Financial stability and mental health are closely intertwined. Working with a financial planner and having a well-crafted financial plan can provide peace of mind, reduce stress, and create a sense of security.

Research from Royal London backs this up. They surveyed more than 4,000 customers and found that talking to a financial planner could help you feel more confident and financially resilient[1].

The findings also showed:

• 34% of participants said: “having access to financial expertise makes me more confident in my financial plans”.
• 34% also confirmed that: “receiving professional financial advice helps me feel in control of my finances”.
• 32% of people said: “having contact with a financial adviser gives me peace of mind”.

To mark International Stress Awareness Week, discover four ways working with a financial planner could help give you peace of mind.

1.    Clarify your goals and aspirations

In your first meeting with a planner, you’ll chat about your future plans. The conversation will be relaxed, but your planner will ask questions to establish your financial concerns and priorities.

This initial conversation helps to build the foundations of your financial plan. Your long-term plan will evolve as life changes but is there to give you confidence and peace of mind for your future.

2.  Gain valuable tax-planning expertise

Over time, and with the help of compound growth, sensible tax planning could make a significant difference to your overall wealth.

Tax planning is also an important part of ensuring you pass money to your loved ones with confidence. Using trusts, wills, and gifting strategies can give you peace of mind and confidence that your wishes are met and your loved ones are protected.

Without a plan for passing your wealth to your loved ones, up to 40% of your savings could be lost to Inheritance Tax.

3.    Avoid making potentially poor decisions

Though it’s often overlooked, a financial planner can also educate and coach you. This support could help you avoid making poor financial decisions.

When it comes to finances, people tend to value the near term more than the long term. We buy high and sell low and we hold on to investments that have fallen in value, hoping that we can recoup our losses.

A financial planner can be your financial coach and help you avoid these types of mistakes.

Read more: What is emotional investing and 5 top tips to help you avoid it

Because your financial planner understands the financial markets and how fluctuations may or may not affect your investments over the long term, they can make sure you don’t react the wrong way and damage your wealth.

4.   Form a long-lasting relationship

Your relationship with your financial planner should be long-lasting. This allows your planner to establish a deep understanding of your needs and desires. They can act as your eyes and ears in the ever-changing world of tax.

If you don’t call your adviser for guidance, they’ll call you for an annual review. This regular catch up can help ensure your plan is on track to meet your goals and still reflects any changes that might have occurred since your last meeting.

Read more: 5 excellent reasons it’s important to review your financial plan

How it all adds up

As well as feeling more confident about your finances and gaining valuable peace of mind, expert financial planning can also deliver “game-changing” outcomes.

In fact, research from the International Longevity Centre (ILC) found that “customers who had sought financial advice were, on average, £47,000 better off than those who had taken care of things themselves[2].”

Considering this research was done over the course of a decade and spanned the 2008 financial crisis, this outcome is noteworthy.

Get in touch

If you need some guidance or reassurance about how to best look after your money and plan for the future, please get in touch.

Email [email protected] or call us on 0800 048 0150.

Please note

The information contained in this article is based on the opinion of Titan Wealth Planning and does not constitute financial advice or a recommendation for any investment or retirement strategy.

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 investments (and any income from them) 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.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.