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The value of a financial planner

Some consider financial planning to be the second most important profession after the medical field. While everyone trusts their doctor and other health care professionals to look after their physical and mental health, why is it that so many people neglect to look after their financial health?

We list some of the important factors that show the value of a financial planner.

The wholistic view

Financial planners are required to have a broad range of knowledge across investment planning, retirement planning, tax and estate planning as well as budgeting or cash flow planning. While it is important to have a tax practitioner to assist with your annual returns and a legal professional to draft your will, a financial planner will develop a financial plan and structure your portfolio with all aspects in mind. This means having a portfolio that suits your circumstances, is tax efficient and aids in executing your last wishes accurately and efficiently when you die. It also means that each time your circumstances change, the impact these changes will have on these various aspects will also be considered.

Peace of mind

With the access we now have to information and technology, everyone may be able to manage their own financial affairs. The question is: Should you? Financial regulations are constantly changing. In addition to this, new products become available, and existing product rules change from time to time.

Financial planners are required to keep up to date with these changes, meaning that you wouldn’t have to. The planner then informs you of any changes affecting your financial plan and provides you with clear information about the impact it will have and the options available to you.

Decision-making assistance

We’re all human. There are many moments in life when emotions cloud our judgement, and we stand the risk of making irrational decisions. Just like your doctor assists you in making medical decisions in moments of crisis, a financial planner acts as a sounding board to make sound financial decisions in life’s big moments.

A financial planner provides the objectivity needed to work through the decision-making process, as well as the necessary information and help to anticipate the various outcomes of the available options. It is a financial planner’s responsibility to educate their clients and provide them with the information required to make an informed decision.

Structuring and simplifying your finances

A financial planner will work with you to develop a financial plan that is suited to your circumstances and helps you simplify your affairs. This helps to bring structure and provides a guide should you find yourself in a financial emergency. It also makes it easier for your family to assist you with these matters should you be unable to do so yourself.

Having a documented financial plan in place helps clarify your goals and intentions and how your financial resources will be utilised to achieve those intentions. This not only provides you with direction in your financial affairs but also your family when it is time for them to help you.

A professional partnership

Having a financial planner doesn’t mean that you are not privy to the particulars of your financial affairs, but rather that you have peace of mind that a qualified professional is helping you take care of it. The right financial planner will work with you through all decisions, through all information provided and through all of life’s transitions. Just as you have your trusted GP, don’t you think it’s time you found a financial planner too?

By |2025-01-13T07:50:47+02:00January 13th, 2025|LATEST NEWS|Comments Off on The value of a financial planner

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