Terry Burgum ACII
- Chartered Financial Planner and Senior Manager at Kreston Reeves Financial Planning Services Limited
- +44 (0)330 124 1399
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View all peoplePublished by Terry Burgum on 19 May 2021
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Looking for help with your financial matters can be a confusing business. For starters, you will need to identify who really offers the help you need.
Whilst Wealth Managers, Investment Advisers and Financial Coaches abound, the two titles you are most likely to come across will be the traditional ‘Financial Advisers’ and the more forward thinking ‘Financial Planners’.
But what, if any, is the difference?
In some respects, not very much. They may each have very similar qualifications and come from similar backgrounds. And whilst each will be capable of providing both ‘planning’ and ‘advice’, for me it is important that you understand the key driver.
Financial advice harks back to industry as it was pre the Retail Distribution Review. In days gone by, advice would generally centre around the identification and provision of a suitable investment, pension or insurance product to meet your needs, resulting in a commission for the adviser as a way of paying for their services.
This generally led to more transactional relationships with the focus largely on the performance of the investment selected, rather than a wider understanding of the client’s needs and life plans.
There may have been little emphasis on finding out about your deeper concerns and dreams or using elements of the advice process such as Cashflow Forecasting to build a picture of your future financial position to identify if and when your aspirations could be met.
So, in my opinion, if you are looking for more than just a recommendation for a suitable investment, pension or insurance policy, and want help to understand what you really want out of life, and whether or not you may get it, seek help from a good ‘Financial Planner’.
A good financial planner will firstly help you understand where you are now, discover what may be possible in the future and advise you as to how you may get there.
In doing this they will follow these 6 steps:
I cannot overstate the importance of regularly monitoring and reviewing your progress against your financial plan to ensure your objectives are met and take immediate action to resolve any issues.
An annual review with your Financial Planner will enable you to react to changes in future legislation, adapt your investment policy to changes in the economic environment and take account of changes in your own circumstances and future aspirations to keep your financial plan on track.
To discuss your own requirements please contact Kreston Reeves Financial Planning on +44 (0)1227 768231 or provide your details on our online enquiry form.
The content of this article is for information only and does not constitute formal financial advice.
This material is for general information only and does not constitute investment, tax, legal or other forms of advice.
You should not rely on this information to make, or refrain from making any decisions. Always obtain independent, professional advice for your own particular situation.
Kreston Reeves Financial Planning Limited, Independent Financial Advisers. Authorised and regulated by the Financial Conduct Authority.
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