Matt Hodges, one of our Chartered Financial Planners, explains why there’s more to financial planning than just the financials.

As a Chartered Financial Adviser, you would expect my day to be filled with numbers and complex calculations.

To a degree, you are correct, however, there is a more important element of the financial planning process.

Without knowing your hopes, fears and dreams the numbers are largely irrelevant and have little meaning. I’ve heard this referred to as someone's ‘journey’ or more commonly in our industry their holistic financial plan.

To give you an insight, I know at the age of 33 what I roughly want retirement to look like: -

  • Enough guaranteed income to pay the bills
  • Two holidays a year (I love the sun!)
  • A season ticket for my favourite football team (or my local League Two club if I don’t stick to my plan well enough)
  • To be able to eat at fantastic restaurants a few times a month
  • A membership at the local golf club (I’m aware this is a cliché for an IFA)

You will notice there isn’t a number in sight on my list, it’s purely about my desired lifestyle and what I enjoy doing.

You know my rough retirement plans, now it’s my turn to ask you about your plans. Here a few questions to get you thinking: -

1.       What do you need to have a basic standard of living you are comfortable with?

2.       What do you want to do to enjoy yourself (very important!)?

3.       Do you plan to help out your family, i.e., a foot up on the housing ladder?

4.       What is left on your bucket list?

If you would like to talk about your aspirations and build a financial plan that is bespoke to you and your wants and needs then please get in touch.

This article was written by Matt Hodges, Chartered Financial Planner, Kellands Gloucester

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