Understanding the emotional benefits of working with a financial adviser

Understanding the intangible benefits of working with a financial adviser you trust

When we talk about the value of our advice, it comes in two forms: tangible and intangible. The tangible benefits come in the form of our cashflow modelling, lifetime wealth forecasting, and of course, the evidence-based financial plan that we implement with you. By contrast, the intangible benefits are harder to quantify, as it’s all about how our planning makes you feel.

The plan itself provides a technical framework for managing your finances. However, the more life-changing benefits often come from the non-technical aspects, such as gaining a sense of empowerment, peace of mind and reassurance.

Financial planning looks at the whole picture over the long-term, and because it’s an ongoing holistic process, it is typically a lot more personal than other similar services. As such, your adviser should be qualified to deliver the best financial results, alongside being someone that you trust and connect with on an emotional level. If you’re not sure what to look for, you can read our guide on how to find a financial planner you trust.

Emotional benefits

Here are just 3 of the main emotional benefits of working with a financial adviser you trust:

1. Confidence

We would argue that the biggest confidence boost you can experience comes from successfully achieving one of your goals. That’s why one of the first things we go through with you is your goals. We revisit them every year to check in on the progress and adapt them as necessary. It not only feels amazing to see the plan start to come together, but it also serves as a great motivation to keep working towards your longer-term goals.

On the other side of this, inevitably there will be times when things don’t go as planned. But, when you’re working with a trusted financial planner, you will always have someone to guide you through the harder times, as well as the good.

2. Focus

Unless you already work with us, it may surprise you to know that we don’t just talk about figures. A big part of our initial conversations is about visions and goals. Our financial advisers ask questions that get to the very root of what you want for yourself, now and in the future.

We will all admit that when we set goals, it can be hard to keep yourself on track. However, by working with a financial adviser, who provides support alongside a detailed action plan, it’s easier than you think to keep the focus.

Similarly, when things don’t go to plan, your planner is there to make sure you don’t lose focus on the end goal. If you are investing, it should always be for the longer term. It’s important not to get wrapped up in the short-term and make rash decisions. For more on investing during market volatility, you can read our guide here.

3. Wellbeing

The Financial Wellbeing Index 2019 reveals that UK employees are ill-prepared for their financial future. Poor financial wellbeing affects the individual but is also proven to reduce productivity which impacts on business performance. The most common money worry is retirement, with 36% feeling underprepared and only 43% feeling confident that they can retire at the age they want.

Individuals with a financial plan often become less stressed and more optimistic about the future, being able to visualise when they can afford to do what they want to do in their life. Most importantly, when you succeed in one area of your life, this often carries through to different aspects of your life. For instance, having a financial plan will not only improve your financial wellbeing, but it will also help to improve your overall wellbeing and health, which is priceless!

With a plan in place, you will be more prepared for the unexpected and ready to overcome any obstacles as and when they pop up. Bumps in the road won’t hinder your progress or affect your mood half as much as if you’re unprepared in that same situation.

It’s safe to say that everyone has had a challenging time recently, and it’s times of difficulty that emphasise the benefits of professional financial planning advice. Working with someone you trust allows you to share the emotional load and puts things into perspective, allowing you to focus on the things that matter to you the most.

If you would like to know more about the value of our advice, then please get in touch and speak to one of our financial planners.