So, what is a Financial Planner?
Most people are familiar with the term “Financial Adviser” or “IFA.” But at Magenta we are Financial Planners and people regularly ask us what the difference is.
In short, financial advice is centred primarily around selling a product, usually for a specific need, while genuine financial planning is about relationships; finding out what is important to clients then creating a strategy – a plan for life – and helping them stick to that plan.
An IFA will typically provide advice on a product – for example, which pension or investment is most suitable for you. He/she is unlikely to be able to answer life’s big questions like:
do I have enough money?
when can I retire?
can I afford to pay for my care when I am older?
am I going to pay too much tax?
Will my family be secure?
etc
These are questions that we at Magenta can help you to answer, with the help of our lifetime cashflow forecasts and specialist planning skills.
We will discuss your hopes and dreams for the future and show you whether your current savings, investments and pensions will provide the necessary resources to allow you to reach your goals and live the life you want.
We can take away your worries about running out of money and encourage you to enjoy your life – rather than just advising on financial products.
Now that is a great value service!