Each year the financial planning community comes together for Financial Planning Week with the aim of encouraging everyone to understand their finances better.
Hosted by the Chartered Institute for Securities & Investment (CISI), it’s an opportunity for firms like us to explain what true financial planning is and how it can help people improve their financial wellbeing.
FINANCIAL PLANNING AT COOPER PARRY WEALTH
Here at Cooper Parry Wealth, our clients are well aware of the benefits of financial planning. This is because we take the time to understand them as people, first and foremost, and their wider context – their families, their work, their planned business sale or retirement etc. – and also their hopes, dreams & worries. We call this a client’s Bigger Picture.
Building on this, we create a financial plan – the strategy – to work out how our clients can achieve everything that is important to them. We start with their current investments, income & expenditure and also estimates of future cash inflows, perhaps from a sale of a business or other future financial event.
With this information we build a cashflow forecast to help clients see their future lives in financial terms. Will they have just enough, not enough or perhaps too much? This process is incredibly empowering for our clients.
The meeting when clients first see how their finances pan out for the rest of their lives is always exciting for us and the client. For them to know they are set for life, and can make the gifts they wish to family members, if they sell their business or stop work at, say, age 58 is a profound, and sometimes life-changing, moment.
Next it’s about bringing the financial plan to life. This is the below the bonnet technical stuff. A financial plan needs to address four key areas:
- What are the risks in the plan and how can these be mitigated?
- Investment returns will be needed, so what does ‘a good portfolio’ really look like, what is the right approach for the client?
- Tax compliance and tax efficiency are always needed
- Legacy planning – ultimately what does the client want to leave behind and how do we make sure those wishes and assets are protected and honoured.
At Cooper Parry Wealth we’re able to advise on each of these areas and provide our clients with a truly integrated and comprehensive financial planning service. Read more about our approach: HERE
THE NEXT GENERATION OF FINANCIAL PLANNERS
Cooper Parry Wealth is committed to nurturing and encouraging the next generation of financial planners, so we can bring this amazing financial insight to more people.
The days of a sharp suited financial advisers with a slick sales patter and commission incentives are long gone. Today’s young financial planners are highly qualified and motivated to provide advice that works in clients’ best interests.
Here’s the story of one of our young paraplanners, Angus, who is on the road to becoming a financial planner.
We also think it’s important to support young people even earlier in their career and have linked up with Coventry University. We are proud to offer their students, studying for a financial planning degree, the opportunity to spend time with the team at Cooper Parry Wealth to see financial planning in action. Members of staff also mentor individual students.
We hope these students like what they see, and may one day join us, but even if not, they will go into the job market with a better understanding of what is actually involved in being a financial planner.
JOIN US FOR FINANCIAL PLANNING WEEK
Please follow us on LinkedIn at Cooper Parry Wealth for all our posts around Financial Planning Week.
We hope that our insights, together with the efforts of other financial planning firms and the CISI, prompt more people to think about their financial wellbeing and the benefits of financial planning.
If you are interested seeing Your Bigger Picture, please do get in touch via theteam@cooperparry.com. Or, if you are already a client, and the above has prompted a query about your existing plan, please contact your Relationship Manager.
