What is “lifestyle financial planning” and how could it help you achieve your goals?

Financial advice is not a new concept, but the profession has changed significantly in the past 10 years or so.

In previous generations, the role of a financial adviser was often to recommend certain products and investment solutions. Much of the time, the adviser was tied into these recommendations by a wider corporation.

And while some restricted advisers still operate this way, independent financial planning has taken a huge step away from this type of work. Now, many advisers in our profession are moving towards a more holistic, genuinely bespoke approach that looks at the big picture, not just one aspect of your finances.

There are many phrases used to describe modern independent financial planning, including “holistic financial planning” and “lifestyle planning”. Whichever way you put it, this type of advice can have huge benefits beyond the fiscal improvements you’d expect to see.

So, if you’re unsure of how independent lifestyle financial planning differs from old-fashioned advice, and would like to learn some of its advantages, keep reading to learn how it could benefit you.

Your goals are at the heart of the conversation

When you think about your money goals, it’s likely that the “why” behind the goal matters the most.

For instance, you might wish to:

  • Set aside enough money for your children and grandchildren to live comfortably later in life
  • Have enough wealth to fund a happy, healthy retirement
  • Be able to pay for your own later-life care
  • Tick exciting items off your bucket list.

When you meet with a financial planner for the first time, you might expect to be asked about your financial situation, and perhaps even to be lectured on everything you’re doing wrong.

It may surprise you to learn that an independent, lifestyle-focused financial planner will:

  • Talk to you about your biggest goals
  • Ask you about any long-term concerns
  • Explore how your current financial situation could help achieve these goals and soothe your worries.

Of course, the role of a financial planner is to manage your money. But before we can do this effectively, we must first get to know you on a deeper level.

Our independent approach helps you through the ups and downs of life’s journey

Once a lifestyle financial planner knows your priorities and goals, we can then begin to look at how your money can take you where you want to go.

It can help to think of your money as a vehicle. You’re in the driver’s seat – you decide the destination, the route, the stops you take along the way, and who rides in the car with you – but without the vehicle, you won’t be able to reach your destination.

In this analogy, your financial planner is like a mechanic (and not the kind that rips you off). We’ll help you design the perfect vehicle for you and your family, using our expertise to ensure it runs efficiently over the years.

Sadly, the road may not always be smooth. You could hit a particularly nasty pothole, face storms causing poor visibility, or skid on the ice. But no matter what happens, your “mechanic” will be there with their toolkit to help fix up your vehicle and put you back on the road safely.

Of course, this is just an analogy. But without expert input, your “vehicle”, or your wealth, could become run down, overworked, or simply not be robust enough to take you through the journey of life.

Sadly, just like car mechanics, some financial advisers will try to shoehorn you into a one-size-fits-all solution without properly looking into your situation.

On the other hand, an independent financial planner will stick by you throughout your life. We have access to the whole of the market, meaning there is no need for us to recommend investment solutions, protection products, or any other financial decision unless it genuinely suits your needs.

The last few years have presented plenty of “bumps in the road”, and there have certainly been some financial storms for families up and down the UK. If your finances are feeling the burden of all these events, now could be the time to consult an expert who only has your best interests at heart.

Qualified, independent financial planning could offer the ultimate peace of mind

I’m an independent financial planner who believes that putting my clients’ goals first is the way to achieve the results they want.

My clients range from those in their peak career years to couples who have already been retired for decades, and everyone in between. Lifestyle financial planning is about tailoring bespoke solutions no matter the stage of life a person is in. It all fits around you.

Whether you’re someone who likes the sound of independent financial planning, or a professional with clients who could benefit from what I do, get in touch.

Email me on a.douglass@grosvenorconsultancy.co.uk or call my office on 01793 766 123.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

Leave a Reply

Your email address will not be published. Required fields are marked *