Informed Choice

You may have a pension, you may be thinking about starting a pension or you may want to know where to invest this year’s ISA contributions, but have you thought why you want a pension or why you are investing in an ISA?

If you invest money without having a target you are gambling that your investment will provide sufficiently when you need it.

For example, without knowing what income you need in retirement to maintain your desired lifestyle how do you know how much to contribute and how much investment risk you need to take?

Financial planning is vital if you are to accurately target your future financial needs and this is the essential difference between financial planning and financial advice.

Financial advice is essentially a product sale whereas Financial Planning is setting SMART goals for your finances that encompasses your current and future expected financial circumstances.

Financial advice may be an output of a financial plan but without the plan the advice becomes a financial guess.

“You have a GP for your health, why don’t you have a FP for your wealth?”