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Financial Planning is for Everyone

March 13, 2023

Have you ever made a budget?

Groceries, Christmas gifts, holiday fund, household expenses. If this answer is yes, then you have made a basic financial plan.

There is a misconception that financial planning is only for the rich. It’s true that those with a great deal of money or assets are likely to have someone to help manage them, but there is a difference between wealth management and financial planning.

Financial Planning vs Wealth Management

Financial planning can be viewed as a financial roadmap. It not only considers past, current, and future finances but also, and more importantly, your life and financial goals. The aim of this map is to see where you are, where you want to be and then chart a route to get you there.

Wealth management is about the best ways to both maintain and optimise the money and assets you own. This can be done for anyone who has pensions or investments of any kind and/or a sum of money in the bank. It should be under the guidance of a certified financial advisor.

Wealth management is an aspect of financial planning.

Once you have a plan for your finances one of the aims is that you accumulate enough savings, investments and/or assets that you need to have them managed. This is certainly when the advice of a qualified financial advisor can add even more value. By taking into consideration what your starting point is, what you want to achieve, as well as your appetite for risk, they can use their knowledge and technical skills to work towards meeting your objective.

It is important to note that what wealth is will differ from person to person. There is no set amount that makes a person wealthy. Yes, there will be fees you pay to have your money managed, but there is no reason you can’t begin working towards wealth management by having a financial plan.

How to Begin a Financial Plan


The most basic element of financial planning is a budget. Knowing what you spend money on and understanding what you might not need to be spending money on can be the difference to putting £10 away each month or £100.

This is something you can do yourself, with the help of our budget planner.

budget graph

To take your plan to the next level, it is a good idea to meet with a financial planner. Remember, this is not something that is just for the “wealthy.” This is for anyone who wants to work consistently towards aligning their finances with what is important to them in life. This is for anyone who wants to have a clear map for their future to ensure they are secure in their retirement, can afford a house deposit, pay school fees, go on holiday, etc.

It's a Symbiotic Relationship

Having clarity on your goals, both financial and personal, will also go a long way in helping you arrange your financial plan. A financial advisor will bring the knowledge and expertise around pensions, ISAs, investments, cash flow modelling, retirement planning, estate planning, taxes, etc. They will also work with you to discover what is at the heart of your life’s ambitions. Though they will know the questions to ask, only you can provide the answers and communicate what your long-term aims are.

The relationship that you develop with a financial planner requires open and honest communication on more than facts and figures. Think of the different elements that make up your life; family, friends, community, travel, life experiences, health and wellbeing, career. All your financial moves should be in service of supporting your aims for each of these elements.

Yes, it can seem overwhelming, and it is easy to feel that there isn’t enough money to cover every aspect of your life. All you need to do is start. Start small and stay consistent and build it out as you go along.

How Financial Planning can lead to Wealth Management

If you don’t take the necessary steps to arranging your finances, it becomes more unlikely that you will ever need wealth management. A solid and measured financial plan, which aligns with your wants and acceptable risk level, can mean you continue to build a portfolio of assets and investments that grow over time.  

If you’re running a marathon you need to begin at the starting line. Think of the call to a financial advisor being like passing that starting line. You get moving, find your feet and begin setting a pace that takes you all the way to the finish. A financial plan is where you find your feet, the pace you set is your dedication to that plan and the finish line is having your assets managed so you can stop running and enjoy your success.

The anticipation of an event is often more stressful than the event itself. Many of our new clients express a great sense of relief once they have met with us, often questioning why they waited so long to arrange the meeting. It can be a very therapeutic experience to sit down with a financial expert and gain a better understanding of the way your financial life can support the rest of your life.

Though money is an inescapable element of life, it is not all that life is about. It is a small facet of a wider picture. A picture made up of family, friends, career, self, life experiences, health, growth, challenge and peace. The best thing you can do is feel secure in your financial decisions and stay focused on the whole image.

"It's good to have money and the things that money can buy, but it's good, too, to check up once in a while and make sure that you haven't lost the things that money can't buy."

George Horace Lorimer