In today’s climate of free financial advice, bargain fund pricing and automated investment management tools, you may wonder whether you still need a living, breathing financial adviser.
You do, but with a twist. Are you thinking about advice that’s focused on how you can make a killing on the next hot fund recommended to deliver 8% return? If so, you are correct – you don’t need that. You never did.
Instead, you need good financial planning advice (life centered financial planning advice).
Good financial planning advice is timeless … and timely. At its essence, good financial planning advice never goes out of style. Its principles are permanent: It should be brave and true, and meant for you. At the same time, good advice must remain relevant in an ever-changing world. Your adviser should be able to help you embrace promising new opportunities and insights, while avoiding the false leads and frightening challenges that are as formidable as ever in today’s markets.
Good financial planning advice looks at the parts … and the whole. Good financial planning advice helps you manage your investments for preserving or increasing your wealth according to your lifestyle and financial goals. It also helps you plan, implement, and manage your myriad related interests: taxes, insurance, business interests, estate plans and more. Beyond that, what are your goals? How can we relate your total wealth to your relationships, resources, and realities? Good financial planning advice should bring a unifying whole to your multifaceted parts.
Good financial planning advice is personalised … and persistent. Good financial planning advice is essential for making good decisions – not just in general, but for you: your money, your interests, your life. It’s about being in a relationship with an adviser who is there for you, not only during the promising planning stages when everything makes sense, but when your resolve is being sorely tested in turbulent markets. Or when your own life’s events have knocked you off-course. Good advice helps you find your way when you’ve been sideswiped by the unexpected.
Good financial planning advice is wise … and compassionate. Good financial planning advice is grounded in enduring academic evidence, structured process, and informed experience. But having all that, financial planning advice is nothing if it fails to contribute to that which brings joy to your life, protects the ones you love, and reassures you in times of trouble. For this, a good adviser must not only advise you; he or she must listen to you. This brings us to our most important point.
Good financial planning advice is in your best financial interests, period. Above all, good advice should always and only be in your best financial interest, even when it means the adviser must take a hit to deliver it. Various advocates in Ireland (including ourselves) practice best-interest advice, where we have the courage of our conviction to tell you the truth about your money. This may sometimes mean delivering uncomfortable truths as we believe comforting lies are pointless. Such efforts are often met with resistance from those who would prefer to continue prioritising their own best interests. As a result, the financial advice you choose to use will probably always call for a “buyer beware” perspective. We wish it weren’t so.
That which best serves clients ultimately best serves all of us, so we would welcome a world where good advice reigns supreme. Until then, we hope you’ll now know what good financial planning advice looks like when you see it. It’s the kind that sees you through turbulent times, onward to your relevant financial and life goals. If this sounds dramatically different from the hot fund tips or market-timing tactics you’re used to hearing, that’s because it is.
May we offer you additional advice about good advice? We hope you’ll be in touch.
Private Client Manager
Metis Ireland Financial Planning Ltd t/a Metis Ireland is regulated by the Central Bank of Ireland.
All content provided in these blog posts is intended for information purposes only and should not be interpreted as financial advice. You should always engage the services of a fully qualified independent financial adviser before entering any financial contract. Metis Ireland Financial Planning Ltd t/a Metis Ireland will not be held responsible for any actions taken as a result of reading these blog posts