The real hidden 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, amongst many things, the first deaf-blind person to earn a BA degree. We take great pride in maintaining a business of partnership so clients, staff and friends of Unividual can all benefit.

The value of financial advice

In 2017 the International Longevity Centre published a report called The Value of Financial Advice. The research report identified that those who received financial advice from 2001 to 2007 had accumulated significantly more liquid financial assets and pension wealth than their unadvised equivalent peers. This wasn’t just targeted at ‘affluent people’, either. The report found that 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. Affluent but 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. The report found that 9 in 10 people were satisfied with the advice that they received. A professional, reputable financial adviser 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. If you want to check out the report please note that by clicking this link you are departing from the regulated site of Unividual Ltd, neither Unividual nor Intrinsic are responsible for the accuracy of the information contained within this linked site.

 

It isn't just about money

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:

Organisation: Bringing order to your finances

Accountability: Following through on financial commitments

Objectivity: Rationalising decision-making around emotional subjects

Proactivity: Anticipating and preparing clients for eventualities

Education: Access to valuable experience, qualifications and resources

Partnership: Someone to listen, understand and collaborate with

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

There is demand for holistic financial planning

These needs create a demand for fully-regulated financial planning. 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:

  1. To get on the housing ladder
  2. To work out how to retire feeling relaxed and happy, living a similar lifestyle as now or at least one that is more adventurous
  3. Help making critical monetary decisions when receiving large bonuses or inheritance
  4. Protecting dependents from risks
  5. Providing a legacy for the next generation
  6. Growing and sustaining a successful business which will contribute to wealth in later life

Don't underestimate the value of professional advice

There are various outlets where you can seek help, as well as financial advice, such as price comparison websites, government-run advice services, online websites, product providers, banks, charities, specialist brokers and product-specific salespeople such as mortgage advisers. However, if you come to a realisation that you don’t have the time, experience, knowledge, skills or expertise to design a successful financial plan – or you lose sleep at night over making the wrong decisions – take the time to find a financial planner you can build a long-term relationship with. Finding a professional you can rely on and trust, who understands how everything works across all areas of your finances, for the rest of your life, will provide you with the value for money you are looking for.

 

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