Financial Advisers take on role of counsellor

The wealth advisory firm said financial advice has evolved from a transaction-led service to an ongoing coaching process that enables individuals to openly discuss their lifetime goals and worries.  

Recent research by Prudential revealed 4.2 million people never discuss finances with their partners. Only 16% of couples regularly talk about retirement income and pension planning.

David Howell, chief executive, said:

“Many people feel uncomfortable discussing their financial situation with their partners or family and this is why it is often helpful to turn to an unbiased, supportive and knowledgeable sounding board.

“Financial planning is not a one-size fits all; it is an ongoing process that must take into account changing circumstances and needs over time. Many people confuse it with a budget but it is much more a path towards fulfilling a client’s hopes.”

Guardian Wealth Management believes the key to successful financial advice is understanding a client’s life intentions and coaching them to be open and honest about their concerns.

Howell continues:

“Financial advisers must encourage clients to discuss their worries and explore their relationship with money.

“In order to plan for the future and achieve their goals, it is crucial that advisers know the bigger picture. We hope that by achieving peace of mind, it will help them open up about their savings and retirement plans to their partners and family.”