Why financial planning is different from financial advice

Published: February 2023

Whether we want it to or not, money plays a big part in our lives and both our everyday spending and longer-term savings should therefore be given adequate thought, time and resources.

Using the services of a financial planner allows you to delegate much of this to professionals who have the expertise to understand your finances and requirements.

Before looking at the benefits of using a financial planner, it is first important to understand what those words really mean and why financial planning is different from financial advice.

Financial advice is focused on providing specific advice at a given point in time, with a view to matching an immediate need, such as arranging life assurance to cover a mortgage – this is very much transactional with no ongoing service or thought given to someone’s wider needs and objectives.

By comparison, financial planning uses a holistic approach to build a plan designed to meet short and long-term financial objectives. A financial planner will work with you on an ongoing basis to monitor and revise your plan as circumstances and objectives change through the various life stages.

Why Chartered status matters

By choosing Chartered, you are choosing a financial planner who has made a public commitment to professionalism. They must maintain standards of excellence in qualifications, ethics, business practices and professional development. The professional body, The Chartered Insurance Institute (CII), dictates the exacting criteria necessary to be met by a firm and individuals.

Wealth Management

In addition to financial planning, an important part of a client’s financial journey is the management of their investments.

As well as providing financial planning, MM Wealth also provide wealth management services and manage client investments. Combining these two elements allows us to align consistent tax planning and your investment strategy with your values and aspirations.

At MM Wealth, we see this as an important part of what we do and how we provide the right outcome for our clients.

If you are looking for a Chartered Financial Planner, please speak to Tim Parker (pictured right) or a member of our financial planning team on 01223 233331.  

Disclaimer 
Opinions constitute our judgment as of this date and are subject to change without warning.  The value of investments, and the income from them, can go down as well as up, and you may not recover the amount of your original investment.

The information in this article is not intended as an offer or solicitation to buy or sell securities or any other investment, nor does it constitute a personal recommendation.