Why your financial adviser is like a personal trainer for your money

17/08/2021

You may have a strong handle on your personal finances, whether you’ve ever worked with a financial adviser or not.

But either way, no matter your financial situation, you could still almost certainly benefit from taking financial advice.

Think of the work you would do with a personal trainer if you wanted to take your fitness to the next level. You might already work out regularly, and eat a healthy, balanced diet that includes everything you need.

Even so, a personal trainer would be able to find the right strategies and solutions to help you better yourself even further.

That’s why it can be helpful to think of a financial adviser as a personal trainer for your money.

Personal trainers have specific knowledge of their field

You may have designed your own exercise plan that seems to work for you, involving a balanced amount of cardio, weight work, and nutrition.

But sometimes, your performance can reach a peak that you’re not sure how to top.

When you get to this stage, working with a personal trainer can revolutionise your workout plan. That’s because they have specific knowledge of everything you need to do to take those next steps.

In the same way, advisers know everything there is to know about the financial sector. They know about all the different financial products that would work for you, as well as rules around tax and allowances that ensure you’re making the most of your money.

A personal trainer helps you set your goals

Regular exercise is great for both your physical and mental health, which can be reason enough for you to workout.

But what if you have specific goals? What if you want to run your first marathon, or simply burn that extra bit of belly fat?

A personal trainer can help you define what your goals for your workouts actually are. This is a vital step in making sure your exercise plan is suitable for achieving your goals.

After all, there’s little point in putting all your energy into strengthening your biceps and triceps if you’re looking to take 30 seconds off your 10-kilometre run time.

A good financial planner should work in just the same way. They’ll start with your life goals, rather than with the pounds and pence.

They’ll ask what you want out of life. Do you want to retire early so you can spend more time with your grandchildren? Or do you want to build a property portfolio so you can pass on wealth to your children?

Even if you’re not quite sure what you want to achieve, speaking to a financial planner can help you to figure out what your goals are.

Personal trainers will design a personalised plan

Once your personal trainer has helped you work out your goals, they’ll then design your personalised training plan, complete with everything you need to do to hit your targets.

This is where that industry-specific knowledge really comes into play; they’ll be able to recommend workouts and schedules for exercise that will maximise your returns, some of which you may not have even considered.

A financial planner is just the same, creating a plan that meets your goals with a clear focus.

They’ll be able to find the right products and strategies that mean you make the most of your hard-earned wealth, no matter what your personal goals might be.

Whether it’s redesigning your investment portfolio or considering how to best draw your income in retirement, your planner will work with you to find the right choices that suit your needs.

Personal trainers review your progress and keep you on track

Perhaps most importantly of all, your personal trainer will review your progress and help to keep you on track.

If they notice you’re not quite seeing the right results from a particular regime or set of exercises, they can fine-tune and change your plan so that you continue on the path to meeting your goals.

They’ll also help to keep you motivated, offering advice and support that keeps you moving in the right direction.

A financial planner works in exactly the same way. They’ll actively keep an eye on your financial plan to make sure that it’s still suitable for your requirements.

They’ll also provide that same support to keep you motivated. They’ll meet with you regularly for an annual review of your progress to keep you updated on how you’re doing, and to offer any further guidance that you might need.

If it’s necessary, they may even meet with you multiple times a year to make sure you’re receiving the value and service you should be getting from your planner.

Want to give your finances a workout?

You may have to pay for the services of a personal trainer or a financial adviser. But if you really want to achieve your goals, there’s nothing more cost-effective or efficient than working with a professional.

If you’d like to find out how we can give your money a workout that takes it to the next level, please get in touch with us at Douglas White.

Email info@douglaswhiteltd.com or call 0151 345 6828 to find out more about how we could help you.

Please note

This article is for information only. Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.