How a Financial Planner can benefit your future self

Back in August, Tommy Watson, one of our London based client managers, wrote a very thought-provoking client email about being prepared. The article was so good I wanted to share it.

One of the benefits of getting financial planning services is knowing you are as prepared as you can be for the future. Below is Tommy’s article – I hope you enjoy it as much as I did.

The great British summertime

We’ve all been there, that first free weekend with beautiful sunshine and clear blue skies, it would be rude not to get the barbecue out. I found myself in this position a few weeks ago and after a morning frantically preparing salads, marinating chicken and making homemade burgers (I do pride myself on a good barbecue), I turned to the final dreaded task… cleaning the grill after the last barbecue.

To my amazement, when I opened up the barbecue, the grill was spotless; what a feeling!! So, after the last barbecue, with a belly full of food (and maybe a few cold beverages), I had taken the time to clean the grill. Although I’m sure it seemed like a mammoth task at the time, my future self was certainly grateful for the time and effort my present self had taken. This got me thinking…

Barbecues and Financial Planning, are there more similarities than you think?

A key part of our role as Financial Planners is to help our clients take action today for the benefit of their future self. Life is busy and of course there are always things we would rather be doing or ways we would rather spend our time and money. What things have you been putting off that, just like cleaning the grill, will take a little time and effort now but could be of huge value to your future self?

It could be:

  • Making sure you are receiving ‘free money’ from your employer by reviewing that letter about your work place pension (I’m sure you’ll get to it at some point).
  • Protecting your family by taking the time to complete that onerous questionnaire or even attend a medical as part of the underwriting for a life insurance or income protection policy. This could be priceless for your family in the event of illness or death.
  • Understanding how much you need to be saving now for your future self to enjoy the things you have always dreamed of – the sooner you take control of this, the quicker it can become a reality!
  • Making sure your nominations for death in service or pension benefits are updated (I’ve lost count of the number of clients’ ex-partners I’ve seen still nominated).
  • Taking action to ensure your wills reflect your wishes and that you have lasting powers of attorney in place (this seems to be a particular one that we gently ‘nag’ clients on).
  • Investing in yourself, completing that qualification or course that could have great rewards in your career or personal life in the future.
  • Investing in your relationships, taking the time to catch up with that old friend or colleague rather than letting relationships fizzle out.

So if you or someone you know would like to make sure you are doing all you can for your future self, please do not hesitate to contact one of the advice team here at Paradigm Norton on 020 7269 7960. After all, money matters, but life matters more.

So, what prompts people to ‘clean the grill’?

Unfortunately, all too often it is a shock to the system that leads to people taking action; that or witnessing the life of a loved one being turned upside down, knowing that things could have been different if only ‘they’ had taken action a little earlier.

Get the marigolds on and take action!

It doesn’t have to be this way, what action can you take now that will be of benefit to your future self? Make a list (you might already have one) and set yourself some time to get this done!

Of course, there has to be a balance between living for today and building for your future. Our role as Financial Planners is to make sure you have that balance, understand the implications of your actions and you are doing all you can for your future self.

This article is distributed for educational purposes and should not be considered investment advice or a recommendation of any particular security, strategy, or investment product.