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Financial planners are turning into financial agony aunts
08.02.2013

Individuals reluctant to discuss their financial situation with partners.

Financial planners have taken on the unlikely role of counsellor as increasing numbers of people avoid talking to their partners and family about their financial situation, says Guardian Wealth Management.

The wealth advisory firm said financial advice has evolved from a transaction-led service to an ongoing coaching process that enables individuals to openly discuss their lifetime goals and worries.

Recent research by Prudential revealed 4.2 million people never discuss finances with their partners. Only 16% of couples regularly talk about retirement income and pension planning.

David Howell, Chief Executive, said: “Many people feel uncomfortable discussing their financial situation with their partners or family and this is why it is often helpful to turn to an unbiased, supportive and knowledgeable sounding board.”
 
“Financial planning is not a one-size fits all; it is an ongoing process that must take into account changing circumstances and needs over time. Many people confuse it with a budget but it is much more a path towards fulfilling a client’s hopes.”

Guardian Wealth Management believes the key to successful financial advice is about understanding a client’s life intentions and coaching them to be open and honest about their concerns.

“Financial planners must encourage clients to discuss their worries and explore their relationship with money.

“In order to plan for the future and achieve their goals, it is crucial that planners know the bigger picture. We hope that by achieving peace of mind, it will help clients open up about their savings and retirement plans to their partners and family.”

If you would like further information on personal or business financial advice, then please contact one of our professional financial planners.


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