Get free updates - subscribe to our monthly newsletter Subscribe
Being a regular viewer of the TV programme Grand Designs, this often brings to mind how many similar parallels there are when it comes to investment.
If you haven’t seen the programme before, it takes you through the highs and lows of a family intent on creating their dream home. Quite often you see the subjects taking on the roles of project manager, architect and interior design guru and when money becomes really tight, the painter and decorator too. By performing these important tasks themselves, the people involved believe that they will save a substantial amount of money, but in reality things don’t run as planned and when problems crop up the project invariably ends up running well over budget. Working to a strict budget without expertise and within a pre-determined timescale frequently proves to be much more difficult than is first thought.
So how does this compare to investing money?
Unless you have experience of building a house and all of the component skills this involves, it makes sense to consult with the experts and seek their professional advice. The same principles apply to investments, or indeed, any other form of financial planning.
Understanding investments needn’t be overly complicated, but it does require careful consideration of what is to be achieved and by when, and using expertise can really help.
A good adviser listens to their clients and clearly identifies, amongst other things, their goals, objectives, risk profile, timescale and investment experience. Where appropriate, they will challenge the clients’ thought processes to get a clear understanding of what is required. Only then will they have a ‘brief’ against which to work. It is the role of the adviser to listen, educate and inform their client and then review the work to be undertaken.
Here are some key points most investors should consider:
The common theme here is that all plans should be built around realistic timescales, within budget and with the help of skilled and experienced professionals, so this way you have a better chance of achieving your desired outcome.
Matt Slessor, Financial Planning Consultant, Carlisle
If you like this article and would like our FREE updates sent straight to your inbox then subscribe to our monthly newsletterSubscribe
All content © 2015 Armstrong Watson. All Rights Reserved. Website by Simon Pighills.
Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is 15 Victoria Place, Carlisle, CA1 1EW where a list of members is kept. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. Unless otherwise indicated, either expressly or by the context, we use the word “partner” to describe a member of Armstrong Watson LLP or an employee of Armstrong Watson LLP in their capacity as such.
Armstrong Watson Audit Limited is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Registered as a limited company in England and Wales, number 8800970. The registered office is 15 Victoria Place, Carlisle, CA1 1EW.
Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales, number 7208672. The registered office is 15 Victoria Place, Carlisle, CA1 1EW. Armstrong Watson Financial Planning & Wealth Management is a trading style of Armstrong Watson Financial Planning Limited.
Armstrong Watson Trustees Limited is a limited company registered in England and Wales, number 84495656. The registered office is 15 Victoria Place, Carlisle, CA1 1EW.