, whatever they might be. Through cashflow forecasting we can align your personal goals to your financial situation to enable the achievement of life goals.
If you would like to speak to a qualified Financial Planner about this, or any other matter, please give us a call today on 020 7269 7960. We would love to hear from you.
This article is distributed for educational purposes and should not be considered investment advice or an offer of any security for sale. This article does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. Cashflow forecasting is not regulated by the FCA.