• Emma Danby Harris, Director at PFP Wealth


• 25.07.2023 11:00 am
#finance

A common misconception about financial advice is that it is only necessary for the wealthy, but this is simply not true. Regardless of income, savings, and ambitions, everyone can benefit from professional planning to help them achieve their personal financial goals and secure their future objectives. Whilst those with a higher net worth may be more likely to have more complex financial situations and financial needs. Everyone can benefit from receiving sound financial advice to help them make informed decisions about their money.

From budgeting to bills, and defining long-term life goals, Emma Danby-Harris, Director at PFP Wealth, believes that no matter what stage of life someone is at, they should be able to access the advice they need to make progress towards saving for retirement, investing for the future, and achieving other financial goals.

Here, Emma gives insight into why it is important for people to consider working with a Financial Adviser and how people can make informed decisions about their financial future.

Your wealth is your wealth

Money is of equal importance to everyone. A misconception of financial advice is that it’s there for those who earn a lot of money or have a large amount of funds in the bank, but this is incorrect. Your wealth is your wealth, whether that’s a little bit or a lot. Whether you’re a seasoned investor or have one savings account, everyone would benefit from visiting a financial adviser.

Whilst finances — and money worries in particular — are still seen as taboo conversations, it’s important to remember that everyone has the experience of worrying about money at some point in their life. If this is the case, why shouldn’t everyone have the opportunity to make their money work in the best way it can for their circumstances?

Of course, someone with a complex financial situation may need help with Inheritance tax planning or corporate financial planning — but it’s important to remember that financial advice is for everybody. Whether you’re looking to buy your first home, start a business or fund your child’s education, a Financial Adviser can help to provide objective guidance and strategies to help you reach your goals. 

Financial education is key 

Historically, the way in which everyday people accessed financial products was via ‘the man from the Pru’ who would call round weekly to collect savings and insurance premiums. There was very little, if any, planning involved. However, things have changed and there has never been a greater need for financial advice. 

Today, clients want to plan and have certainty over their financial future in an increasingly uncertain world. Financial planning and investments love time; the more time they have, the better the outcome will be. We observe a multi-generational approach aimed at enjoying, growing, and preserving wealth for the whole family.

Clients that act upon the future ahead of when they need it are the ones that gain the advantage and, with it, a huge sense of peace of mind by simply removing future financial uncertainty.

The importance of financial planning

Every stage of life is different, but the importance of sound financial planning remains the same.

For the younger generation, looking at ways to save as much money as possible for a house deposit is usually of the utmost importance.  However, a couple looking to start a family may be more focused on how their careers will take shape and what this means for future childcare expenses. 

Financial advice doesn’t just mean having someone to tell you how to manage your money. It can also give you structure for the future, too. Structure is important in all aspects of life, and sound financial advice can make a real difference to people’s futures by enabling them to make better long-term financial decisions.

From investments to pensions and overall savings, financial advice should be given on an individual basis, and you may not be ready to talk about each of these areas yet. Whatever is on your agenda should become the priority for your adviser — there is no such thing as a silly question when it comes to money. 

A Financial adviser provides expert guidance tailored to you. Just like you’d see a trained professional for a health problem, why not speak to a qualified adviser to help you achieve your goals and minimise financial risk? Ultimately, everyone wants greater financial security and peace of mind when planning for life’s milestones — financial advice can help make this happen.