The importance of financial planning

Financial Planner
Jessica McGowan CFP™ Chartered FCSI
Jessica began her career in Financial Services in 2001 and has gained a wide range of experience working with clients from all walks of life, guiding them through the many complex aspects of financial planning to ensure that they fully understand their objectives, options and desired outcomes. Jessica prides herself on delivering an excellent service for her clients ensuring that they are well looked after through every stage of the financial planning process, firmly believing in the empathetic and emotional side of the process as much as the facts and financials.

We take a look at the importance of financial planning, which is beneficial whatever stage of life you’re at.

Stay on target

Financial planning allows you to set yourself both long and short term financial and life goals. Whether that’s buying your first home, saving for your child’s university education or planning for retirement, it’s important to know that you have the resources you need to stay on target and reach those life goals.

Financial goals are an essential part of your overall life ambitions and the sooner you identify those ambitions, the sooner you can start working towards achieving them and the bigger they can be!

Make well-informed decisions

The importance of financial planning shouldn’t be overstated when it comes to those big life goals.

Whilst you may not have the time or the expertise to make your own financial plan, working with an expert to get a full understanding of your current situation and future goals enables you to make well-informed decisions.

Manage your money efficiently

Financial planning identifies ways to help you manage your money efficiently and responsibly. It allows you to understand how you can most efficiently allocate your funds and identifies ways you may be able to save.

Think of what you’d do if you were to receive a large sum from an inheritance – would you know how best to allocate this, or would a well-thought out financial plan leave you feeling more secure in how the money is managed?

Contingency planning

When it comes to planning for uncertainty, the importance of financial planning is clear – you can ensure you’ll have the finances you need when it matters most.

It can provide answers to those important ‘what if’ questions, giving you peace of mind, for example by ensuring that your family will be looked after should the worst happen.

Have confidence in a secure future

Every so often we financial planners are lucky enough to be reminded of why we do what we do.

I met with a client of mine this week whose main aim was to retire early and leave the stress and troubles of the working world behind him.

Circumstances had forced his hand somewhat, but the only thing that now stood between him and not really caring what day of the week it was, was his wife’s situation where she was still working in a part-time job that she no longer enjoyed.

It had taken us many months of information gathering and detailed analysis to get to the point of being able to model for my client that yes, his wife could leave that job behind her and yes, they could both afford to retire and live the life they want.

‘So, my wife can retire tomorrow?’ A sentence said through such a huge grin; with the mood of the meeting instantly feeling more uplifted, energised and ‘free’.

‘Cash flow modelling’ doesn’t sound like something to get emotional about, but if an expert and detailed analysis can give a client an understanding of the importance of financial planning, as well as the confidence to take a leap into a brave new life, then it all suddenly becomes worthwhile. The emotion on my client’s face as he left the meeting made me realise that this is why I do what I do.

If you are looking to make a jump and need some reassurance that you can make it to the other side, then we would love to hear from you, so that it’s not a dream, but becomes a plan.

We offer all prospective clients an initial discovery meeting with one of our financial advisers at our expense, to see if we can be of help to you.

Book your meeting to take control of your financial future today!

The content in this blog was correct at time of writing. Please contact us for further information.

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