🔎 Rethinking Financial Advice: A Question for My Colleagues
As I reshare this insightful post, I invite my fellow financial planners and advisers to ponder a critical question: Are we truly free from unconscious bias when advising clients, especially millennials, on increasing their pension contributions?
The financial landscape is evolving, and with it, our roles as advisers. Many clients face significant Inheritance Tax (IHT) bills and untouched inherited Self-Invested Personal Pensions (SIPP) assets. This reality begs the question: Are our recommendations genuinely serving the long-term financial well-being of our clients?
It's worth considering whether the sacrifices we advise our clients to make, particularly in terms of pension contributions, align with their actual life goals. Are we inadvertently prioritising financial accumulation over the more holistic aspects of wealth, like passing on wisdom and life experiences to the next generation?
I encourage a moment of reflection: Does it truly serve our clients if they find themselves 'long past the winning post' in terms of money, having spent more time working than enjoying the fruits of their labour or imparting valuable life lessons to their heirs?
This is not just about financial planning; it's about life planning. Let's engage in this important conversation and explore how we can better align our advice with the genuine needs and aspirations of our clients.
#FinancialPlanning #UnconsciousBias #LifePlanning #FinancialAdvisers #PensionPlanning
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