6 Reasons people seek financial advice
Typically, no one just wakes up in the morning and decides they need financial advice that day.
Or decides ‘I need a financial plan, let’s get it done!’.
What causes a client to seek us out is a specific issue or a pain point.
An article we wrote a few weeks back generated an enquiry to us and the first thing the person said was:
‘Francis, we didn’t think we needed to speak to anyone but after reading your article we realised we need advice’.
This got me thinking about the different types of enquiries we see.
It also confirmed to me that even though a lot of people don’t know they need financial advice, they actually do.
Something could be going on, they’re unsure of and they do not know where to go.
Therefore I thought it would be good to outline some of the reasons people contact us for advice.
I’ve summarised some situations below.
Employee Leaving Employment
An employee, following leaving employment had a pension fund held in their ex-employers fund.
They wanted to discuss what options were open to them and what was best for them.
Also, importantly, they were losing other employee benefits like death in service and income protection.
An individual retiring – retirement options
An individual retiring from employment.
He is a member of a company pension scheme that is under the umbrella of a corporate advisor.
H is faced with his retirement options, tax-free cash, annuity or Approved Retirement Fund (ARF) and required advice.
Importantly, the individual wanted impartial financial advice separate from the corporate advisors that look after his employers scheme.
Business owner – tax efficiency
A business owner with surplus money in the company account.
Faced with drawing this out as salary to which he would lose 52% to tax.
Very tax-inefficient.
Consequently, he wanted options to increase his tax efficiency.
Parents of young kids
Unfortunately, someone they knew had recently become ill.
This triggered them into thinking about financial protection.
They decided to ensure their family was financially protected no matter what.
In contrast to doing nothing and thinking it will never happen to them.
Business owner – general planning
A business owner who works on his own.
Not married, no dependents.
He clearly realised if he couldn’t work due to illness or injury he had an issue.
Therefore he wanted to protect his income.
As well as that we made some small changes and increased his tax efficiency.
Money in the bank – inflation
Parents, with money sitting in the bank on deposit.
Additionally money in the old favourites, the Credit Union and Post Office.
Undoubtedly money earning no return, eroding in value with inflation.
They wanted to discuss options available to generate some return.
Redundancy
An individual unfortunately made redundant.
Presented with her redundancy calculations.
Basic & increased exemption and SCSB calculations.
She wanted financial advice on what was the best option and how this tied into her employers pension scheme.
Expectant parents
A couple, due to have their first baby.
They did not want to leave finances to chance and wanted a general review.
Importantly they did not want to leave finances to chance.
Kids College Plans
A set of parents with three kids under 10.
In particular they wanted to set plans in place to ensure education funds would be there in 10 years.
In contrast to just thinking ‘the money will be there’.
Pension Review
An individual with existing pensions in place.
Receiving no service from the existing advisor.
The individual wanted to review the pensions and avail of our pension review service.
Business owners
Three business owners read an article in a business magazine.
It had outlined the importance of succession planning.
Succession planning and protecting their shares.
Undoubtedly this had rung home with them and they wanted to kick off the discussions.
Current market volatility
The media make no secret of the fact markets have been volatile.
Some enquiries were just a general chit chat about markets.
Importantly, what to do when the stock market drops.
General Financial Advice and Planning
A couple who importantly just wanted to know what they were doing made sense and was correct.
Basically just a financial plan, a review of everything.
But they didn’t know it!
Summary
To summarise, we get many different enquiries.
You can call these issues or pain points.
It’s this that prompts clients to pick up the phone to us.
Subsequently, following discussion, this tends to throw up additional issues.
You may not think you need financial planning or advice or wonder who to seek out.
Often, it can just be a leap to take financial advice.
Undoubtedly maybe even some think they can DIY it.
Hopefully, the above has clarified a few circumstances that sound generalised but are actual needs.
Situations where it’s important to take the proper financial advice.
And not DIY it.
How we help
Importantly we have a clearly mapped out advice process.
A process that puts our clients front and centre.
We don’t pull stuff off the shelf for you in order to make a quick buck for ourselves.
We take the time to get to know our clients and what their needs and objectives are.
This then importantly, allows us to build our recommendations with our clients at the centre of our advice.
Additionally, it’s an ongoing process, not a one and done transaction.
We don’t leave our clients, we are in contact with them regularly.
Get in touch
Do you fit any of the above categories?
Or do you simply think you need some kind of financial advice but aren’t sure?
Please request a callback.
Or drop me an email, francis@fortitudefp.ie.
We will have an Alternatively, give me a call, 086 0080 756 or access our diary here and book a call at your convenience.
We will have a no obligation chat with you initially at our expense .
Then we can ascertain whether we can bring value to you.
If we can’t and we can hopefully give you a few pointers in the correct direction.
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