This is the sixth (and final) part in a series of articles where we explain how good financial planning and advice adds value.
Here at Clear Vision FP we are slightly obsessed with ensuring we add value to our clients affairs. However, I appreciate it isn’t always clear what value a good financial planner can add. In my view, there are six key areas that the added value falls under. These are…
- Setting and achieving goals;
- Investment management;
- Efficiencies – cost savings;
- Tax planning;
- Behavioural coaching;
- The ‘other’ stuff.
We’ve already discussed how advisers can add value in portfolio design and management, risk management, driving down costs, saving tax, controlling emotions and meeting life’s goals. But what about all the other stuff?
Second Opinion
Financial planners are there to support you and your family in everything financial. This means that I find myself being asked about all kinds of things prior to decisions being made. We can act as a sense check to make sure that a reckless decision isn’t being made. We can also model the effects of decisions. For example, if you are weighing up a change in career, we can model the effects on your immediate finances as well as your future financial life.
Delivering peace of mind
Working with a financial planner can deliver immense peace of mind. Knowing that you have an expert on your side ensuring you are making the right financial decisions for your future is invaluable in terms of peace of mind. Peace of mind, and worrying less, has been shown to provide real health benefits.
Giving permission
This sounds like a strange one, but by modelling the future, we can often give permission for clients to action things. This can include spending, big holidays or gifting to children. Through proper financial planning we can establish if a client can spend/gift money without impacting on their future.
Making the complex simple
Lets face it, the financial industry loves making things complex! We cut through the jargon and make sure our clients understand what it means for them.
Support in times of crisis
When a client loses a loved one, we can be on hand to provide support. Helping to claim on insurances, gathering data for solicitors and providing ongoing advice to ensure that the financial situation moves smoothly so you can grieve. We then help to adjust the plan moving forward with your new life.
Summary
Over the six part series, we’ve established many ways in which a financial planner can help. Hopefully this makes the value clearer and shows you why I get immense satisfaction from what I do. If you know of anyone who might benefit from our advice, please do get in contact.
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