Financial planning is for life, not just for retirement

Ask the average person on the street when or why they would consider using a financial planner and chances are retirement planning would feature highly. Both retirement and succession planning tend to occupy the mind increasingly as one gets older. But to assume the advice and services financial planners provide are the preserve of those nearing the end of their careers misses the point. Financial planners have a key role to play at all stages of a client’s adult life.

A strategic partner

From advising on how best to invest into tax-efficient wrappers such as Individual Savings Accounts (ISAs) and pensions to buying a house, saving for a child’s education or nuptials, securing personal protection and selling businesses, financial planners can help clients achieve the best possible outcomes for them and their loved ones. And, of course, starting to save and invest tax efficiently as early as possible can have positive implications for when the time does come for retirement and succession planning, ideally in the form of a larger wealth pot.

So, by offering a broad range of wealth management services that can deliver clients’ financial objectives throughout their life journeys, financial planners can be viewed as long-term strategic partners.

Not just any old financial planner

For a plan to be optimal, however, the financial planner must have deep knowledge of and access to the best solutions available. This means having:

• A broader array of financial options than those a client would be able to find independently including tailored investment solutions, such as a bespoke discretionary portfolio service, to match the individual’s needs and objectives.
• A detailed understanding of the relative merits of the options and solutions and how these interact with each other.
• An in-depth knowledge of tax implications and financial pathways of the various solutions.

A team effort

It is a big ask to expect just one person to know everything there is to know about personal finance, especially in the UK where the landscape seems to be in a constant state of flux — in recent years not a budget goes by without a raft of policy changes or tax rises being unveiled. Therefore, financial planners with a team of industry experts behind them are better placed to navigate not only the ever-changing macroeconomic and microeconomic backdrop, but also to provide the ongoing support needed to act nimbly and adapt a strategy or plan if necessary.

And with financial planners providing advice and solutions covering the whole life journey of an adult, continuity is key. Choosing a financial planning team that will provide longevity and stability helps foster a strong and durable relationship.

250 years and counting

FAt Quilter Cheviot, we have a heritage that can be traced back to the 18th century. For over 250 years, we have been helping individuals preserve and grow their wealth. We do this by firstly ensuring we understand the needs of our clients so that we can tailor solutions to match their objectives and risk tolerances, and secondly by maintaining a long-term perspective no matter what challenges arise.

And because we recognise the importance of adviser/client relationships, we operate out of regional offices across the UK and internationally. Being one of the largest wealth managers in the UK, overseeing over £100bn of investments on behalf of customers, our financial planners are able to draw on the support of a large network of industry specialists, covering both financial planning and investment management. This way we are able to be our clients’ financial planners for life, and not just for retirement.