Newspaper article The Journal (Newcastle, England)

Making a Plan Will Pay off; ADVERTISEMENT FEATURE: GEORGE SLACK Tells Us Why We Need to Look at Our Finances Now

Newspaper article The Journal (Newcastle, England)

Making a Plan Will Pay off; ADVERTISEMENT FEATURE: GEORGE SLACK Tells Us Why We Need to Look at Our Finances Now

Article excerpt

NOBODY plans to fail, they only fail to plan. This statement is a well-worn mantra used by business consultants.

When it comes to the personal finances of busy business people, however, it is a statement that rings true.

In my experience, successful professionals, executives and entrepreneurs tend to be the least organised and worst planned when it comes to personal financial planning, but why is this? It is the nature of their busy lives. High-achieving couples and individuals who work long hours often try to juggle family and other personal matters.

Everything for them is in the moment. This can often mean that they are missing out on successfully planning a secure financial future.

I met a couple recently who are from Gosforth, Newcastle, and lead a hectic life. It meant they had never sat down together to work out their financial future.

The husband is a partner with a leading Tyneside law firm and his wife is a part-time GP. They have children aged seven and five who are at private schools. They told me they had many aspirations and ideas, none of which were properly planned for.

School fees, insurance polices, investments and mortgages were all dealt with directly from monthly income and quite simply there was nothing "joined up". They had never had time to open an ISA, set up critical illness policies or look at other important financial strategies.

An hour over a decent cup of coffee at Brewin Dolphin in Newcastle was all it needed to set a process in place to try to help them.

The process followed six simple steps: 1. We agreed the scope of work. 2. We gathered together the financial facts and the financial goals.

3. I evaluated the current situation.

4. I put together recommendations to meet their financial goals.

5. We implemented an agreed action plan.

6. We agreed we will review things in a year to make sure that the plans are still working and relevant. …

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