The true power of financial planning

Michelle Holgate
Director, Wealth Manager
RBC Brewin Dolphin

Trying to make the most of your money is no easy task on your own.

Researching your options, understanding the details, and putting a plan together can be time consuming and complicated.

Changes to existing regulations, such as those implemented following a government budget, can further complicate the process, leaving individuals and families seeking clarity and guidance. This is where a well-crafted financial plan and the expertise of a skilled financial planner can prove invaluable. They can help you in several key areas:

• Pensions and retirement planning: understand how much you need for a comfortable retirement and create a resilient, tax-efficient plan to help you achieve your ambitions for life after work.
• Inheritance and estate planning: carefully analyse your long-term needs and your succession plan to align the distribution of your assets according to your wishes.
• Financial protection: safeguard your family, loved ones, and business interests with a tailored plan that takes care of those that matter most to you.
• Investing: unlock the full potential of your money with expert investment management, helping you make your money work harder.

Planning that powers your ideas

To create a financial plan that gives your ambitions the best chance of success, working with a skilled financial planner is crucial.

Financial planners have the time to consider your circumstances and the expertise to recommend what’s best for you, creating a personalised plan that’s built around your values and goals.

“A good financial planner will ask a lot of questions to find out who you really are and what matters most to you,” says Michelle Holgate, Director of Financial Planning at RBC Brewin Dolphin. “They’ll then tailor their advice on what they discover.”

For example, will you spend all your wealth? Will you gift some? What kind of retirement do you want? Do you want to leave a legacy? They will ask about your family, career, lifestyle and property to build a picture of your life and priorities.

Sometimes this comes as a surprise to people, says Holgate, who explains this holistic approach is “such a crucial part of us being able to provide clients with a personalised and bespoke service because these are the things most likely to drive your financial decision-making.”

Your financial planner can then use this information to create a cashflow model that maps your assets to the desired outcomes, giving you the answers to big questions such as:

• How much is enough to retire?
• How can I protect my family wealth for successive generations?
• Does buying a second home make financial sense?
• How much should I gift – and when and how?
• How do I secure financial support for my family when I’m no longer around?

Your financial planner can then make specific recommendations and revisit them every year as your life changes.

“Depending on what stage you’re at in life, you might reach certain milestones where significant lump sums are required, such as paying for school fees or a wedding, putting down a deposit on a house or buying a second home.”

Your financial planner can build a timeline and then look at the assets and income you have to support that journey, explains Holgate.

The financial planning process

Financial planning can be a daunting topic and a task many people put off. But a financial planner’s approach is typically straightforward, following a step-by-step process:

1. Getting to know you: spending time understanding your goals and objectives to inform a personalised plan.
2. Examining your options: analysing your situation and providing a detailed recommendation.
3. Agreeing the plan: discussing the plan with you and ensuring you understand and are comfortable with the approach.
4. Putting the plan into practice: implementing the agreed-upon plan, taking the administrative burden away from you.
5. Reviewing the plan: discussing the plan with you annually to ensure it remains aligned with your goals and objectives.

By taking control of your financial future and seeking the guidance and ideas of a skilled financial planner, you can unlock the full potential of your resources and help you achieve your goals with confidence.

Find out more from our dedicated support team by calling us on 020 7246 1111. Opening hours are Monday to Friday 9am to 5pm.

The value of investments, and any income from them, can fall and you may get back less than you invested. This does not constitute tax or legal advice. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. You should always check the tax implications with an accountant or tax specialist. Neither simulated nor actual past performance are reliable indicators of future performance. Information is provided only as an example and is not a recommendation to pursue a particular strategy. Forecasts are not a reliable indicator of future performance.