I have to say financial planning confuses a lot of people. We all face a multitude of decisions on a regular and unfortunately most people just don’t know what to do.

Here’s just a few questions financial planning people wrestle with

  • How much money do I need to retire?
  • How much risk should I take with my investments?
  • Which investments will you select for my retirement plan?
  • How should invest the money I hold in my ISA?
  • What’s the best way to plan to pass my money onto my children?

These are just a few questions that many people consider when it comes to their money. And few of us have the training in financial planning. You’ve never heard so much technical jargon when you read any financial documents and the subject just leaves many people cold. So, they just move onto the next thing, the next MORE interesting thing.Yet we are all faced with having to make financial decisions on a regular basis. We all know that we must make financial decisions, and you’d be right if you are thinking, that the wrong decision could cost me or my family a lot of money. It’s little wonder that many of us feel as though we are in over your head.

So, what do you need to do to better understand your personal financial position and create a better financial future for yourself and your family?The good news is, there is an answer. By taking the same approach to your finances in the same way as you do when it comes to your health. You might not be working with a financial planner right now, but you have more than likely been to the doctors at some point in your life. You can approach financial planning in the same way.All you need to do is focus on your symptoms/problems:

  • Where does it hurt or what is the problem you are needing to solve?
  • What needs to be fixed?
  • What is the cause of your concerns?

Just tell your adviser what you wish to achieve– and let the adviser respond.

A good if not great adviser will ask you lots of questions to, so that they fully understand, where you are now and where you want get to: He or she will ask you lots of questions and, believe it or not, you really will know the answers.

The planner will then assess your situation, review the findings, and then prescribe a treatment plan for you. Sound just like the doctors doesn’t it?You should also see a financial adviser even if nothing is bothering you. After all, even healthy people should have an annual health check-up. Just because you have no symptoms, doesn’t mean nothing’s wrong. Sometimes the doctor will see something that you are just totally unware of. We all know this, and that’s why we go to the doctor periodically, so that we can be sure are still in tip-top condition.

In exactly the same way your financial planner is your early warning system, even if you think everything is fine financially. Your financial planner will be able to identify potential problems sooner rather than later.

Your financial planner will ask you questions about your income, how much you are spending, assets and debts. Has your investment risk changed? Do you have enough cash savings for raining day, just to mention a few?

Your answers will enable your financial planner to determine what if anything you need to do next and provide you with recommendations.Unfortunately, not taking the advice of an expert can lead to problems. What happens if you don’t check in with the doctor once in a while? And the best part about this process is that you are the expert: You know exactly what your symptoms are; nobody knows your issues better than you do.

You know about your financial position intimately; you know how much you spend each month; you know what’s happening with your family; you know your goals; and you know what’s bothering you.

You know where it hurts!

Are you concerned about your future financial plans? Not sure where you now and if you are on track?

Action Call

Contact us to today. We can review your current situation and let you know what options are available to you.

If you would like to talk to about financial planning, please get in touch for a no-obligation meeting. Go to our website www.miadvice.co.uk and contact us via our “Get in touch” form on our home page or Contact Martin Dodd on 01902 742221.

Email us at financialplanning@miadvice.co.uk

It is advisable to take advice from a professional financial adviser when making major financial planning decisions.

Check out our other recent articles here

This article has been prepared in good faith and based on Midlands Investment Agency’s understanding of the law and interpretation thereof at the time of creation. The contents should not be regarded as specific advice and we always recommend that specific advice is sort from a qualified professional. No responsibility can be accepted by Martin Dodd or Midlands Investment Agency Ltd., for any loss that may occur by a person acting or refraining from acting on the basis of this article.

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