At HA&W, we believe in the importance of building ongoing client relationships. Getting to know our clients – and helping them attain their financial goals – is the reason we do what we do.
Last month, we asked: What is financial planning?
In part two of your three-part guide, read about financial planning versus financial advice.
What is the difference? Which can you expect to receive from HA&W? And why do we think the difference matters?
Financial planning is about much more than advice
The main difference between financial advice and financial planning is that advice looks after your money, while planning deals with your long-term financial goals.
You might visit an adviser for the answer to a question on retirement, investment, or protection. An adviser would supply a one-off solution: a pension product, an ISA, or life insurance. You might not see the adviser again until the next time you have a problem that requires a solution.
At HA&W, we prefer to take a more personal and long-term approach.
Although we can provide advice on specific products to meet specific needs, we will always begin by getting to know you.
We want to know your circumstances now, and what you would like your circumstances to be in the future. Helping you think about your long-term financial goals, and then putting a plan in place to help make those dreams a reality, is one of the fundamentals of financial planning.
Rather than looking at individual pots of money, we take a holistic view of your finances.
This might mean using our cashflow modelling tools to help you understand where your money is coming from and going to. We will then help you decide on the best way to make your money work for you.
We look at ways to help you clear debt, increase your pension contributions, or invest through an ISA. Our focus, though, will be on how these elements fit together into a single plan to meet your overall goal.
Understanding the benefits of financial planning
Financial planning allows you to think about and focus on your long-term goals
You might think you have a dream lifestyle in mind, but only when you sit down and think about the specifics of what that looks like will it properly come into focus.
We can help you answer seemingly simple questions, like:
- What do you want your life to be like when you retire?
- When do you want to retire?
- Are you saving enough to retire, and if not, how do you make up the shortfall?
Financial planning can give you confidence in your future
By starting with the basics of budgeting we can help you gain control of your finances.
If your goal is retirement, for example, understanding how retirement fits into your plans – and watching your pension pot grow – could help you take a renewed interest in the route to your goal.
We can give you confidence in your financial future through a clear strategy from A to B.
Financial planning is ongoing and provides regular support
In contrast to the one-off transactional approach of financial advice, planning is an ongoing process. Not only will we help you understand the path to your goals, but we will be there to support you throughout your journey.
Through regular reviews, we can ensure you are still on track to your aspirations, whether that’s retirement, investment, or homeownership, and help to ensure your plan still aligns with your wishes.
Life events can change priorities. Through the long-term relationships we build, you can be confident that we will be there to help you no matter what the future brings.
Financial planning can improve your emotional wellbeing too
By helping you to think about your life goals, and putting you in control of achieving them, financial planning has been found to improve not only your financial wellbeing, but your emotional wellbeing too.
Regular meetings with a financial planner you have built a long-standing relationship with can:
- Build confidence
- Help you feel in control
- Give peace of mind.
This is why at HA&W our team of chartered financial planners feel so strongly about building ongoing relationships and providing holistic advice designed to help you meet your life goals.
Get in touch
While financial advice can recommend products to solve specific financial questions, financial planning can provide long-term guidance, support, and coaching to help you attain your goals.
Please contact us to find out what our financial planners can do for you, or to book in your regular review.
Please note
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.