The one question you want to ask your financial adviser, but won’t

You’re an individual with your own unique goals, needs, and circumstances. But there’s one question we know our clients always want to ask, but rarely do – no matter who they are and where they come from.

Indeed, you might enter a conversation with your financial adviser and have specific questions in mind. These could centre around your pension, cashflow projections, your investment portfolio, or Inheritance Tax (IHT). And while we are happy to answer any questions you might have, underneath it all, there’s usually one key question.

“Are my family and I going to be OK?”

Let’s break down how we might go about answering that question with you.

 

Everyone’s version of “OK” is different – what is yours?

When you think of yourself living a peaceful, happy life free from financial stress, you could imagine walking down the beach somewhere hot and sunny, having sold your UK home and retired abroad. Or, you might picture yourself exactly where you are today, with your arms full of grandchildren who you want to support in any way you can. Alternatively, you may envision throwing yourself into volunteering, dedicating any free time to a cause that matters to you.

All these possible futures require one thing: the knowledge that you will be financially OK, or in other words, be able to afford your ambitions over the long term.

So, before you start worrying about the question, “Am I going to be OK?”, begin thinking deeply about what you actually want to achieve in future.

For instance, if you are midway through your career, you may want to achieve a certain position in the company you work for. On the other hand, you may wish to prioritise work-life balance, perhaps earning slightly less but gaining time with your family and friends.

If you’re already at the point of retirement, consider what you want to do. Travel? Spend time with family? Continue generating an income through investments? These crucial decisions can help you tailor your finances accordingly and make sure you have enough to last a lifetime.

Perhaps you are even further along, comfortably retired, and want to leave a legacy for those you love. Start envisioning what you might want to support them with – perhaps purchasing a home for your grandchildren, paying for university, or supporting them while starting their own family.

 

A strong financial plan can protect your family’s legacy and support your goals

When beginning to review your financial circumstances and beginning to work out how to be “OK” forever, remember this: a financial plan is not built on figures, it is built on your goals.

That is why the above reflections are so important; there is no one-size-fits-all equation that solves the problem of your financial worries.

Once you have an idea of how you want to live and the goals you want to pursue, it’s time to start building a realistic financial plan that supports this vision.

When working with a Chancellor adviser, your plan will include:

• A foundation – Insurance, an emergency fund, an assessment of your existing income, and a budget you can comfortably stick to.
• An ongoing strategy – This might include saving and investing on a monthly or annual basis, a focus on making increased pension contributions, and importantly, a balance between enjoying life today and preparing for the future.
• A long-term vision – An estate plan that gives you the opportunity pass down tax-efficient wealth, a retirement strategy that provides peace of mind, and a lifelong relationship with your trusted adviser.

Your adviser will use cashflow modelling to aid this plan. This software takes the information you provide and models scenarios that can help you make important decisions, such as what age you can afford to retire.

 

Going beyond “OK” and aiming for “amazing”

It’s understandable to wonder, “Will my family and I be OK?” If this question keeps you up at night, you are not alone.

However, our aim is not for you to just be “OK”, but for you and your family to feel confident, happy, and excited about the future.

So, once we have established the foundation of your plan and ensured that you have peace of mind regarding your wealth, the next step is to create a strategy centred around your goals. You don’t have to accept “OK” as your end goal – it’s perfectly fine to aim higher, and we’re here to help you do so!

 

Get in touch

Here at Chancellor Financial Management, our experienced team is dedicated to creating a bright future alongside our treasured clients.

Email info@chancellorfinancial.co.uk, or call 01204 526 846 to speak to an adviser.

If you’re already a client here at Chancellor, contact your personal financial adviser to discuss any of the content you’ve read in this article.

 

Please note

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

All information is correct at the time of writing and is subject to change in the future.

The Financial Conduct Authority does not regulate estate planning, cashflow planning, or tax planning.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.