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Financial Planner vs Financial Adviser

By James Potter

  • Financial Planning

In the world of financial services, there is often confusion surrounding the roles of Financial Planners and Financial Advisers. At LIFT-Financial, we believe it’s essential to clarify the difference between the two, as they play differing roles in helping individuals and families achieve their financial goals.

Financial Adviser:

A Financial Adviser is primarily focused on managing investments and providing transactional or product-led advice. Their advice lies in attempting to seek optimal investment returns and addressing specific financial needs; such as but not limited to, investing your money.

While their advice can work for short-term goals, the relationship may become less involved once the immediate needs are met. It can be that most of your meetings are spent discussing investment returns or financial products rather than the best strategy for you, and ensuring you have the lifestyle you have worked hard for.

Financial Planner:

On the other hand, a Financial Planner takes a broader and more holistic approach. At LIFT-Financial, we are proud to be Chartered Financial Planners, specialising in holistic lifelong financial planning and investment management. Our focus is not only on short-term objectives but also on understanding your long-term goals and aspirations. We involve wider family members in the planning process and prioritise gaining a comprehensive understanding of what you aim to achieve and how you envision your financial future.

With a Financial Planner, you can expect a bespoke financial roadmap designed specifically for your family’s needs. We first build the life you want using financial modelling, to ensure that your financial goals can be met with confidence. Our goal is to establish a long-term relationship where we keep the plan under review and adjust the strategic plan at least once a year to ensure it remains aligned with your evolving needs and circumstances. The modelling can show us how you should be investing, and how your income will be sustainable in retirement and allow us to model for any inheritance tax that may be due and allow us to plan accordingly.

One of the key differentiators of a Financial Planner is their commitment to adopting a collaborative approach. At LIFT-Financial, we work closely with other professionals, including Tax Advisers and Solicitors, to ensure a coordinated and comprehensive strategy that considers all aspects of your financial well-being.

While financial products and investments are essential tools in our planning process, they are not the sole focus. As your dedicated Financial Planner, we place you in control of your finances, providing clarity and confidence in your financial journey. Our overarching strategy includes helping you manage your money held in ISAs or pensions, and these are merely means to facilitate the attainment of your financial objectives.

We are proud of our long-lasting relationships with our clients. Some have been with us for over decades, a testament to the value of our true lifelong, holistic advice. Our dedication to providing personalised and comprehensive financial planning sets us apart as Financial Planners.