5 times in your clients’ lives that working with a planner can add value

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The great philosopher Heraclitus once said that “the only constant in life is change”. That gem of wisdom is just as true today as it was 2,500 years ago. Of course, while taking a step into the unknown can make some people uneasy, it can also offer valuable opportunities.

Throughout your clients’ lives, there will be times when their circumstances change considerably, from buying their first home to starting a family. When they reach these milestones, it’s important that they have their finances in order, so things go as smoothly as possible.

If you have clients who are approaching major life events, working with a planner can help them to ensure that they don’t run into any unexpected issues. Read on for the five times when speaking to an expert can add value.

1. When they buy a house

Whether your clients are taking that all-important first step onto the property ladder or moving up a rung to somewhere with more space, buying a home is likely to be a major life milestone. This is where working with a planner can really benefit them.

Taking on a mortgage is likely to be a client’s biggest ever financial commitment, so it’s important for them to protect themselves.

For example, if they became too ill to work for an extended period, they might not be able to keep up with their monthly repayments. If this happened, your client could lose the home they worked so hard to save up for.

There are several different types of cover that your client may benefit from, such as income protection, critical illness cover, and life insurance. Each one has its benefits, so it can be important to work with a planner to find the protection that best suits their needs.

2. When they start a family

The decision to start a family and have children can be a hugely rewarding one and will undoubtedly be one of the most important milestones in your clients’ lives. This is another time when working with a planner can add value.

Seeking expert advice can be useful for finding protection that suits your client’s evolving needs as they start this new chapter of their life. For example, having life insurance can give them greater peace of mind to know that their family won’t struggle financially, even if the worst were to happen.

Furthermore, working with an expert can also help your client to save effectively for their children’s future. As we discussed in a previous article, they could even turn their children into ISA millionaires through careful saving and wise investments.

3. When they receive an inheritance

Another time when working with a financial planner can benefit your clients is when they inherit money after a loved one passes away. When this happens, it’s important to be able to make informed decisions if they want to use it in the most effective way possible.

According to figures published in FTAdviser, over the next few decades, millennials are set to inherit around £5.5 trillion, which is set to be the largest wealth transfer in UK history.

Despite this, many people don’t feel confident that they would know what to do with an inheritance if they received one. According to a survey published in the Independent, only around half of people said they would be able to manage an investment that a loved one had left to them.

Losing a family member can be an emotional and stressful event, and it can be easy for them to make snap decisions they later regret. So, working with a planner at this difficult moment in a client’s life can ensure the inheritance supports their short- and long-term goals.

4. When they start a business

Setting up a business can be a complex but rewarding task. That’s why, if your clients want to be able to overcome the teething problems that they might encounter, working with a planner can really benefit them.

Many businesses struggle in the first few years, as they build up their cash flow and manage diverse income streams. This is why receiving financial advice in this time can be essential.

Working with a planner can help your clients to make informed decisions, such as what type of protection they may need. For example, small businesses often rely on a handful of key personnel so having key person protection in place can give them much greater peace of mind.

5. If they get divorced

While nobody likes to think about the possibility, some relationships do end. If your client goes through a divorce, working with a professional can help them to manage their finances at this emotionally devastating time.

For example, a planner can help your client and their ex-partner to split their assets in a fair and equitable way. This can enable both parties to make a clean break and move on with their lives with some financial stability.

Furthermore, since many couples organise their finances together, your clients might need to reassess their long-term plans. Working with an expert here can give them much greater confidence that they’ll be able to enjoy the retirement they want, despite this setback.

Get in touch

If you have any clients who are approaching a major life milestone and may benefit from financial advice, please get in touch. Email enquiries@blackswanfp.co.uk or contact your adviser on 020 3828 8100.

Please note:

Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.

The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

We aim to keep our clients up to date on interesting and relevant financial news.

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