The majority of people in Aberdeen and Aberdeenshire do not have a financial plan in place to safeguard their future.
But, if you want to achieve your retirement goals and life’s ambitions, you really should begin to think about speaking to an independent financial advisor soon.
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What is financial planning and how does it work?
Debbie Mitchell, a non-executive director of the Chartered Insurance Institute, is an independent financial advisor (IFA) who has been working in financial services in Aberdeen for almost 40years.
Recently, she celebrated her 30th year at Atholl Scott Financial Services, where she is managing director.
When looking for advice on financial matters, there are few people in Aberdeen or Aberdeenshire more qualified to tell us what financial planning is than Debbie, who was named the first lady president of the Chartered Insurance Institute of Aberdeen in 2011, its centenary year.
She put it simply: “We insure people’s lives and that can make such a difference. I have clients who have suffered serious illnesses and are able to be financially secure because they have insurance. This is at the heart of what we do.
“That’s why I love what I do, I get to make a difference in people’s lives.
“It’s about financial security – it’s about being able to sleep at night.”
Debbie, who recently won the President’s Award from the President of the Chartered Insurance Institute, explains why financial planning could be the safety net you need, particularly given the uncertainty an instability of the current climate:
1. No time is ever wasted
It will never be a waste of time (or money) to engage with an independent financial advisor. A good one will always add value, so it is never a bad idea.
2. Make a long-term decision for long-term plan
The temptation in bad times (and we are in bad times) is to make short-term decisions for a long-term plan. A financial advisor will urge you not to do that. We have been here before, and I have seen it worse than this – 2003 and 2007 were awful – but if you just hold on and stick with the long term plan you will come out on top, because this too shall pass.
3. Set out how to achieve your goals
Having a plan in place and engaging with someone to help you create that plan means you can achieve your goals. If you don’t have a plan, then you will fail. That’s what we help with. We help you figure out what you are trying to achieve, and how to achieve it. Whether you want to retire at 50 or 55, we get you to a point where you can.
Do you need to work or choose to work?
Proper financial planning will allow you to work because you chose to, says Debbie.
Often people at 50 or 55 don’t actually want to stop working but they want to be able to have that choice. They are choosing to work because they have all their plans in place and are now able to say ‘that’s it, I’m done’. It’s choosing to work, not needing to work.”
“I have never yet had a client that ran out of money!, added Debbie.
Do I need a financial advisor?
Yes, you probably do. And, when speaking to anyone about financial matters, it is important to feel comfortable with whom you are confiding in and seeking advice from. Often women find it easier to open up about difficult or complicated financial matters with another woman, and Debbie recognises this.
In fact, of the firm’s four financial advisors, THREE of them are women.
Receiving a recommendation is also useful, as well as seeking a team with experience, and at Atholl Scott FS, they have that in abundance. Not only does Debbie have a financial service career spanning nearly four decades, she is supported by a talented and experienced team.
She added: “Come and speak to us, contact the team at Atholl Scott Financial Services. I have such a supportive and fantastic team, from chartered financial planners to admin staff, and I am very proud of them all.
“We want to make sure you are comfortable. You need to make sure you get an IFA who you are happy with.”
Do you have your financial plan in place? Do you want to retire early and don’t know how? Or do you simply want to insure yourself and protect against any unforeseen circumstances? If so, Atholl Scott Financial Services can help.