Change is inevitable, for many it can be unsettling. I am fortunate in that the clients and friends I look after have remained happy to stay with me on their financial journeys. Sometimes that journey can be more expensive than looking after your own affairs but at the end of the day it ensures your wishes are carried out to the best of your intentions.

It makes one appreciate that a client’s commitment to their adviser for the duration of their financial arrangements is fundamental to developing a strong relationship and achieving successful outcomes. It’s what an adviser can help them with that matters, and supporting those requirements over the long-term creates a unique bond. Matching the actual advice and arrangements to a client’s needs should be the highest priority for any adviser.

So what can an Adviser provide:
• Helps maintain perspective (and calm or change) during stock market turbulence.
• Able to explain and problem solve when something goes wrong.
• They provide more accurate news and updates from the real experts, steering clear of the media hype and scaremongering that is everywhere.
• Recommend tax efficient arrangements geared to your lifetime and also very importantly, after it, for your family.
• Have access to investment fund experts who often fare better than self-selected choices.
• Keep you on track as your circumstances change. Nothing ever stays the same, part of life’s rich pattern, so having a hand to hold you through that change can be comforting and supportive.
• Liaise with your tax or legal advisers to ensure your overall interests are protected.

As I reach a period in my work that extends to several decades sadly that involves clients leaving this world for the other and that alone can create enormous problems. If the next of kin are not aware of what to do, of what is required from them or where to seek advice it becomes overwhelming.

When you have friends and clients who have connected with you for many years it is often the financial adviser who can assist in this “miserable” but essential exercise. Most often once affairs are put into order during your lifetime, for those left behind, it provides a huge sense of relief.

Even in my own planning I have to consider working with other Advisers so that the increasing number of clients we look after will be managed effectively for the longer term, in case I disappear on my journey one day.

Most people will benefit from the knowledge and experience of a professional financial adviser, especially if they have a variety of assets. When deciding between working with a financial adviser or doing it yourself, you just need to weigh the benefits against what you could be missing out on.

A big thank you to all our partners and to those that attended the recent open forum in the Hotel Linder Gold, Bendinat, Mallorca.

The Spectrum Group – Susan Worthington, Jonathan Goodman and Patricia Nadal

Prudential International – Edny van den Broek

Currencies Direct – Aldine Tomlinson, Alfonso Rey & Charlotte Park

Our open forum was the perfect format, that produced plenty of attendee interaction which lots of interesting and thought provoking questions from the audience.

We look forward to our next open forum during the coming months focusing on the financial life of an expat living in Spain.

If you would like to be notified about our next event, please contact me at susan.worthington@spectrum-ifa.com

Just recently I returned “home” to continue my work under the wing of The Spectrum IFA Group. Two years ago I moved away thinking I could expand the range of services to offer my clients, but sometimes the grass isn’t greener. However, leaving one base for another also creates time for reflection and, sometimes, realisation that where you were was rather good.

Change is always happening around us, but for some it can be unsettling. I am fortunate in that all my clients and contacts have been happy to stay with me on my journey.

It made me appreciate that a client’s commitment to one adviser for the duration of their financial arrangements is fundamental to developing a strong relationship and achieving successful outcomes. It’s what an adviser can help them with that matters, and supporting those requirements over the long-term creates a unique bond. Matching the actual advice and arrangements to a client’s needs should be the highest priority for any adviser.

So what can an adviser provide:
• Helps maintain perspective (and calm) during stock market turbulence. This is particularly relevant at the time of writing!
• Able to explain and problem solve when something goes wrong.
• They provide more accurate news and updates from the real experts, steering clear of the media hype and scaremongering that is everywhere.
• Recommend tax efficient arrangements geared to your lifetime and also very importantly, after it, for your family.
• Have access to investment fund experts who often fare better than self-selected choices.
• Keep you on track as your circumstances change. Nothing ever stays the same, part of life’s rich pattern, so having a hand to hold you through that change can be comforting and supportive.
• Liaise with your tax or legal advisers to ensure your overall interests are protected.
Not everyone chooses to work with a financial adviser. Some people can’t find one they can work with or trust or just simply prefer to manage their own affairs. Many don’t do anything at all.

It made me check some UK statistics. Did you know that:
• 39% of adults (20.3 million) don’t feel confident managing their own money.
• 11.5 million have less than £100 in savings.
• nearly nine million people are in serious debt, and only around a third receive help.
• Brits who took professional financial advice between 2001 and 2006 enjoyed an average increase in their assets of nearly £48,000 after 10 years, compared to those who took no advice.
• Most millionaires likely use some type of financial adviser to grow and protect their wealth.

According to a recent report from Prudential, more than half – 53% – of UK adults say that financial problems and changed circumstances over the last 12 months have caused them to seek financial advice. Of this figure, 33% have already sought financial advice, whilst the remaining 20% are planning to do so.

Most people will benefit from the knowledge and experience of a professional financial adviser, especially if they have a variety of assets. When deciding between working with a financial adviser or doing it yourself, you just need to weigh the benefits against what you could be missing out on. Just a thought…….!