Selecting your team for your financial planning ‘World Cup’

At the time of writing this blog there is much excitement in some quarters of the community about the beginning of The Rugby World Cup, which starts this morning. For those of you that are not well versed or interested in Rugby, the hosts and favourites, New Zealand are set to face Tonga in the opening match and I am sure that a few (probably mainly male) enthusiasts will sneak away from their work desks, computers or other pastimes to watch the first game and the opening ceremony. Because of the time differences between our two nations, many games will be viewed over breakfast and much anticipation will be quenched by the starting whistle of the competition.

Although only a limited sports fan, I am aware that, like most World Cups teams, irrespective of their sporting denomination, much preparation and hard work has been spent to make sure that the best has been extracted and selected from each element of the team, its management, facilities and players to ensure that only the best is fielded for the big tournament.

The competition itself will, in its process, select the best team of the tournament, presenting it with the coveted World Cup and runners up medals to the other finalist team. This ’selection’ process will be decided through the various rounds of the games and I am sure will show who has put the work, preparation and training in to be the best. This is the same in all walks of life and is the same in the profession of financial planning.

The UK consumer has many choices when selecting their financial planning provider. Starting with the basics, a financial adviser can be tied to one provider or independent. If an independent adviser (IFA) is preferred, possibly because of the potential that additional choice could bring, they can then select to work on a fee or commission basis, or a combination of these options. To some, experience and knowledge count for many selections made, along with personality of course. As another example, over the next 18 months, the level of qualification that an adviser has will become very important. This is because of various proposed Financial Services Authority (FSA) rule changes. The qualifications bar is being raised (significantly for some) and this may see a few providers either changing their status to reduce the service they offer or possibly leaving the industry all together. A little bit like losing a round in the World Cup and not making it through to, as an example, the quarter finals.

Much of a financial advisers business offering to you, the buying public, relies on hard work, preparation and selecting the best from their facilities to make sure that you get the best from your financial planning in the ‘tournament’ that is your finances. Make sure that you select well for your financial planning and I hope that your team wins.

Churchouse Financial Planning Limited is a Chartered Financial Planning company and Independent Financial Adviser with over a quarter of a century of experience in UK retail financial services. For information, much of this journey is detailed further in Keith Churchouse’s book, Sign here, here and here! Journey of a financial adviser, available through Amazon here.

The way you chose your financial planning service will vary and no individual advice has been provided in the text of this blog.

Keith G Churchouse BA Hons, FPFS
Chartered Financial Planner
ISO 22222 Certified Financial Planner
Director, Churchouse Financial Planning Limited, Guildford, Surrey.

Churchouse Financial Planning Limited is authorised and regulated by the Financial Services Authority.

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