Why do I need a Financial Planner?

It is a question we’re asked every now and again. And the answer is very simple: if you’re looking for your money to go further. For greater peace of mind, a more comfortable retirement or ensuring you provide your loved ones with a more secure future – financial advice can prove invaluable. But what exactly does a financial planner do, and how can they help you achieve your goals?

Advantages of professional financial advice

Engaging with a financial planner is more than just a transaction; it's an investment in your future. Here are some pivotal ways a financial planner can enhance your financial well-being:

• Tailored investment services based on informed advice, ensuring suitability for your needs.
• Access to a broader array of financial options than you might find independently.
• Expert guidance during critical financial decisions, such as retirement or inheritance planning.
• A cohesive strategy to achieve your short, medium, and long-term aspirations, with ongoing support to adapt as needed.
• In-depth knowledge of tax implications and financial pathways, providing a comprehensive view of your economic landscape.

When do I need financial advice?

There is no bad time to reach out for financial advice; proactive financial planning can set the foundation for achieving your goals. However, certain life events can particularly benefit from a financial planner's expertise:

Often, the earlier you receive financial advice, the more likely you can reach your goals further down the line. However, there are some obvious points in life where a financial planner can make the biggest difference:

• Retirement planning: Crafting a retirement that reflects your aspirations requires a nuanced understanding of finances, pensions, and economic conditions—a financial planner brings expertise, knowledge, and experience in these areas to the table.
• Inheritance planning: Ensuring your legacy is passed on efficiently and tax-effectively is a delicate process that a financial planner can navigate with you. Equally, those receiving inheritance can benefit from expert financial advice.
• Selling or closing a business: A financial planner can help you avoid many pitfalls surrounding business exits, reducing the risk of undervaluation, adverse tax implications, legal issues and inadequate retirement and asset planning. But you don’t need to wait until an exit is imminent to seek expert guidance — as with nearly all financial planning, the sooner it’s done the more effective it can be.

As we state, there are numerous situations where a financial planner can prove useful – too many to name in fact. Whether you’re saving for school fees, deliberating on how to deal with a divorce settlement, or anything else for that matter, sound wealth management can make all the difference.

Selecting your financial planner

There are several important considerations when choosing a financial planner. Here’s a checklist we recommend considering when selecting your financial planner:

A service tailored to you

Everyone’s economic situation is unique. For that reason, financial planning advice needs to be tailored to the individual.

At Quilter Cheviot Financial Planning, our financial planners take the time to truly understand your financial situation and your future desires. This enables us to develop a personalised financial plan that considers your circumstances.

Industry expertise

The complexities of financial planning can be confusing, which is why a financial planner with years of experience ably supported by in-house technical experts can make a significant difference.

Our financial planners have decades of combined industry expertise. During that time, they’ve seen and experienced a vast array of circumstances, making them perfectly positioned to help find you optimal outcomes.

Size & scale

It’s impossible for one person to know it all. Find a financial planner that has a team of industry experts ready to help both them and you at a moment’s notice.

When you join Quilter Cheviot Financial Planning, you have the might of a company that is one of the largest wealth managers in the UK, overseeing over £100bn of customer investments. We have a network of regional offices – six for financial planning, eleven for investment management – that give us a local footprint and help build stronger client relationships.

The size of the company means our financial planners can lean on a vast support network of industry specialists, covering both financial planning and investments.

Stability

Security is of utmost importance when choosing an adviser. 80-90% of financial advice firms fail within the first three years and an increasingly stringent regulatory environment means it’s even harder for small companies to survive.

Quilter Cheviot’s heritage, dating back to the 18th century, provides a wealth of experience to navigate challenging times and maintain a long-term perspective in achieving client goals. Trusted for over 250 years, we have been helping clients preserve and grow their wealth.

Inheritance Tax/Estate Planning, Succession Planning and Divorce Settlements are not regulated by the Financial Conduct Authority.

The value of investments and Pensions can fall as well as rise. You might get back less than you invested.