7 signs your client may need financial planning

7 signs your client may need financial planning

Posted on March 22, 2021 at 10am

Many people know that speaking to a financial planner can be a life-changing decision and can bring a variety of financial and mental benefits.

Despite this, many people don’t always know when it’s the right time to seek financial advice. Here are seven occasions when your client will know the time is right to speak to a financial planner.

1. When they have a major life event

One of the best times for your clients to seek financial advice is when they reach a major life event. Whether they’re getting married, having a baby, or changing career, working with a financial planner can be invaluable.

A planner can help to give your clients peace of mind as they transition through major events in their lives. This can involve working with them to ensure their finances are in order, that their family are protected, or that they’re using their money in the most effective way to reach their goals.

A financial planner can also help your clients who have recently lost a loved one. This can be particularly true if they have inherited money or assets and aren’t sure what to do with them.

Even if your client just needs some help getting to grips with their affairs so they can move on, a financial planner can provide peace of mind and reassurance when they need it the most.

2. When they no longer have time to deal with their finances

If your client has a high-stress position, such as a senior role in a company or running their own business, the last thing they probably want to be doing when they get home is worrying about their pension or investment portfolio.

If they want to spend more of their time with their loved ones, or doing the things they enjoy, it makes sense to speak to a financial planner.

A planner can help ease the burden by doing some of the financial heavy lifting, giving your client more time to live their life.

3. When they need to be specific about their goals

If you have clients who want to retire by age 60, buy a second home, or send their children to private school, seeking professional advice can help them to determine whether these goals are possible.

Financial planners typically use cash flow modelling software to forecast a client’s wealth, considering realistic growth rates and factoring in taxes.

By having an accurate picture of their financial future, your clients can make decisions with confidence, secure in the knowledge that they can afford to make big financial decisions.

4. When there’s disruption to their long-term plans

When you’re young and have just begun to invest, you have plenty of time to recover from bad investment decisions and market instability. These same issues can be much more costly as you get older and are investing significantly larger sums of money.

If your client’s long-term goals are at risk of being affected by financial disruptions, such as market instability, they can benefit from seeking professional advice.

One of the best ways a planner can help is to enable your client to make informed decisions, allowing them to grow their wealth effectively and recover more quickly from financial shocks.

A planner can also help them to navigate complicated tax laws, such as Capital Gains Tax, which might eat into their wealth while they’re trying to recover.

5. When they’re worried about a spouse or partner

Even today, many people still have difficulty talking to their loved ones about money. This can sometimes lead to one person in a relationship making all the major financial decisions.

While this arrangement may work in the short term, in the long term it can cause problems. A survey reported in the Times found that almost a third of people said their partner doesn’t even know how much money they earned annually.

Furthermore, if your client typically deals with the money and was incapacitated by illness, their partner may quickly find themselves out of their depth.

This is where a financial planner can help, as they would be able to guide them through any difficult financial decisions, helping them to build their financial knowledge and confidence.

6. When it’s affecting their emotions

If you’ve ever lost sleep due to money worries, you’ll know that a person’s financial situation can have a significant impact on their mental health.

At a time when many people’s mental wellbeing has been affected by the pandemic, money worries are the last thing that your clients need. Working with a financial planner can give your clients more peace of mind, knowing that their wealth is in safe hands.

If you want to know more about how professional advice can support a person’s mental health, click here to read more.

7. When they’ve made a mistake

In 2020, the stock market tumbled as the pandemic hampered economic activity. This caused many people to panic and sell off large portions of their portfolio, fearing further disruption.

If you have clients who panicked in the 2020 stock market downturn, they may benefit from speaking to a financial planner who can give them confidence in their decisions and help them to ride out economic instability.

Get in touch

If you have clients who you feel could benefit from financial planning, get in touch. Email enquiries@prosserknowles.co.uk or request a call back from one of our advisers.


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