Are we typing the ‘wrong’ things into Google when we need help with money matters?
Many of us think of a financial product when we think of money. That is reflected in Google searches.
Mortgage searches dominate followed by searches for life cover, inheritance tax, equity release, income protection, pension plans and investment plans.
It seems fewer consumers are searching in the first instance for a FINANCIAL PLAN, financial life planner or lifestyle financial planner.
Not all financial advisers and financial planners practice what I will call proper in-depth financial planning – including financial life planning and a detailed personal lifetime cashflow model of your finances.
What’s In A Name?
Terms such as financial adviser, investment adviser and financial planner are used interchangeably to describe what can be very different skill sets, experience, qualifications and services.
At Wishart Wealth Management, we believe financial life planning and the Financial Plan should be the foundation stone upon which everything else is built and tested.
Best-selling financial planning author and New York Times sketch guy Carl Richards sums it up in his sketch:
If you do need a financial product then, unless there is an urgent need e.g. life insurance on a recently completed mortgage, it is safer that The Plan should always come first – not last.
Financial products, no matter how good they are, are simply ‘tools in the box’.
Why bother creating a Financial Plan?
Because there is real power in the planning.
Life’s realities will challenge even the best made plans. For this reason financial planning should be an ongoing process with regular monitoring.
There is a danger that without proper financial planning, you can have a good income and all the pensions, investments and assets going, but still not attain and maintain the life and lifestyle you want.
You could end up working for years instead of ‘playing’, not taking that dream trip or helping those and the causes you care about as much as you could. Important stuff.
It is essential to get started – after all, life is no dress rehearsal.
You need not fear financial planning as, if there is anything out there you don’t like the look of, a great financial planner will bring you back to the present and help you do something about it.
Real Financial Planning is not focussed on financial products such as moving 3 old pensions into 1 new one. It is focussed on you.
You get to explore what really makes you tick and your Plan will always include a detailed lifetime personal cashflow forecast.
A financial planner with life planning and coaching skills can help you connect the dots between your financial realities and the life you long to live.
Proper Financial Planning versus Financial Advice?
To use a golfing analogy, proper financial planning is the ‘golf swing’ – the ‘strategy’ and ‘how to’.
A road map if you like that is regularly revisited to help you define then reach and maintain your life goals and objectives.
By comparison, most financial advice involves or relies upon the promotion of financial products – the ‘golf clubs’. Often these are one-off solutions to a particular problem or need.
Getting your real life Financial Plan up and running need not cost any more than using a traditional product and fund-broking financial/investment adviser.
Desirable ‘side effects’ can include greater clarity, confidence and control over your money and your life – as well as peace of mind.
Financial life planning can serve as a guide, helping you align your deepest values, beliefs and goals with your earning power and financial resources so you can realise
Financial planning delivered and executed the right way is your chance to ‘dream big’ and start to live the life you deserve.
At Wishart Wealth Management we believe passionately in proper financial life planning that revolves around you, not just your money.
What better way to understand the impact of proper financial planning than to call us for a chat on 0131 226 2012 or email us at firstname.lastname@example.org
Our website is at www.wishartwealth.co.uk
About the author Iain Wishart: https://www.wishartwealth.co.uk/our-team/