Spot the difference: Financial Planner or Financial Adviser?

Did you know that Financial Planners are not the same as Financial Advisers? If you’re looking for professional help to get your finances in order, it’s a good idea to be clear about what you want from it.

Here’s the thing: Financial Planners perform a different role to Financial Advisers, but if you’re not aware of that, you might assume that an Adviser is giving you a financial plan.

However, while Advisers focus on finding a specific solution to help you reach a goal, Planners use an integrated approach, taking your goals, needs and objectives, as well as your current situation, into account to produce a plan that’s regularly reviewed. They are likely to offer independent advice on products too, but their primary focus will be on helping you create strategies to help you achieve your goals in life.

Depending on how thoroughly it’s approached, the financial plan can be a hefty document! It sits at the core of this process and will ideally include:

  • Your goals & timescales
  • Estimated costs of those goals
  • A detailed cash flow analysis
  • Recommended courses of action

It’s something you can refer to and use as a basis for your financial decisions, and should ideally be reviewed regularly to make sure it is still relevant and is helping you keep on track to achieving what you want from life.

How much do Financial Planners charge?

Like Financial Advisers, Planners charge in different ways, which include:

  • Hourly fee
  • Fixed fee
  • A review fee
  • A percentage based on the value of any portfolio you have
  • Some may charge a separate fee for the plan document itself

However they charge, they should make you aware of the costs before any work is undertaken.

Finding a Financial Planner

Any Financial Planner or Adviser should be registered with the Financial Conduct Authority (FCA). You can check whether they are authorised and registered here. There is a range of different qualifications for Planners – the Institute of Financial Planning has a guide to them here.

Find out more

The Institute of Financial Planning website tells you more about what Financial Planners do, including a look at how they are different to financial advisers.

This blog is intended to provide information, not financial advice, to help you make an informed decision about Financial Planners and Advisers. We do not offer financial advice. You should contact a Financial Planner or Adviser for this. You may have to pay a fee for their service.

Archery GB’s Big Weekend in association with Foresters Friendly Society

Archery GB’s Big Weekend welcomes all to give archery a go

Those looking for a new sporting challenge are invited to try out archery at their local club over the 29-31 May.  Visitors are invited to come along to see if they can hit the target and get a golden ten.

In its fourth year, Archery GB’s Big Weekend, in association with Foresters Friendly Society, enables the public to try a new sport. Hosted at over 60 clubs, attendees will have the opportunity to join thousands of archers across the UK at the biggest archery weekend of the year, where regular club members are looking forward to sharing their passion for archery with visitors.

Archery is an extremely inclusive sport and welcomes both young and old, men and women, and also many clubs provide facilities for disabled archers. Visitors to Archery GB’s Big Weekend not only have the chance to try out a new sport, they will also have the opportunity to get involved in their local community and meet new friends.

All equipment will be provided, so all participants need to do is bring themselves and plenty of enthusiasm*. Club members will be able to lend a hand and share stories about how they started in archery. Families are welcome to come along and enjoy a day out in the spring sunshine.

To find out more about the Big Weekend, please visit www.archerygb.org/bigweekend.

* Some clubs may charge a nominal fee for participation