Wealden Times | WT258 | November 2023 | Christmas Gift Supplement inside

Look to the
Finance
Future
Lee Wood APFS, Chartered Financial Planner
at Financial Advice & Services Ltd,
explains the potential benefits of financial planning
istockphoto.com/ JWand_Prapan
When asked about their
goals and objectives for
the future, many would
place financial security high on their
list of priorities. Achieving this goal,
however, takes forward thinking and
planning and whilst it is possible
to create a plan yourself, using an
Independent Financial Adviser can
provide expert advice and reassurance,
help identify areas that you may not
have considered, and save time too.
A good first step in building a
financial plan is to first establish the
most important areas to focus on, as at
different stages of our lives, our priorities
will change. For example, a young family
looking to purchase their first home
may well be focused on obtaining a
mortgage or protecting their family in
the event of death or ill-health. Whilst
long-term saving and pension planning
would naturally be desirable at this time
too, affordability may well dictate that
these areas take a lower priority for the
time being. Other life events that can
lead to a significant shift in financial
priorities are reaching retirement age,
getting married or facing divorce.
Engaging with an Independent Adviser
can help identify the most important
areas that need to be tackled first.
Financial planning is a personal
process. Everyone’s circumstances
are different, and it is therefore not
possible to create a financial planning
template that best suits every possible
situation. Engaging with an experienced
and independent financial planner
can introduce you to solutions and
opportunities that may not immediately
be apparent. These can range from ways
to reduce your tax liability, to reviewing
an existing investment portfolio to
reduce risk and increase diversification.
Taking a holistic view can also identify
gaps in a financial plan, such as the
need to arrange additional life cover,
to establishing a plan to fund school
fees or university costs in the future.
None of us know what the future
holds and even the best laid plans
may need to adapt to a change in
circumstances. This is why reviewing
your finances on a regular basis is so
important, as it provides the opportunity
to consider whether you’re on track
to meet your goals and understand
how existing plans and arrangements
may need to adapt. Holding a formal
financial planning review at least once a
year can also be the ideal time to look at
annual planning opportunities, such as
using available tax allowances or making
the most of pension contributions. It can
also make sure that your finances are not
affected by any changes in legislation that
have occurred since the previous review.
Investment is a long-term process
and markets will go through bouts of
volatility from time to time. Behavioural
finance studies show that investors can
make rash decisions to sell investments
when market conditions are difficult,
which may not be the correct course
of action to take. It is at this point that
the true value of financial planning
advice can be found. Speaking to an
Adviser can provide reassurance and
a calm voice through market turmoil,
helping you focus on the longer
term and taking an impartial view
of your overall financial position.
Using a Financial Adviser to create
a financial plan, and undertake regular
reviews, can provide many benefits, from
reducing the amount of tax you pay to
providing guidance and reassurance.
Studies have also shown that it can
boost returns over the long term. It is,
however, important to choose the right
Adviser. Independent firms can provide
advice and recommend solutions from
across the whole of the marketplace,
whereas a Restricted Adviser may only
be able to recommend a limited range of
options. Also consider using a Chartered
firm, as this brings further comfort
that the Advisers are highly qualified,
and the business will aim to deliver the
highest standards of professionalism.
For more information on the services
available at Financial Advice & Services
Ltd, see financial-advice.co.uk
The content of this article is for information only and does not constitute financial advice. It is for general information only and should not be relied upon when
making any financial planning decisions. You should always obtain professional independent advice based on your circumstances. Financial Advice & Services
Limited, Independent Financial Advisers, authorised and regulated by the Financial Conduct Authority.. Text © Financial Advice & Services Ltd 2023
123
priceless-magazines.com