I was recently asked what the difference is between an IFA (Independent Financial Adviser) and a Financial Planner (who is also independent). The truth is that those now operating as financial planners used to regard themselves as IFAs, however as our profession has moved on and technology has greatly improved, a financial planner is someone that first of all creates a long-term cash-flow plan. This is something that a number of us have been doing for some time, but only in the last few years has there been any half-decent software that enables this process to be presented.

As a result, a financial planner is finding out what your goals and aspirations are, what lifestyle you want. It is not about the money, but about the lifestyle. The financial products are very much a secondary part of the relationship – but still important and most financial planners will continue to implement and manage the financial products, but this is a result of the plan, not an objective at the outset.

I’m conscious that I have not described this as clearly as I might, that’s probably due to the fact that as a financial planner, I continue to wear my IFA hat to arrange products to take advantage of the tax system and so on, but primarily creating the financial plan is where my focus is initially. All elements of the piece come together and need reviewing, but it is the financial plan upon which everything else hangs. Those of us that now regard ourselves as financial planners, work to a six step plan, a financial planning world standard ISO22222.

1. Establish your short, medium and long term goals in life

2. Gather your financial data

3. Analyse and evaluate your financial status

4. Develop your plan

5. Implement your plan

6. Monitor your plan and make adjustments where necessary to keep on track

This is something that we have been doing at Solomons, but we are constantly developing and improving the “what” and “how”, but our “why” has never altered. I believe that having control of your finances enables you to enjoy a genuine sense of freedom and peace of mind. The additional benefits are numerous, from having more time to do what matters most to simply enjoying the time you have with those you care about.   

We are a boutique firm of financial planners. We create financial plans designed to achieve a desired lifestyle. We will craft and implement your plan that will provide you with the greatest chance of accomplishing your unique goals based upon the values that you hold. Financial products are little more than the tools to achieve your required results
Call us today or visit our website for more information and to arrange a meeting