What does a Financial Planner do? Understanding personal biases.

If you ask ‘What does a Financial Planner do?’, 9 times out of 10 the answer will contain one of the words; ‘investment’, ‘tax’ or ‘product’. Technically this is correct, we have significant expertise in all 3 of these areas, but this is just the tip of the iceberg. Building upon this iceberg analogy, in this blog series, we look at what sits below the surface that really makes a difference to our clients. There are three distinct sections below the surface and the deeper the iceberg goes, the more in-depth we get. This is what helps make sure our advice is deeply personal and tailored to them.

In our third blog we look at the deepest point in our financial planning process which involves developing an understanding of a client's personal biases and the psychological factors that influence their relationship with money. We recognise that an individual’s attitudes toward finances are often shaped early in life by their experiences and environment, which can create enduring patterns of behaviour and thought. By exploring these formative influences, we identify any barriers or misconceptions that may affect their financial decision-making.

We work closely with clients to address these barriers, ensuring they are acknowledged and managed effectively. This understanding allows us to tailor our advice and strategies to fit their unique perspectives and needs. Our approach includes coaching clients through difficult investment cycles and helping them navigate market volatility and other financial challenges. By providing this support, we aim to prevent them from making impulsive or costly mistakes driven by fear, uncertainty, or misinformation.

In addition to financial guidance, we serve as a reliable sounding board during tough times, offering support not only in financial matters but also in personal challenges. Our role extends beyond traditional financial advising; we become trusted partners who clients can turn to for reassurance and advice when they face significant life events or transitions.

We also recognise that personal motivations and key drivers in a client’s future planning are not static; they evolve over time. Regular, informal catch-ups allow us to stay in tune with these changing attitudes and wishes. These ongoing conversations help us to continuously refine and update their financial plan, ensuring it remains aligned with their current goals and aspirations.

Through this dynamic and deeply personalised approach, we ensure that our clients' financial plans are not only robust and well-constructed but also flexible and responsive to their changing lives. Our ultimate goal is to provide a supportive framework that helps clients achieve their long-term aspirations while navigating the complexities of both their financial and personal lives with confidence and clarity.

By focusing on the areas of advice below the surface, we can ensure our client's plan is focused and robust, capturing all of what is important to them. Our advice will be technically sound, but it will also be uniquely personal to our clients, tailored to their deeper motivations leading to a successful outcome. The investment, tax and product knowledge are key, but they are also simply the structure which allows a client to focus their money on what makes them happy.