Why do I need a financial planner?

Stuart Walker

Stuart Walker

Chartered Financial Planner

11 March 2022

Being a Financial Planner, you can often be reluctant to tell people what you do for a living, to avoid comments on how great the shares that they bought themselves are doing (very rarely does DIY investing work long term) or which mortgage is the best.

But in all seriousness, why do you need a Financial Planner?

If you are unsure about whether a Financial Planner could help you or not, the following questions might help you decide.

Do you have time to do it yourself?

Managing your investments and finances takes time, skill and effort, alongside the need to keep reviewing them regularly. There are plenty of things we’d like to do in life, and I, like lots of others, would love to run a marathon (I actually wouldn’t) or learn a new language (oui) but it doesn’t mean we will.

Managing your financial situation isn’t that interesting, and there are much more exciting things that we could do with the limited spare time that we have.

Is your plan a combination of Google searches and winging it?

They say never Google any medical symptoms you have because invariably it will tell you something worse than you expected and you don’t know how accurate the information is. The same can be said for some online financial guides and tips. Unfortunately, there are a number of schemes and scammers out there who are only too happy to ‘help’ unsuspecting people who visit their website.

It is unlikely that your issues and worries can be answered via a straightforward question. Our financial circumstances are complex and inter-related to other areas of our lives. So, if you don’t know what you  don’t know, how can you ask the questions to find your answers!  

Do your finances feel a bit all over the place and disorganised?

All Financial Planners have had clients arrive with plastic bags, or the slightly more environmentally friendly leaver arch file, and tip a whole load of paperwork onto the desk in front of us.

It doesn’t mean your finances are poor, but it does mean that they need to be organised with a structured plan put in place to make sure you get the best from your money, ensuring that you are rewarded for the hard work that you have put in to accumulate your wealth in the first place.

The plan will need to be reviewed regularly to make sure it’s on track and up to date with any changes in circumstances.

Are there any life changing decisions on the horizon?

Considering retirement, selling a business, investing an inheritance or not doing anything. These can all be major decisions that can have a big impact on our lives, and you might not get another chance to get it right.

A Financial Planner can help you quantify the decision, understand the impact on other areas of your life and assess any alternatives. Building a financial plan will help to aid the decision process.

Reducing or removing the anxiety around financial worries can often make working with a financial planner worth it

Would having a Financial Planner give you peace of mind and reduce your financial stress?

It’s hard to put a price on this question, but it’s clear that worries about money are not always related around to not having enough of it.

Worries or disagreements about finances are amongst the top stresses in people’s lives so getting your finances in order, ensuring family is cared for, or getting a grasp on your retirement plan can be empowering and liberating. Reducing or removing this source of anxiety can often make working with a financial planner worth it.

Next steps

If you would like to discuss anything mentioned in this article with one of our experts, then please do not hesitate to get in touch with myself, a member of our Wealth team, or your usual Johnston Carmichael adviser.

You can also read more about how Johnston Carmichael Wealth have helped their clients to live life on their terms in our most recent case study


Disclaimer: Johnston Carmichael Wealth Limited is authorised and regulated by the Financial Conduct Authority. 

This communication should not be read or considered as financial advice. While all possible care is taken in the preparation of this communication, no responsibility for loss occasioned by any person acting or refraining from acting as a result of the information contained herein can be accepted by this firm.  

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