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The Benefits of Using a Financial Planner
You may have sought the services of a financial planner to look at a specific issue, whether due to a life changing event such as the birth of baby triggering a review your wills and life assurance, a pay rise allowing an increase to your mortgage and a bigger home or a change in employment necessitating a review of your pension plans. We like our clients to be aware of the range of functions of a financial planner and the benefits you can derive from using our services. As part of the process of establishing a long term sustainable relationship it may be worth explaining the main advantages of using a financial planner.
The value of pensions and investments can fall as well as rise. You may get back less than you invested.
Will Writing is not part of the Intrinsic Financial Services offering and is offered in our own right. Intrinsic Financial Services accept no responsibility for these aspects of our business.
Will Writing, Trusts, Estate Planning and Grant of Power of Attorney are not regulated by the Financial Conduct Authority.
1. Identifying problems and goals.
Working with a Finncial Planner can make it easier to clarify your goals, create priorities and put a time on achieving those goals.
2. Identifying financial strategies.
Many people find it difficult to think clearly about financial issues. Good decisions can be made; provided you have been offered a range of possibilities and you know what your options are. A financial planner can present these different options, the benefits and the pitfalls.
3. Setting priorities.
Talking through your aims and objectives can be the best way to decide which are the most important. Often we don’t know in our own mind until we have discussed it with an independent knowledgeable third party, who can act as a sounding board, ask good questions and give a dispassionate view.
4. Researching the market for the best products.
When you are ready to implement it is important to work with someone who can research the market to know the best products and providers. This doesn’t necessarily mean the lowest cost, considerations of service, product features, innovation and flexibility can be equally important as charges.
5. Getting the planning done.
Time poor? Cash rich? Do you have the time or motivation to undertake the work needed to put a plan in place, monitor and review it? Sometimes just processes and jargon can be a barrier to getting the work done.
6. Preserving wealth
A financial planner can often help you achieve the same goal with your investments without taking as much risk. A financial planner will take into consideration tax allowances and also discuss with you any risks that may stop you achieving you goal.
7. Avoiding common financial mistakes
Most decisions have a very big emotional element, a financial planner can hep you make decisions on a more rational basis, avoiding any herd mentality. Behavioural finance experts say that most of the common financial mistakes are hard wired into human beings and just by pointing them out financial planners can help you from making irrational decisions and save you money.