We live in an age of information – if you want to know virtually anything the internet will provide.
If I want to understand more about Shakespearean London or Marilyn Monroe or the new Austrian president I can.
If I want to learn what’s going wrong with my boiler they’ll be a Youtube video which might help me.
If I want to understand anything about money from financial products all the way through to financial planning It’s possible to get access to much more information than ever before…
The impact of technology is felt by many industries and professions and the world of financial planning is no different. However this raises a question…
In a world where information is so easily accessible what’s the point of a financial adviser or planner? …em….good question! Let me highlight three…
1) Financial planners provide a human ‘fact check’
The Internet is a big place full of fantastically useful information. However it also contains misinformation, opinion dressed as information and unethical information designed to scam.
In reality most of us have a pretty good general filter and can ensure we know the difference between the good, the bad and the downright ugly information on the web.
However when it comes to ensuring you’re doing the right thing when it comes to your money is it worth speaking to a professional who can help.
For some people this might not be required. However for many, especially if they are approaching retirement and need to make decisions about the next few decades of their life, seeking
professional advice is a smart move to ensure that the facts you’re basing your actions on are correct.
However Financial planners and advisers on the whole are pretty good at asking the right questions. Which brings me onto my next point…
2) Financial planners provide a human ‘sounding board’
Often when we search for information on the inter-web we look to answers to questions we believe are important. However often (and I’m guilty of this myself pretty regularly) we ask ourselves questions which don’t help us as much as they should.
When it comes to the world of money the sort of questions many of us ask ourselves are:-
“Who’s providing the best ISA interest rate” or “What am I being charged for my investments” or “How can I save more tax”
Whilst the answers to these type of questions is part of the puzzle often there are questions more fundamental to most of us we don’t ask. Questions like:-
“Will I have enough money to retire with the option of choosing to continuing to work as opposed to having to work? How much will I need to ensure this happens?”
“What impact will not having sufficient income later in my life?”
or (and even more fundamentally)
“What do I want to achieve with my life and what part does money play in my plan”
The reason many of us don’t ask these questions of ourself is these more fundamental questions tend to be tougher to answer and scarier to think about for all of us.
This is where, in my experience, a financial planner can help…
A financial planner can ask the relevant questions. Dig deeper to uncover the motivations and take this information and turn it into practical steps you can follow to ensure you are on the right track to achieve your financial goals.
However sometimes life gets in the way. Sometimes we need to focus on the hear and now. Sometimes we need to focus on the short term. Which brings me onto my next point…
3) Financial planners provide a human ‘nudge’
I’ve got a particular client who despite telling me he gets great value from our meetings revels in also telling me how ‘annoyingly persistent’ I am.
He tells me that our relationship helps him have a regular focus on putting the plans in place. He also tell us he likes the fact that we provide update, guidance and support on a regular basis.
However he also understands the importance of our regular reviews, and whilst he might often have a lot on his place, he appreciates the fact that we perservere in seeing him regularly as this helps him confirm that he continues to remain on track…and if he isn’t on track what action he needs to take to put him back on.
Now there’s plenty of online platforms which ‘nudge’ you in a specific direction.
However our clients tell us that a combination of being experts, being a sounding board and providing the ‘human nudge’ means that for them our service works…
Could it work for you too?
For more information on how we can email Cassie@Cervellofp.co.uk or call 01708 606 202 today.