FINANCIAL PLANNING

What does a financial adviser do?

  • Richard Allan, Financial Planning Director
  • 24 April 2024
  • 5 mins reading time

When I sit down with individuals, couples or families, whether they’re new acquaintances or familiar faces I’ve guided for years, my mission is clear: I aim to enhance their financial security. This involves more than just focusing on accumulating wealth: it’s about empowering you to realise your goals and plan for the long term. In essence, a financial planner is a guide through the complexities of investments, pension funds and estates, which many of us find overwhelming.

At Schroders Personal Wealth (SPW), we believe this process takes time and so we focus on long-term, productive relationships that can adapt as your goals and needs change. These relationships can even be multi-generational, from keeping an oversight on pension plans for retirees to setting up junior savings accounts for their grandchildren. Regardless of circumstance, however, my goal is the same for everyone: to guide you towards the financial future you want.

A holistic approach

At its core, the aim of financial planning is to ensure financial security and peace of mind. This is a holistic process, meaning SPW’s financial planners focus on a broader set of goals than simple wealth accumulation, although that may be one part of your financial plan.

For instance, I may begin working with a young couple as they are saving for their first home. Initially, my plan may include short-term investment strategies to build up a deposit before they buy. After their mortgage is secured, I may alter their plan slightly to prioritise a steady income stream that supports their mortgage payments. Finally, over the coming years, I may help this couple plan for retirement and organise their estate.

As you can see, holistic financial planning is often a long-term process. Though you will gain a clearer idea of your financial future from our very first meeting, financial goals take time to achieve and may be adapted as your needs change.

The key question

The financial planning journey begins with a simple yet profound question: what is important to you and why?

Through in-depth discussions at a first meeting, I will gain a nuanced understanding of your aspirations and priorities. The goal of this meeting is to gather pertinent information about your financial landscape, including assets, investments, pensions, estate planning and goals.

You will also answer a risk questionnaire to determine your approach to investment risk. This conversation is both informal and informative, fostering a deeper understanding of your needs while uncovering areas of financial management you might not have previously considered.

Armed with these insights, I employ industry tools such as cashflow modelling to craft a personalised financial plan that aligns with your goals. This may range from straightforward actions such as opening a savings account to more complex strategies such as trust planning or wealth succession. There are no hidden fees or charges, and you’ll only pay if you choose to go ahead with the recommendations in your personalised financial plan.

A flexible approach

For many people, the journey doesn’t end here. At SPW, we emphasise ongoing advice and support, scheduling regular reviews to reassess your plan’s effectiveness, if you sign up to our Ongoing Advice Service. This process ensures your financial plans remain dynamic and responsive to your life changes.

During times of financial hardship, maintaining open communication and flexibility with your financial adviser is crucial. Setting realistic goals from the outset is important, but circumstances can change rapidly and require adjustments to your financial plan. This flexibility helps ensure your plan stays aligned with your current objectives despite unexpected challenges.

In times of heightened vulnerability, such as facing disabilities, grief or divorce, our approach prioritises care and support. We always conduct vulnerability checks and offer additional assistance during challenging periods. For instance, when someone experiences the loss of a spouse, our bereavement unit provides personalised support to ensure a calm and thorough process for managing assets and paperwork. This dedicated team helps alleviate burdens during difficult times, emphasising empathy and guidance throughout the journey.

At its heart, financial planning extends beyond numbers: it’s about aiming to enhance lives and nurturing financial peace of mind. In a world of flux, I am resolute in my commitment to offering stability and encouragement, steering individuals and families toward potentially brighter financial horizons.

Important information

This article is for information purposes only. It is not intended as investment advice.

Fees and charges apply.

The value of investments and the income from them can fall as well as rise and are not guaranteed. The investor might not get back their initial investment.

The retirement benefits you receive from your pension plan depend on a number of factors including the value of your plan when you decide to take your benefits which isn’t guaranteed and can go down as well as up. The benefits of your plan could fall below the amount(s) paid in.

Schroders Personal Wealth does not provide mortgages or mortgage advice.

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