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Time for Reflection

07/07/2020

Written by Stuart Beaver, Senior Wealth Planner

My LinkedIn feed is full of people reviewing working patterns. As we all go about our busy lives it is easy to just keep ploughing on. We assume that we are doing the right thing for our goals because this is what we decided when we last looked at them. Times like now when we are forced to make changes help us stop, pause and take time to review.

Yet at all stages in our lives we think about what we are doing and why? What things are important to us and how can we achieve those things sooner? Can we start to do them now?

Many of us don’t make the time to review our finances. Choosing to ignore them won’t make it better. It also won’t make you realise you need to change your actions, when you need to, in order to achieve your goals. As wealth planners our job is to help clients focus on goals, to review how plans are working and to focus on achieving their objectives. Sometimes small wins can make a big difference in the long run. While the need for advice may not always be apparent, clients look for advice around certain life changing events. These events may be tough when being made redundant with questions like how will we cope? Where do we take the money we need from? How long before we run out? While other events may be more exciting such as the birth of a child,  the same questions can come up.

As wealth planners we help clients focus on goals and to prioritise objectives. We then find solutions that are designed to meet those goals. We will also highlight and question why other areas, of a client’s financial plan, are not important to them. This is to help us provide better wealth planning advice and ensure that plans are robust should something unexpected happen.

These goals can be as simple as I want to retire as soon as possible? A recent conversation with a couple who quite simply, after 35 years, have had enough of work. Their children are now leaving home and they wanted to know how long they had to keep working. They know when the pensions they have will start to pay them an income. The assumption has always been that this was when they would retire. They wanted to know if they might be able to retire sooner. After our meeting and conversation, we put in place a plan so they could retire at the end of the year. The plan included what they needed to do and what could realistically be changed to make the dream a reality.

Wealth Planning helps to ensure that we remain focused on the objectives during times like we are all going through now. It helps us recall why we are investing, what we are trying to do and when we are going to need the money. Robust plans that help us through the tough times ensure that we are more likely to enjoy the good times.

At Kleinwort Hambros the wealth planning team help clients from a wide range of backgrounds and sectors. We try to better understand what clients already have in place, how they can better utilise those existing assets and to help them to plan to achieve the goals they have. A goal with no plan is just a wish.

 

CA166/JULY/2020

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