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The real benefits of financial planning

A very special lady once said, "Alone we can do so little, together we can do so much." Helen Keller was the first deaf-blind person to earn a BA degree. Like Helen, we take great pride in maintaining a business of partnership so clients, staff and friends of Unividual can all benefit. Ask us about the benefits of financial planning

Monetary benefits of financial advice

A professional financial planner gives you the tools and knowledge to recognise where you are now, forecasts your objectives and improves your understanding of a complicated market, to ensure you have the best chance of reaching your goals.

In 2017 the International Longevity Centre first published a research report called The Value of Financial Advice. It identified the following reasons why financial planning is important:

  1. Those who received financial advice from 2001 to 2007 had accumulated significantly more liquid financial assets and pension wealth than their unadvised equivalent peers.
  2. Advised people who are ‘just getting by’ accumulated, on average, 39% more in liquid financial assets and 21% more in pension wealth, totalling around £39,895.
  3. Affluent advised individuals accumulated, on average, £12,363 more in liquid financial assets, £30,882 more in pension wealth and a 16% increase in retirement income than their unadvised counterparts.
  4. Nine in ten people were satisfied with the advice.

There is also a more recently revisited report available. Please note that by clicking this link you are departing from the regulated site of Unividual Ltd; neither Unividual nor Quilter Financial Planning are responsible for the accuracy of the information contained within this linked site.

The importance of financial planning

Whilst evidence shows that increasing and maintaining your wealth is one of the most tangible benefits of financial planning, clients benefit in seven key ways:

1. Organisation: Bringing order to your finances

2. Accountability: Following through on financial commitments

3. Objectivity: Rationalising decision-making around emotional subjects

4. Proactivity: Anticipating and preparing clients for eventualities

5. Education: Access to valuable experience, qualifications and resources

6. Partnership: Someone to listen, understand and collaborate with

7. Time: Some people would rather prioritise utilising their time on other areas like family, hobbies or work

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Why do people need a financial planner?

Very few people just wake up randomly one day and think ‘I need a financial planner’. Ultimately, to start with someone’s needs might be:

Choose the best source of financial advice for you

There are various outlets that can provide you with the level of financial help you need. As well as financial planning consultants, there are price comparison websites, government-run advice services, product providers, banks, charities, specialist brokers and product-specific salespeople, such as mortgage advisers.

However, like many of us, you may have come to a realisation that you don’t have the time, experience, knowledge, skills or expertise to design a successful financial plan. Or, you might be worried about making the wrong decisions. If you are at this point, it could be a good time to find a financial planner you can build a long-term relationship with. Find a professional you can rely on, someone who is capable of advising you across all areas of your finances for the rest of your life and will provide you with value for money.

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Ask how financial planning will benefit you

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