Financial Planning or Advice

Although the terms are familiar, there is a big difference between the types of service your Financial Planner will provide, compared to the work a financial adviser will carry out for you.

Financial Advice

Financial Advice relates to the specific task that your planner or advisor will carry out for you. Types of tasks might include providing Investment Advice, arranging an Individual Savings Account or your pension. It addresses the specific needs you have now, not looking into the future. This type of advice can be provided by an independent financial adviser, or a restricted adviser. Restricted advisers can recommend one or a limited number of product providers.  Banks and Building Societies usually offer restricted advice.

Financial Planning

Financial Planning addresses your long term objectives, dreams hopes and desires for the future, and how you can achieve this. A good financial planner will help you develop a long term financial plan that is continually reviewed and adjusted according to your change in circumstances. The plan should show you what you need to do, to make sure your dreams and wishes come true.
Any long term financial plan should also include an analysis of your income and expenditure (not just now but in the future), your assets and liabilities, your thoughts and feeling about investing as well as your short medium and long term objectives.

A good financial planner should show you how to reduce risk. Whether to yourself, your family, your assets (for example investments, pensions, business and property.
A planner that offers a comprehensive service will work closely with their clients to help them live the life they want not just now, but in the future.
Addressing issues such as never running out of money and maintaining your standard of living in retirement. A cautious and prudent approach to managing your money is at the heart of any good financial plan.

Less than ten years to retirement

For some clients the service advisers carry out will be sufficient. However the closer you get to retirement, arguably you should have plans in place to ensure you finances are mapped out. If you feel that you need a financial plan, always contact your financial planner or adviser. They should be able to help, if not then find one that can help you.

We have developed our Lifestyle financial planning service over the last five years. It is specifically designed to help clients that are within ten years of retirement. If you would like to find out more about our service please contact us.

Share and Follow us:

Share on linkedin
Share on facebook
Share on twitter
Share on email
Share on print
Share on whatsapp

0 Comments

Other posts you might find useful

Corona Virus and Stockmarkets
Investment

Market Volatility and the virus

Long term investment principles The world is watching with concern the spread of the new coronavirus. The uncertainty is being felt around the globe, and it is unsettling on a human level as well as

Read More »
global investment outlook
Investment commentary

Global Investment Outlook 2020

Our thoughts for 2020 Two thousand and nineteen has overall produced strong returns for investors even though volatility increased in equity and bond markets over the year. We are currently in one of the longest

Read More »
commercial property
Investment

Property Fund Suspension

Not another fund suspension! Earlier this week we had yet again an announcement of a temporary fund suspension from one of the leading property fund managers in the UK. M&G Investments announced the temporary suspension

Read More »

I am text block. Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper matti pibus leo.

Get Started

  • Tutorials
  • Resources
  • Guides
  • Examples
  • Docs

About

  • Stories
  • Community
  • Blog
  • Careers
  • Brand Assets

Downloads

  • Flex UI Kit
  • Modern UI Kit
  • Framer UI Kit
  • Gradients UI Kit
  • Black & White UI Kit