What Is The Value Of Financial Planning?
Financial planning is often something that makes people shiver and say, ‘that’s all too complicated’. And while that is true to some extent, it’s also something that has an enormous amount of value to your life both now and in the future. Whether you’re saving to buy your first home, saving into an ISA or trying to work out how to maximise your pension pot for later in life, having a solid plan in place will make things much simpler for you. A financial adviser can help you put these plans together, using their knowledge to potentially boost your returns and helping you make sound decisions. But if you’ve never done it before, what exactly is the value of hiring a financial planner, or of having a financial plan for your future?
Set Clear Goals
Who you are and what you want to achieve in your life is unique – no one else will be in the same position as you, or have the same goals for the future. So really, the way you handle your finances and plan for the future should be unique too. The problem is if you just go looking through the products you can find online, you will always be looking for ways to fit yourself into their specific boxes. A financial planner will be able to discuss what you want to achieve, and then recommend a tailored plan to help you get there. They will work with you to understand your goals, and then use all of their expert knowledge to research the market and create a solution that will help achieve all of those things.
Have Regular Reviews
There is a saying that the best laid plans of mice and men often go awry, and we believe that’s true – if you don’t keep an eye on them. All sorts of things can change your plans and your goals – from getting a new job, a new grandchild coming along, or even something like Brexit. The key to making sure your financial plans keep up with your changing life is to review them regularly. Taking advice from a professional financial planner means you will have regular reviews to keep track of your finances and progress towards your goals. This means you can adapt your plan as your situation and needs change, make changes if you don’t feel you’re on the right course, and it helps focus your mind on what you’re trying to achieve.
Tax Efficient A Every Stage
A good financial planner will make sure your money is working as hard as possible for your benefit. This includes things like minimising your current and future tax liability, moving money around to make the most of tax benefits and giving advice on what you can claim and when. Let’s face it, the UK tax system isn’t exactly the easiest to navigate on your own, but a financial planner will be able to help you work out how to make the most from your money.
Detailed Product Knowledge
If you go into a bank and ask about ISAs – you’re going to get information on the specific ISAs that bank offers (along with a sales pitch). Not information on ISAs in general, and certainly not independent advice. Not to mention there are almost endless options for things like pensions, savings and investments. Independent financial planners have access to the whole of the market and aren’t tied to one provider, allowing them to shop around and find the best deals for you based on what you need – not what they are trying to sell.
At Chilvester Financial, we want you to be confident and comfortable working with us, secure in the knowledge that we can help you achieve your goals. We are a team of specialised financial planners, and we are always happy to answer any questions, talk through your options or give you a helpful hint here and there. If you would like to know more, or have any questions, just get in touch with the team today and book your free, no-obligation consultation.