For this year’s Financial Planning Week, we wanted to address the top question that people may have when engaging with the profession for the first time: “Why should I have a financial planner?”

You might feel as though the concept of putting together some goals and thinking about how you might achieve them is possible without a financial planner. In theory, you could do that. However, you could be doing yourself and your family a disservice. Financial planning is there for everybody, regardless of wealth, as it provides a clear roadmap for the future.

Here’s why a financial planner is an invaluable resource when planning for your own and your family’s future.

Expert, tailor-made advice

If a lightbulb went on your car, you might fancy your chances at changing it, but if the whole engine needed servicing, you would probably call in a mechanic. Putting together a financial plan is no different.

By engaging with a highly-qualified expert, you are far more likely to come out with a plan that is not only tailored perfectly to your goals, dreams, and aspirations, but one you are likely to stick to. A financial planner knows what will and will not work for your individual circumstances and will be able to advise you on the best way to achieve the goals you have identified.

Ticking off your bucket list

If you leave everything to chance, chances are you will miss out. A financial plan is, in a way, a little like a formalised bucket list that takes into account life milestones and goals as well as purely the fun stuff.

It is so important to review your goals and financial plan to enable you to tick things off your list. If you fail to plan for your retirement and keep your head in the sand, then you may never get round to completing your bucket list or doing the things you always dreamt of. You might be hoping to buy a holiday home or create nest eggs for your grandchildren. Or, you may simply want indulge your personal love of fine dining and theatre. Whatever your aspirations, the details in your financial plan will be designed meticulously to ensure you meet those goals.

Keeping you on track

Life is full of twists, turns, and unexpected challenges. When circumstances change, our plans need to shift accordingly.

A financial planner will keep you on track by regularly meeting with you to review your plans. During this, they will discuss any changes or adjustments to your goals and adjust your financial plan accordingly. Perhaps you need to make space for a new addition to the family. Maybe an inheritance has meant you have more cash to work with. All of this will be accounted for.

Knowing when to pivot (and, more importantly, when not to!)

When you are working with investments, this is inevitably accompanied by market fluctuations. That’s simply the nature of the stock markets. A financial planner will act as a sounding board and a stabilising force. They will use their knowledge of market trends to help you keep your cool and make rational decisions rather than knee-jerk reactions to market movements.

They will also have built in strategies to your plan to mitigate any risk associated with stock market variations. By diversifying investment portfolios, advising on insurance coverage, and creating emergency funds, your financial planner can help to shield your finances from the most adverse impacts of unforeseen circumstances.

Peace of mind

Having a financial planner means having someone in your corner who is invested in your success, who is always at the end of the phone. They will look out for you and your money so that you can go about your life safe in the knowledge that it’s being taken care of.

Further to this, there is ample evidence to show that people who engage with a financial planner not only reach their goals, but they tend to get there quicker and create more wealth along the way. It’s a win-win scenario.

What next?

It sounds like an old cliché, but ‘starting with the end in mind’ is how this journey should begin. The sooner you start thinking about how you will fund your long-term goals and your retirement, the easier it will be and the better the outcome.

Our challenge for you in 2024 is to create a financial plan. It should be meaningful to you, and sufficient to see you through to achieving your own goals and objectives. Additionally, it should be something you can commit to for the long term.

We would wholeheartedly encourage you to think about doing this with a financial planner. This is because they have the tools and the knowledge to craft something that will not just work, but will take account of all the parts of the financial planning jigsaw. More importantly, they will keep you updated on your progress and ensure any course corrections along the way are made in a timely manner.

Get in touch

If you’re interested in getting started on your financial plan, please don’t hesitate to get in touch. You can call us on 01582 720511, send us an email at info@wealth-matters.co.uk, or book a call with us here.