If you want to achieve your financial goals, saving is crucial. After all, it would be impossible to buy those expensive items or stop work if we didn’t save some of our income each month.
However, a financial planner can really add value when it comes to helping you become best placed to meet your money-related objectives. It goes without saying that they will also help select the best investments for you in line with your risk profile.
However, the following areas are where they can really make a difference:
A good planner will help you mitigate potential errors. For example, if you forget to remortgage, you may pay considerably more interest over the term of your mortgage. Having too much of your money in illiquid investments could also cause you problems. A financial planning expert will assist you in avoiding costly mistakes and make sure your hard-earned money works as hard as possible.
Spotting the risks
When it comes to finances, we all have blind spots and risks that we perhaps haven’t considered. Whether it’s writing a will to ensure that your money ends up in the right hands, or setting up a lasting power of attorney* – so that if you are unable to manage your own finances you have someone else who can legally act – finance specialists have these on their radar.
As another example, you may be the only earner in your family – what would happen if you were unable to work or became terminally ill? Skilled planners will assess these risks and offer solutions that ensure you can continue to save for your long-term goals with peace of mind.
Emotions and money don’t mix well. Sometimes it’s hard to keep your nerve if you have made a decision alone and markets change, but an effective planner will also help you avoid making choices based solely on emotion.
In truth, a financial planner is someone to bounce ideas off and to pass day-to-day money management to, so that you can focus on your strengths.
Considering the future
Planners will also encourage you to see the big picture. With the use of a cash flow model, they can help bring the future to life – often it’s easier to engage with material if it’s presented visually.
In addition, they can provide insight which helps you see that time in the market is far more important than timing the market. They’ll support you in choosing a strategy and sticking with it. And this way, you are far more likely to achieve your longer-term financial aspirations.
At Louise Woollard Financial, we believe that building a relationship with a planner that you trust can be truly rewarding in so many ways. If you’d like to find out more, please contact our friendly team!
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
*Will writing and Powers of Attorneys involve the referral to services that are separate and distinct to those offered by St. James's Place and are not regulated by the Financial Conduct Authority.