Martin de Kock Part 3 Why pay for professional advice 23Apr2024

Part 3: Why pay for professional advice?

Personalised financial planning by financial advisors is essential for creating tailored financial solutions that address individual goals, maximise opportunities, and adapt to changing circumstances.


By Martin de Kock CA(SA) CFP®
Director of Ascor® Independent Wealth Managers


Personalised financial planning is a cornerstone of effective wealth management, and financial advisors play a crucial role in creating tailored plans that address the unique needs and goals of their clients.

In the first article published on this topic, the following five essential reasons for paying for advice were identified:

  • Professional expertise;

  • Personalised financial planning;

  • Risk management;

  • Long-term financial goals; and

  • Emotional support and discipline.

Here are the key aspects highlighting the importance of personalised financial planning:

Understanding individual goals and circumstances

Financial advisors begin by gaining a comprehensive understanding of their clients’ financial goals, risk tolerance, time horizon, and current financial circumstances. This in-depth assessment allows advisors to craft personalised financial plans that are specifically tailored to each client’s individual needs and aspirations.

Customised investment strategies

By considering a client’s risk tolerance, investment timeline, and financial objectives, financial advisors develop customised investment strategies that align with the client’s goals. These tailored strategies optimise investment returns while managing risks effectively, ensuring that the investment approach is in sync with the client’s preferences and circumstances. There may be times when investors need to take on more risk than they are comfortable with – this would typically be to achieve a preferred level of income. It is easier to make this call once an advisor has explained the pitfalls of investing too conservatively.

Adapting to life changes and market conditions

Personalised financial plans are designed to be flexible and adaptable to changing life circumstances and market conditions. Good financial advisors annually review and adjust the financial plan as needed, incorporating changes such as career transitions, family milestones, or shifts in market trends. This ongoing monitoring and adjustment ensures that the financial plan remains relevant and supportive of the client’s evolving goals.

Maximising tax efficiency

One significant advantage of personalised financial planning is the focus on maximising tax efficiency. Financial advisors incorporate tax planning strategies into the overall financial plan, helping clients minimise tax liabilities, utilise tax-efficient investment vehicles, and optimise tax-saving opportunities. By proactively addressing tax considerations, advisors can enhance the overall financial outcomes for their clients. Every rand of tax saved is a rand that remains in your investments, which can grow for future use.

Long-term financial security and success

The ultimate goal of personalised financial planning is to secure long-term financial well-being and success for clients. Through a holistic approach that takes into account all aspects of their financial lives, financial advisors guide clients towards achieving their long-term objectives, whether it’s retirement planning, wealth preservation, or legacy building. Personalised financial plans provide a roadmap for financial security and empower clients to navigate their financial journey with confidence. You deserve the most optimal retirement possible!

In conclusion, personalised financial planning by financial advisors is essential for creating tailored financial solutions that address individual goals, maximise opportunities, and adapt to changing circumstances. By prioritising personalisation in financial planning, clients can benefit from strategies that are aligned with their unique needs, leading to improved financial outcomes and long-term success.



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