Category: Financial Planning

Understanding why we spend money is critical to managing our finances. Research shows that our emotions, social influences, and thought patterns affect our spending habits. By knowing what drives our spending, we can make better choices and develop healthier financial behaviours. So why do we spend more than we need to? Studies have shown that

Financial advisors who claim to be comprehensive financial planners often provide a surface level of financial planning. Financial planning requires ongoing effort and cannot be based on incomplete data. Simplified forecasts fail to provide individuals with the comprehensive plans they need. Here are seven key indicators to look out for to gauge whether a financial

We sometimes receive enquiries from people seeking one-time financial planning without ongoing management. While we are passionate about helping clients plan, we focus on delivering value exceeding our fees. Unfortunately, we have found that one-off engagements don’t align with this goal. Our real value is in continuous planning and review, which is essential for staying

Entering the world of financial independence may seem daunting, but you’re not alone! Many have successfully navigated this path, providing us with a map to guide you. Think of it as a marathon. Maintaining a consistent pace, being patient, and staying optimistic are crucial to achieving your goal. It’s not just about running but also

In a world where we are constantly bombarded with new and shiny things, it can be easy to lose sight of what truly matters: determining how much is truly enough. The question of what it means to be truly rich has been pondered for centuries. From the ancient philosopher Lao Tzu to modern-day thinkers like

Inspired by this post by the aptly titled humble dollar, let’s explore the behaviours that improve our finances. These are all achievable and, unlike stock picking, do not rely on insider knowledge or luck. Humility First off, embrace humility. The financial world is uncertain – from market changes to unexpected life events. Focus on what

When we get older, it’s essential to prepare for things that might happen unexpectedly, like becoming sick or unable to think clearly. A Power of Attorney (PoA) lets you pick someone you trust to make decisions for you, to ensure your wishes are followed, and you’re looked after in the best way possible. Knowing that

A common question from clients pertains to the importance of setting goals in financial planning. The answer is that goals play a pivotal role in financial planning. Goals provide direction to financial planning. Individuals and families need to establish precise financial objectives to determine their priorities and aspirations. These objectives may vary, from immediate ones,

Budgeting is often associated with financial planning, but did you know that it can also have significant benefits for your mental health? While it may seem surprising, taking control of your finances and creating a budget can help reduce stress and anxiety, improve your self-esteem, and lead to overall better mental well-being. Here are some

In 2019, the Pensions and Lifetime Savings Association (PLSA) developed new guidelines to help people figure out how much money they need each year when they retire. Instead of just looking at a certain percentage of what people made before they retired, these guidelines consider how much money people need after they retire, based on

If you’re considering working with a financial planner, it’s important to ask the right questions to ensure that you find someone who can help you achieve your financial goals. Here are a few key questions to ask when interviewing a financial planner in the UK: What do you do? You’re looking for a concise explanation

A global financial literacy survey indicates that around a third of the UK needs help understanding the most basic financial concepts. There are many potential benefits of financial literacy. People with strong financial skills do a better job planning and saving for retirement. [1][2] Financially savvy investors are more likely to spread their risk and

One of the most common questions clients ask is, “how will I know when I have enough money?” What does looking at this involve? There are several ways to determine whether you have enough money. One approach is to consider your current and future financial goals and compare them to your current income and savings.

Later-life care can be a complex topic to discuss and plan for. However, making a care plan now ensures that your wishes are carried out and that you have long-term security. If you haven’t addressed it yet, keep reading to find out what you should do. According to a Canada Life survey, 7 in 10 UK adults

Having a baby is one of the most exciting, life-changing events you’ll ever experience. But along with the joy and happiness that comes with starting a family, there is also the reality of the added costs. On average, in 2021, the total cost of raising a child to the age of 18 now stands at

From 6 April 2022, no-fault divorce came into effect in England and Wales. No-fault divorce is a long-awaited revolution in family law, finally removing the need for blame as a basis for divorce. The result is that the only ground for divorce is that the marriage has ‘irretrievably broken down’. No one enters into a

According to new research[1], 95% of adults in the UK are worried about the anticipated rise in the cost of living in 2022. The expense most UK households are concerned about is the rise in energy bills (92%), with three in ten (29%) being apprehensive about this, followed by food shopping (87%). Cost hikes to

Many initially seek financial advice because they want help with something like a pension or making intelligent investment decisions. However, pensions or investments are only a means to an end which is helping you pursue your goals. An advisor cannot manage a portfolio or create a robust financial plan unless they have a holistic view

How often do you talk about money with your partner? Issues around money can sometimes make or break a couple. Research indicates it causes a lot of struggle. According to a survey from Royal London, 62% of couples in the UK have argued about money. The most common cause is the perception that one of

Last year the government revealed new proposals for funding long-term care. At the time, much was made of the point at which someone needing to pay their care costs in full increasing to £100,000 and the overall cap on care costs being £86,000. The Government made out as if this fulfilled its manifesto promise that

Following a financial plan and staying disciplined can be challenging. A good start can be with what someone shouldn’t be doing with their finances. Not having an Emergency Fund An emergency fund underpins a solid financial plan. We advise our clients to hold at least six months’ expenditure, plus any planned additional spending, in easy

Relax. Live for the moment and enjoy life. Most of us know someone who, despite being well off, struggles to spend money on things that make them happy. Instead, the fear of running out of money controls their spending habits. On the other hand, there are those who struggle to think past the next few

We personalise the advice we give to our clients as much as possible. Our financial planning process is all about collaboration. We seek to understand where you are, what you want from life, and any concerns you have. Your goals and priorities are unique to you. Once we have done some analysis, we will have

It is easier and cheaper than ever to invest money or to start a pension. In addition, we like to say that long term investing is, to a fair degree, solved. We do accept that we cannot tell you what the perfect portfolio is going to look like for the next 30 years. However, we

There has been as much research into what makes us happier as there has been into what makes us wealthier. As financial planners, we are trying to help our clients improve their lives using their money. So, it is therefore important to look at what drives happiness and how it relates to money. The happiness

The Halifax has published research into first-time buyers showing the heavy year the Bank of Mum and Dad has experienced. The average price paid by a first-time buyer in the UK last year was £256,057. This was up by £22,939 (10%) from a year earlier (£233,118). How much of this came from the Bank of Mum and

Paying yourself first Before you pay any bills, consider paying yourself first. This means saving and investing a portion of your earnings before you do anything else with your money. In the book The Richest Man in Babylon, written by George S. Clason, the parables are told by a fictional Babylonian character called Arkad, a

I have always been passionate about helping people feel more financially confident and achieve financial security. What this can be boiled down to is increasing financial wellbeing. The Financial Wellbeing Book, published in 2016, laid out five parts to financial wellbeing: A clear path to identifiable objectives Control of daily finances Ability to cope with

2020 has put our ability to survive financial shocks to the test. However, for many, the financial implications of the pandemic have not been as bad as they could have been. This is thanks to the government’s support schemes. Other than being unable to work, the biggest causes of financial emergencies are cars, properties, family

First-principles thinking helps reverse-engineer complicated problems. The idea is to break something down to its base elements. We can then reassemble them from the ground up. This approach was used by the philosopher Aristotle. Elon Musk and Charlie Munger are among those who use it now. It allows them to cut through the fog of

A survey of 2,000 people reveals we spend 110 hours a year think about what might have been. Eight out of ten believe their lives would be better if they had taken more risks. The most common regrets were: Not saving more when younger Not keeping in touch with old friends Not taking the plunge

If you want to make better decisions with your money, we can help. However, working with us is not for everyone. We help our clients take the necessary steps to get the most out of their money. There are some things some expect from us which bear little relevance to what we do. Some of

Getting the most out of life can be like climbing a mountain. The goal is to reach the peak and hoist up your flag. The journey will be challenging, so you need to be passionate about it. Most financial plans involve investing and markets always have difficult periods. It is essential to have something to

We can get the answer to just about anything in a few clicks. However, the difference between getting a solution and the one which is right for you can be huge. This difference is where the value of good advice is. The truth is everybody would probably benefit from financial advice in some way. Saving

Financial planning is key to resolving worries about money. It may be useful to think about financial planning in terms of some common concerns: Will we be able to support our current standard of living in retirement? Can we manage financially if one or both of us needs long term care? What happens to my