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……
Paddy is happy to take any questions…..
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