There are many reasons why we may seek advice from a financial planner however, the four most common that what we have seen are:
- Technical Knowledge – Some aspects of financial planning can be complex, for example, deciding on the risk / return characteristics of an investment portfolio or designing retirement income strategies, and we might not have the requisite skill set for these technical matters ourselves. In life we frequently decide whether to employ a professional for a task or whether we could DIY it. We would suggest that where the implications of getting it wrong are significant, the more the need for professional support.
- Support – Whilst some aspects of financial planning can be complex, others are not necessarily hard, but can be difficult to maintain. The accountability of a financial planner can provide a crucial role in helping clients stick to their plan, provide peace of mind, education, as well as objective feedback. We all have blind spots and by definition, we cannot see our own. A financial planner helps people identify these and then adapt where necessary.
- Convenience – Financial planning can involve a fair degree of time-consuming tasks, such as monitoring investments, rebalancing portfolios or dealing with the raft of correspondence that we receive these days. The convenience of having a financial planner means that we can spend more time in areas of life that we find enjoyment. There is a saying that time is our most precious commodity, but is often the one we can fall into the trap of thinking is unlimited.
- Continuity – We have found that it is not uncommon for one person to deal with the lion share of the financial affairs within a household. Having a financial planner with all parties involved can create a shared plan with the peace of mind that should the person who dealt with most matters died first, there is confidence that the spouse and children are informed and can continue with the plan with any amendments necessary.
If any/all of these resonate with you please do contact us to see how we could help you.