Comparing financial planner vs. financial advisor

Comparing a financial planner vs. financial advisor?

You need to know that financial planners can wear both hats at the same time, and swap them around. Financial advisors only have one hat.

Financial planning comes first. It’s about exploring your lifestyle, so we can build a plan and cashflow strategy for you.

Financial planning is about YOU, the client. The first part of financial planning is lifestyle planning. We need to know about your hopes and dreams, your fears and concerns. When we know what you aspire to, what you want to avoid, and what makes you tick, we move on to the next step.

The next step is the financial part of financial planning. We need to know your current assets and liabilities, and your future income and expenditure (short-term, medium-term and long-term). When we know what you have and what you’ll need, we get the information we need to make the best recommendations – and you get financial clarity.

In case you haven’t guessed, at Plan 100, we’re financial planners. As Lance Baron tells clients:

“I believe money is the means to an end. That’s why I can’t advise you how to invest until I know how you’re going to spend it.”

His most important qualification is the Certificate of Financial Planning. About Lance Baron

The video on our home page explains more.

Financial advice is the final step. It’s important, but it’s the least important. When everything else is sorted out, you can then ask your financial planner to organise the right products for you, whether pensions or investments. Or you can do that part yourself.

It’s best not to go straight to the financial advice part. Be aware that some financial advisors want to flog you a product straight off. They don’t do the research. They don’t find out what you really want and need. They might be driven by the commission they receive, and not the benefit to you. As a result, there is a risk that you won’t get the best product.

Comparing financial planner vs. financial advisor

Remember, financial planning is about YOU and your financial situation. Financial advice is about which product to choose.

To be honest, financial planners (like us) get quite sniffy about being called financial advisors! Especially because some financial advisors go around calling themselves “financial planners” when they’re not. As a client, you need to be careful of who you choose. For the best advice, make sure you pick a qualified financial planner.

We hope this article answers your question about comparing financial planner vs financial advisor and leads you towards the best way to achieve financial independence, financial security and peace of mind.

It’s wise for you to talk to a financial planner before you talk to a financial adviser. In the case of Lance Baron, he is one and the same person, with two different hats. You can ask him to plan and advise you (including setting up your new products). Alternatively, you can take the work that Lance does for you as a financial planner, then go off and implement his advice yourself.

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Lance Baron

Certified Financial Planner (CFP) based in East Sussex, UK. We support people in Southeast England with more than £500K to invest by building a financial plan that will help them live the life they want… until age 100