A Life Centred or Lifestyle Financial Planner is a new concept. Most people are familiar with people called 'Independent Financial Advisers, or IFA, for short'.
I would say most people have come across an IFA. Or for those that remember perhaps, "the man from the Pru." He was a tied life assurance salesperson. Many years ago now, many banks, building society's and larger companies such as the Prudential, Canada Life, Pearl Insurance to name but a few had what they called a tied life assurance salesperson that could only sell that company's product.
Very often, people think that a Life Centred or Lifestyle Financial Planner is the same as an IFA or even a tied salesperson, but this is where their approach to your finances is very different.
So what are the differences between these advisers?
An IFA is a salesperson who will sell you a financial product aimed only to earn a commission, being the only way most times they get paid. Therefore they are not looking at the client's overall life or financial position. The products they sell cover such areas as life Insurance, income protection, critical illness cover, pensions, savings and investments.
They will concentrate on selling one or two products dependent on the client's budget. The contact with a client is founded just on selling a product. The advice then focuses solely on the product they sold. The difference then, a Life Centred or Lifestyle Financial Planner will look at the client's overall life and their financial circumstances rather than being product-specific led.
What is a Lifestyle Financial Planner?
A Life Centred or Lifestyle Financial Planner will build a tailored financial road map using life centred financial planning tools and lifestyle financial services centred around groups of people such as families, the individual, parents and children.
They will always take into account areas such as types of life insurance, mortgage life insurance, emergency funds, credit scores and monthly payments. As well as paying inheritance tax, capital gains tax, credit card debts, short term income protection, lump sums, illness and injury problems, heart attacks, how would you return to work, how you save money, short term goals spread over 12 months and what pays out a lump sum.
Giving you the peace of mind that your financial concerns are being addressed, with the aim at creating a brighter financial future for you.
The starting point is to learn your current financial position in terms of salary, income, dividends, how you spend your money, all the types of investments, savings and pension plans you have. They will need to understand and meet your family members, how you earn money, how you want to flow your wealth to your family and various other parts of your life.
The life planner will then research, listen and listen again, all the time drilling down deeper into your life while grasping your specific financial goals, including short-term and long-term. They need to understand why "knowing your why" is so important. These things are just as important to you as it is for your life planner.
When the verdict is in, then the financial road map will be built. The route at this stage is still not set in stone. You and your planner will have the ability to make changes within it covering life's future surprises which is also true of life's many catastrophes. The tools used to develop the road map for your journey ahead will present a route which is expressed to you in considerable detail.
The next part on the journey is for your Lifestyle Financial planner to become your trusted planner. This is where you trust your planner working closely with them, guiding you through the maze of life, for countless years to come knowing that your financial health is being looked after, now and into the future.
Giving you the confidence, guidance and the use of financial products if they believe they are necessary to assist you on your journey. It goes without saying that when the need for financial support and education is required, they will always be there for you.
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At Mike Robertson Associates (MRA), our service is so different from the IFA because ours are so wide-ranging. We focus on the very heart of the things you desire most in life. We help individuals, businesses and families giving them the best of life we can with what they have.
Our secure service is always about you, never about the products. Our Planners look at how your money can be arranged so that it's serving you and your dreams in this lifetime and beyond.
For our services, we offer you a simple monthly retainer fee.
- No more hidden fees
- No commissions being taken from a product
- No implementation fees
Mike Robertson Associates Limited, registered in England, is an appointed representative of Lighthouse Advisory Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA). See here for full details.
Call us now on, 01424 777156 to book a 30-minute consultation giving you total peace of mind to discuss your financial concerns.