3 financial planning myths busted this UK Financial Planning Week 2024

This January, the Chartered Institute for Securities & Investment (CISI) is launching its inaugural Financial Planning Week.

Running from 22 to 28 January, the week aims to bust myths around financial planning and encourage conversations about finances. In turn, it is hoped this helps consumers take control of their finances now while shaping long-term plans for their futures.

At Jane Smith Financial Planning, we combine our knowledge, skills, and behaviour to provide professional and expert financial advice.

Here’s a look at some of the most prevalent financial advice myths.

Myths persist but financial advice can give you confidence, a sense of control, and peace of mind

As a CISI Accredited firm, we’ve already demonstrated our commitment to the highest ethical and professional standards and represent the most trusted financial planning firms in the UK.

As well as aligning with the CISI’s Code of Conduct, Accreditation also confirms that we offer full and thorough financial planning services, communicate clearly with our clients, and are transparent in all of our dealings.

Despite this, myths persist. Speaking to FTAdviser, Chris Morris, head of financial planning policy and engagement at CISI confirmed the organisation’s commitment to being a “forward-thinking and modern professional body”.

He also acknowledged that “the cost of living crisis and economic/political uncertainty remain in people’s minds.” It is hoped that Financial Planning Week 2024 will go a long way to busting these myths.

Myth #1: It’s Not Worth the Money

At Jane Smith Financial Planning we are clear on our belief that financial advice adds genuine value, both financially and in terms of client wellbeing.

That’s not to say that we don’t understand the hesitance to spend money on financial advice. That’s why we’re transparent and upfront about our fees.

We want to build a long-term relationship with all our clients based on honesty and trust, and that begins with the fees we charge.

We understand the benefit of this kind of long-term advice and a recent Standard Life survey suggests that many UK consumers do too.

A study of 6,000 UK adults found that those who worked with a financial adviser expected to be able to fund their dream retirement lifestyle for six years longer than those who didn’t take advice.

Those who sought financial advice also expected to retire three years earlier on average than those who went it alone.

A Royal London report from 2020, meanwhile, quantified the value of advice. It studied 4,000 consumers over 10 years and found that those who received professional advice between 2001 and 2006 were £47,706 better off by 2014/16.

Myth #2: I’ll be bombarded with technical jargon

Changing tax legislation and pension rules can be complicated, but we’re here to educate and build your financial confidence, not to bamboozle you with jargon.

At Jane Smith, we believe that financial advice has the power to put you back in control of your financial future and provide peace of mind. It can only do this, though, if you understand the choices you are making and the recommendations we make.

You might have heard us talking about Consumer Duty, a set of FCA guidelines intended to protect consumers. The guidance came into force on 31 July 2023 and one of its main aims is to tackle misleading or complicated customer correspondence.

We always strive to ensure we provide information that is clear, concise, and easy to understand. This empowers you to feel engaged in your finances and confident about the decisions you make.

Myth #3 Financial plans are one-size-fits-all

At Jane Smith, we go to great lengths to understand our client’s wants, needs, and goals, building a clear picture of the person behind the plan.

This is crucial for putting the right strategy in place – one that is aligned to your dream future and risk profile, and that addresses the questions that matter most to you.

We’ll also be on hand at every stage of your financial journey. We understand that life events and milestones can alter your priorities and that the unexpected can strike at any time.

By building a strong relationship and working together, we can provide long-term peace of mind for you and your family without you having to give up control of your future. You’ll know that your wealth is in safe hands.

Get in touch

If you have any questions about your investments or how the future of the UK economy could affect your long-term goals, speak to us now. Please contact us on info@janesmithfinancial.com or call 01234 713131.

Please note

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. Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.

More stories

05 Jan 2024 News

How to organise your finances as a couple this Valentine’s Day

Read more

18 Dec 2023 News

Jane Smith Financial Planning’s “Year in Review” – Your latest team update

Read more