Russell Bignall
There are many reasons why people choose to consult a financial adviser.
To help plan for their retirement; to see how they can maximise the money they put aside; to secure their legacy and pass on wealth to the next generation.
But there’s one reason that’s not talked about enough.
And that’s to feel better about themselves and their life.
The very best financial advice doesn’t just give you a pounds and pence output – it can genuinely transform your life.
You may think I’m exaggerating for effect, but I have seen it happen with my own eyes, as have many of our advisers at Fairstone.
To take an example, one client came in to see one of our advisers in a state of great anxiety.
Their workplace was undergoing a major restructure and their job was under threat of redundancy.
Naturally, the client was worried about how they would cope financially if they were to lose their job.
However, after the adviser sat down with the client and went through their finances and the plans they had put in place over the years, it was clear that not only could the client cope if they lost their job, they could actually afford to stop work altogether.
The sheer relief on the client’s face at the burden and worry that had been taken off their shoulders was quite something to behold, our adviser told me.
In another case, one of our advisers took a client on quite a retirement journey.
Before he’d first talked to our adviser, the client had assumed he’d have to work till State Pension age – 67 for him – before he could afford to retire.
With the benefit of some initial advice, 67 turned to potentially 65 – two years of additional time in retirement.
The client continued to take our advice, adjusting his plan in accordance with changes in his working life, to the point where, following some cashflow modelling exercises, it turned out that he could retire as early as 59.
The client had been handed potentially up to eight extra years choosing how he wanted to spend his time rather than having to do what his employer wanted. Add it up and that’s over 2,000 extra days of freedom to enjoy.
While it is sensible to caveat these examples by saying that investment values can go down as well as up and a model is not a guaranteed outcome, they are nevertheless life-changing conversations for the people involved.
Every adviser I’ve ever met since I started working in the industry in 1993 has got similar real-life examples of the positive impact they have on their clients.
It’s one of the main reasons why they do their job and it shows that financial advice is about so much more than figures on a spreadsheet: it’s about people’s everyday lives and how they can be changed for the better.
Done well, financial advice can turn a dream into reality and give you peace of mind and a feeling of genuine freedom.
Even the process of sitting down with an expert adviser, talking through your hopes and fears and looking clearly and closely at your finances, can make you feel better.
In fact, financial advice in many ways is financial therapy.
When you build a bond of trust with your adviser, you can tell them things which you might not tell anyone else – maybe not even yourself – and you get to share your dreams and unburden some of your worries.
Good advisers offer valuable unbiased external perspectives – they often see things about your life which you may be too busy or too involved to see and are often the catalyst for the changes that are needed.
Because the advice is personalised rather than off the shelf, you get to have a one-off plan which is unique to you and which has the flexibility to change as you do.
This means that you can take control of your life rather than just going along with things. Advice enables you to make positive choices about you and your loved ones’ lives instead of just accepting whatever comes to you.
You may have a burning desire to learn scuba diving in Bali or just want to spend more time at home spoiling your grandchildren – or maybe you want to do both.
What you need is to get advice to turn that dream into a plan and then make that plan a reality.
For expert professional advice on how to turn your life dreams into a practical plan, get in touch with one of our advisers.
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Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Tax treatment depends on individual circumstances and may change. The value of investments can go down as well as up and you may not get back the full amount you invested. Past performance is also not a reliable indicator of future performance. Always seek professional advice before making financial decisions.
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