Making sure your financial future is in ship-shape requires expert coaching – just like our sporting heroes, says Rhian Morgan, a financial planner at Acumen Financial Planning in Aberdeen
Scotland’s Commonwealth Games team did the country proud, coming fourth in the medals tables overall after winning 19 gold medals, 15 silver and 19 bronze.
For an athlete to achieve their goal of winning gold they often seek out the best and most qualified trainer or coach.
This is a standard that should be replicated in everyday life, especially when it comes to your finances.
In order to achieve your full potential and realise long-term goals, whether it be for retirement, passing wealth onto your children or realising ambitions for your company, your decisions should be enhanced by consulting an expert.
So what should you look for when seeking professional help with your finances?
Firstly, consider what type of advice you are looking for. If you are looking for a specific product, there may be many firms that are able to help you.
But for a holistic approach seek out a financial planner rather than an adviser of products.
A planner will focus on your entire financial planning requirements, with products coming secondary to your overall financial plan.
There are two main types of financial planners, independent and restricted.
An independent firm can advise you on and gain access to product providers across the market. You should, therefore, get the very best advice and products tailored to you.
As the name suggests, a restricted firm can only recommend certain products or product providers.
Qualifications of those giving financial advice have been in the spotlight in recent years, and it is essential that anyone offering financial advice is suitably trained.
In the same way that an athlete would expect to pay a premium for the best coach, securing quality financial planning advice should be no different; the lowest costs will not necessarily deliver the best results.
When making important financial decisions it is important that you get the correct advice, especially considering the continuous changes to taxation and legislation on financial affairs.
Often, the initial outlay for advice can lead to extensive savings in the long run.
Asking friends and family for referrals is often the best place to start when looking for a good financial planner.
Get recommendations from people whose financial needs, outlook or stage of life is similar to yours.
Have an initial meeting and ask questions about the services and specialties, investment approach and the company background.
A good financial planner might offer an initial meeting at no cost for you to find out more about the firm and for the firm to find out about you and your personal circumstances.