Retirement - do I need an IFA?

jem16

feesarefare wrote: »

Yes you would be told your goal was unrealistic in that form . We could then look at if there we other ways of achieving that goal.

Such as?

So if someone is going to able to achieve their aims with say 3% growth we look to reduce the risk where possible- they can then enjoy themselves without stressing over the stockmarket .

What if I'm not actually sure what my aims are?

feesarefare

[/QUOTE]Such as?

Looking at ways of reducing outgoings through being more financially organised. Dropping some objectives that were unrealistic and focusing on what's most important. Looking at increasing inflows etc etc
most people don't need to make your 40 per cent. Rather than telling people it can't happen it's we like to say " what do we need to do to to make it happen"]

What if I'm not actually sure what my aims are?[/QUOTE] there will bs people that are unfortunate that they can't work out what their aims are. That's where hopefully where real value can be added in asking the right questions that will help those that can't work it out for themselves see the light.

jem16

feesarefare wrote: »

most people don't need to make your 40 per cent.

40 percent was a bit of an overkill to be honest. What I really meant was what would happen if I needed to achieve a return that was higher than my attitude to risk would accept. It wouldn't really matter if it was 10% or 40% if I couldn't sleep at night because of the natural rise and falls of the stockmarket.

there will bs people that are unfortunate that they can't work out what their aims are. That's where hopefully where real value can be added in asking the right questions that will help those that can't work it out for themselves see the light.

I'm not sure it's a case of being unfortunate not to be able to work out your aims. I feel it's more a case of not having the experience to do so as you have never been in that situation. It's very difficult at age 25 to work out what you will need at age 66.

Of course then there are those who do think they know what they want, achieve it and then say - "wish I'd asked for more."

Thank you for answering my questions - I'm not sure I fully understand it all as yet but it has helped.

feesarefare

[QUOTE=jem16;

37923346I'm not sure it's a case of being unfortunate not to be able to work out your aims. I feel it's more a case of not having the experience to do so as you have never been in that situation

Yes its not always that easy.

Sometimes a simple approach is using just 3 questions.

If you had an unlimited supply of money what would you do?
If you then found out you had a year to live which of those would you prioritise?
If you then found out you had a week to live which of those things would you then regret never having done?

This is going down the George Kinder route which some advisers are adopting but I think it goes a bit far - you can dig a bit deeper with your clients without making them cry

It's very difficult at age 25 to work out what you will need at age 66.

Agreed thats why cashflow planning isnt for everyone however as with Maslow's Heirachy Theory the lifetime cashflows can be used at different times for protection, then saving, investing and tax planning

Of course then there are those who do think they know what they want, achieve it and then say - "wish I'd asked for more."

Thats one of the main topics at every review - do you need more

Thank you for answering my questions - I'm not sure I fully understand it all as yet but it has helped

No problem quite enjoy being helpful for a change

feesarefare

jem16 wrote: »

40 percent was a bit of an overkill to be honest. What I really meant was what would happen if I needed to achieve a return that was higher than my attitude to risk would accept. It wouldn't really matter if it was 10% or 40% if I couldn't sleep at night because of the natural rise and falls of the stockmarket.



I'm not sure it's a case of being unfortunate not to be able to work out your aims. I feel it's more a case of not having the experience to do so as you have never been in that situation. It's very difficult at age 25 to work out what you will need at age 66.

Of course then there are those who do think they know what they want, achieve it and then say - "wish I'd asked for more."

Thank you for answering my questions - I'm not sure I fully understand it all as yet but it has helped.

Hopefully you may find this helpful/interesting?

http://www.financialplanningweek.org.uk/financial-planning/Financial-Planning-Software.cfm

jem16

feesarefare wrote: »

Hopefully you may find this helpful/interesting?

http://www.financialplanningweek.org.uk/financial-planning/Financial-Planning-Software.cfm

I shall have a look thanks.