When you initially approach financial guidance, your primary objective might be to expand your wealth or optimize tax-efficient allowances. However, the assistance provided by a 2023 financial planner can have far-reaching effects on various aspects of your life and overall happiness. A recent study conducted by Hymans Robertson delved into the advantages of professional financial advice by surveying individuals with investable assets exceeding £300,000. The results of this survey yielded some unexpected findings.

While the report revealed that many individuals seek financial advice to increase their wealth (with 50% specifically interested in expert guidance on suitable investment vehicles), numerous other benefits emerged as well. Outlined below are five significant ways in which collaborating with a financial planner has the potential to enhance your overall wellbeing.

1. Improve your peace of mind

The significance of possessing a sense of assurance regarding your financial situation and future should not be underestimated, as it can profoundly impact your general sense of wellbeing.

According to the survey, 54% of respondents cited peace of mind as a compelling reason for working with a financial planner. Additionally, 44% expressed their appreciation for regular reviews to ensure their financial trajectory remains on course. Being free from concerns about whether you are adequately saving for retirement or maintaining a sufficient emergency fund can alleviate a considerable burden. This newfound mental clarity may enable you to direct your energy towards fully embracing and savouring life’s pleasures.

2. Save Time on Financial Management

Although you may possess the confidence to handle your finances, consider whether you truly desire to dedicate your time to researching various investment options or staying informed about evolving government regulations. Surprisingly, 17% of survey participants admitted to lacking sufficient time to manage their finances effectively. Your time is a valuable resource, and collaborating with a financial planner can grant you the freedom to allocate it towards endeavours that hold greater personal significance.

By entrusting your financial affairs to a professional, you can reclaim valuable time that would have otherwise been consumed by financial management. This newfound time can be devoted to pursuits that bring you joy and fulfilment.

3. Access the information you need to make decisions

One of the hurdles in effectively managing personal finances is knowing where to find the necessary information to make well-informed decisions tailored to your unique circumstances. Surprisingly, 28% of individuals expressed that a lack of information posed a disadvantage when attempting a do-it-yourself (DIY) approach.

Engaging a financial planner can provide you with the vital information required to comprehend your financial situation and explore suitable options. Equipped with this knowledge, you are better positioned to make decisions aligned with your needs and long-term objectives. Furthermore, should you prefer to conduct your own research, a financial planner can guide you towards reliable sources of information. Their expertise and guidance will ensure that you navigate the vast realm of financial information accurately and efficiently.

4. Help you cut through financial jargon

Even when you manage to find reliable information, comprehending it can be a daunting task. Financial communications are frequently inundated with intricate jargon and bewildering acronyms that can be challenging to decipher.

According to the survey, 25% of respondents expressed a desire for financial communications to be more jargon-free. A financial planner can assist you in cutting through the complex terminology, enabling you to understand the content of these communications and their relevance to your specific circumstances. This process can significantly enhance your confidence and alleviate the stress associated with managing your finances.

5. Help avoid short-term thinking

Developing an effective financial plan requires a focus on long-term goals and aligning decision-making accordingly. However, maintaining this perspective can be challenging in certain situations.

Consider the realm of investing, for instance. During periods of market volatility or when the value of investments fluctuates, it is common for investors to contemplate altering their strategies. Nonetheless, when analyzing long-term trends, adhering to your established strategy to withstand market fluctuations often proves to be financially prudent.

By having a trusted individual with whom you can discuss your concerns before taking action, you can mitigate the influence of biases and impulsive decision-making that could potentially disrupt your long-term plans. Collaborating with a 2023 financial planner can assist you in carefully assessing your options and determining the course of action that best suits your needs and aspirations.

Contact us to talk about how financial planning could benefit you

We can work with you as a 2023 financial planner to create a tailored plan that suits your lifestyle and goals. We aim to give you confidence in the future so you can get the most out of life and focus on what’s important to you. Contact us to arrange a meeting to discover how your financial plan could benefit you.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

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