(Why) Don’t all Financial Planners do it this Way?

By: Frank Donlon
Financial Planning Client

Like many people I came to financial advice in mid-life, arguably far too late. In my case it was triggered by my move from secure employment status in a large multi-national to self-employment.

Being salaried and in a defined benefits pension scheme meant that I had the default assumption of the equation:

Occupational Pension + State Pension = OK

But crucially, at that time nobody asked me to define or quantify “OK” by asking the question “How much is enough?” My first financial adviser was fairly typical. I had to do something about my pension arrangements and he recommended that I move my existing pot to his tied insurance company. The rationale was predicated on the impressive investment returns, both historically and projected forwards. That was pretty much it. From time to time he sent me statements from the insurance company, which I studiously ignored, content that my pension was “safe”. After a few years, as the regulation of financial advisers began to bite, my man decided that he’d had enough and closed his business. Naturally I was annoyed but little did I know how fortuitous an opportunity it created.

I stumbled across the newly formed Fortitude Financial Planning not long after it had been established. I met Chris Bowmer and that was the start of a very different relationship with a financial adviser, or as I now know, to be pedantically precise, a Financial Planner.

Immediately I was struck by the amount of time and interest that Chris invested in unearthing the minutiae of my life and initially I was a little cynical. At this stage, investment financial returns were not even mentioned. He fed all my answers into a computer model and, for the first time I was engaged in a Financial Planning process and discussion.

Looking at a detailed income and expenditure plan through to the age of 99 is a sobering, yet comforting, experience.

I’ve now been with Fortitude for a long time. We now have an annual meeting to update and to assess progress by re-visiting the fundamental question of “How much is enough?” I had naively thought that this must be the modern way of doing things for all such financial advisers, oops sorry – planners. But last year, being part of the Fortitude Client Group I was shocked to discover that Fortitude are members of a rare breed of advisers and were defining “Financial Planning” as a unique selling point.

Rather dubious of their claim, I asked “USP? But surely – don’t all financial advisers do it this way?” Sadly not, and hence the title of this article, “(Why) don’t all financial advisers do it this way?”


Share this content