Long before I started my own financial planning business, I was a client. We are talking roughly 1999.

Through somewhat gritted teeth, I made my way to the appointment in Centre Point Tower on Tottenham Court Road. A bit like a training session at work, I went in reluctant and came out galvanised and enthusiastic. There began a 20-year period as client of an IFA and then, after moving from London to Cardiff, a St. James’s Partner, before starting my own business. It is fair to say I have good memories of both, but why? Especially given my initial reluctance.

• It made me grow up and, to use a phrase from one of my clients, “do some adulting”
• I started to live the ideas I had heard or read, such as “putting 10% of your salary aside (at least) or “pay yourself first”
• I diversified ~ cash, pensions, ISAs, medium term savings plan.
• My biggest asset was my biggest liability ~ my house. So, I protected it with insurance. This was an expense, but it felt sensible and, looking back with hindsight from 2023, it most certainly was.

I would not have done any of this without learning more about my own income and expenditure, the options available to me and openly talking about my lifestyle and broad plans for the future with first Stephen and then Dilwen. I am grateful to them both.

The most important thing this gave me though was plan. A blueprint for the future. This has been extremely useful over the years because THINGS CHANGE. Marriage, children, moving house, changing jobs, losing jobs, tax, costs etc etc.

Having a broad plan for where you want to get allows you to deal with these financial waves positively and proactively. I put those two financial advisors in the same category as my accountant, my builder, my physio, my plumber, my solicitor. I was happy to pay them for their expertise, for their thought leadership, for their investment platform and their time. Despite my best intentions at being the next Warren Buffet, at that stage of my life I had neither the time nor real knowledge to put a sensible financial plan in place and make educated investment choices.

My experience of working with professional advisors has been positive, even through the investment turbulence (from afar) of Gulf Wars, Pandemics and Financial crises. However, being a client of a financial adviser can vary greatly based on your specific needs and the adviser’s approach. Generally, this is what you should expect:

1. Initial Consultation: to meet with the adviser to discuss your financial goals, risk tolerance, and current financial situation.
2. Financial Analysis: The adviser will assess your assets, liabilities, income, and expenses to create a financial profile.
3. Investment Planning: They will create an investment strategy tailored to your goals, which may include cash, stocks, bonds, and other investments.
4. Ongoing Monitoring: Your adviser will regularly review and adjust your portfolio to keep it aligned with your goals and changes in legislation.
5. Financial Advice: They will provide guidance on topics like retirement planning, tax optimisation, and estate planning.
6. Regular Updates: You will receive periodic statements and updates on your investments.
7. Costs: You’ll pay fees for their services, which can be a percentage of funds under management or invested or fee-only.

Your experience can be positive if you find a regulated, trustworthy, knowledgeable adviser who prioritizes your financial well-being. It is important to ask questions, understand fees, and ensure they act in your best interest.

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