Wealth management can be scary words for many people. A sense of unknown or preconceived ideas of what this process actually entails.
“Is this for me or do I have the income or assets these advisors would be interested in?”
A real financial plan and genuine wealth management should put this query to bed. Sitting down with a certified financial planner need not be an arduous or daunting experience. The fundamental idea behind financial planning is understanding “what is the money for?”
As a financial planner the first step of the process is discussing the goals and aspirations of the prospective clients. It’s not about recommending the latest golden stock or predicting if the financial markets will boom or bust.
Once there is a clear idea of what the client and their family want to achieve (and believe me there is no one size fits all!) then it is time to start looking at the numbers and assets at their disposal and begin the process of building a bespoke financial plan.
The numbers are important, but the lifestyle goals are every bit as important too. And too many advisors have previously neglected this point and launched into recommending investments to clients without understanding their families’ true long-term objectives.
Financial planning adds value to clients by marrying those numbers and the aspirations and building a truly bespoke long-term plan for people to achieve these goals as cost efficiently and tax efficiently as possible…
“Is there much risk involved?”
“What if my circumstances change?”
Wealth management should always be about the long term. Anyone offering short term wins on the next big thing should be ran a mile from! The level of risk in any plan will be dependent on the individual circumstances of each client.
Your circumstances will most certainly change over the course of a long-term plan. We like to say, “life gets in the way!”. Moving jobs or career, family circumstances, health and wellbeing or inheritance funds are all things that will happen over the course of a lifetime and need to be managed correctly.
Money should not scare you. The fear of the unknown or being exposed to an area that is not your expertise is what can be daunting.
The best financial plan will explain all these things to you and take a lot of the guess work out of the future. It should bring clarity and tangible action points for you.
“Want to retire early?” – No problem, these are the steps you will need to take and structures that will need to be put in place….
“Selling your business and need advice?” – No problem, these are the structures and reliefs you will need to maximise efficiency for you and your family.
It’s inevitable that you might feel more nervous about financial markets or entering discussions about wealth management.
The first step is to start the conversation and start to focus on the things you can control and try not to stress over the things you can’t.
Focus on your goals and ask the question “what is the money for?” Find your WHY.
Once this becomes clear, the road ahead to prosperity and financial wellbeing becomes a lot less daunting and whisper it, but even a bit more enjoyable as well……
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.