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June 17, 2024
PI Global Investments

Continuum offers free sessions to mark Financial Planning Week

Continuum is offering free meetings to anyone who would like to know if they could benefit from taking financial advice.

The firm is putting on the sessions to mark the start of Financial Planning Week, which runs from today (22 January) until 28 January.

Continuum said these sessions also aim to dispel some of the myths surrounding financial advice.

The company’s chartered financial planner, Richard Watkins, said the primary myth surrounding advice is how expensive it is.

However, Watkins explained that any “a discussion with a planner about value rather than cost should reveal the benefits of a well thought out plan.”

He said there are typically four main reasons why clients do not seek advice; inertia, fear, an inability to plan and self-limiting beliefs.

Inertia because, despite most people understanding their financial life needs to be improved, “everyday life gets in the way of their thoughts and actions”.

“They focus on the today and ignore the future,” said Watkins. “A planner can help evaluate what you want your future to be and guide you towards it”.

Fear also plays a part due to a lack of financial education, which Watkins described as “woefully inadequate” in the UK.

Talking about money is seen as a “social taboo”, he added, and is one of the reasons why the average personal pension is only worth £66,000.

In regards to the inability to plan, Watkins said: “A good planner will be able to map out a clear path to identifiable objectives or possibilities, enable a client to be in control of their finances, be able to cope with financial shocks, provide financial options that adapts to life’s challenges and provide clarity and security for the ones we leave behind.”

Finally, he said self-limiting beliefs “form the core of your money story and can dominate your life”.

“Self-limiting beliefs are many and complex but will include fear, loss aversion, overconfidence, a tendency to follow the herd because it’s easy to do so, inability to manage money well, and a focus on the immediate,” Watkins noted.

Watkins said: “Financial Planning Week allows planners to engage with potential clients to talk about the benefits of real financial planning.

“Clients can have a no-obligation discussion about what their best life might look like and explore the paths available to them.”

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