What does a financial planner do?

6 May 2021

A financial planner offering expert advice to a business owner.

If you’re considering a career in finance, you may have looked at a number of different roles. But have you thought about becoming a financial planner? In this blog, we look at the responsibilities that come with this role, how financial planners operate and how they can add value to a business.

Who is a financial planner?

A financial planner is a qualified professional that provides expert assistance to both individuals and businesses that need help with setting out and meeting financial targets. Targets, for example, may be decided with the intention of reducing spending, getting out of debt, saving money or budgeting for a specific goal such as applying for a mortgage or opening a savings account. People in this role may choose to offer advice on a selection of different areas involved with financial planning or specialise on a dedicated area such as investments or pensions.

What do financial planners do?

In simple terms, a financial planner offers support and advice to clients around their finances and financial decisions. However, as finance can extend to a number of different areas, financial planners may be required to advise clients in several ways. For instance, It is common for a financial planner to advise a business on how best to manage their finances in future months or evaluate and review an individual’s financial situation, offer effective options and set out a plan for how they can reach their goals. A financial planner may also offer support for matters such as education, investments, loans, mortgages, pensions, tax and wills.

How do financial planners work?

With a view to assisting the individual or business requesting help with financial planning, financial planning will typically be carried out as follows:

  1. It will start with the financial planner asking an extensive series of questions to understand the client’s circumstances.
  2. At this point, the financial planner can explain the range of financial services they provide and answer any questions the client may have.
  3. Between the information the client has given them and any supporting evidence of their financial situation they’ve provided, the financial planner will work with the client to formulate a financial plan.
  4. Using their knowledge, the financial planner can consider other areas that could be beneficial to the client. For example, if the client was interested in investments, the financial planner could explain the potential risks and benefits to investing and offer a selection of investment opportunities. Alternatively, they may help with other financial matters such as expenses, pensions or retirement.
  5. As the financial plan comes into action, the financial planner will monitor performance, check that it’s working correctly and, if needed, implement changes. The financial planner may also suggest making alterations to the plan if the client has a change in circumstances such as getting married or having children.

What does a financial planner do for a business?

Although setting out a financial plan will often unfold in a universal way, a financial planner will be able to offer a different set of benefits and services to a business. Not only that, but a business may decide to maintain an ongoing relationship with a financial planner as a way of ensuring a stable financial roadmap.

For example, a business may hire a financial planner to:

  • Allocate budget accordingly
  • Bridge the gap between directors and investors
  • Formulate a crisis management plan
  • Increase profitability
  • Organise relevant insurance plans
  • Manage cash flow
  • Monitor business finances
  • Reach specific goals
  • Reduce unnecessary costs
  • Remove risk attached to finances
  • Set up pension plans.

Additionally, a financial planner could work with a business to provide expert advice on daily processes and offer support on any future endeavours that require financial expertise.

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