We have just witnessed another successful Financial Planning Week, and it was great to see the PFS joining the CISI for the first time in promoting this.

Educating the general public in financial matters and promoting good money habits and planning can only be a good thing. 

They need to be able to understand why they are taking the action they are taking and need to be able to step back and think about all the implications of their financial decision making. 

However, there is also the concern that a little knowledge is a dangerous thing.  

We’ve seen Nigel Farage recently launch his Fortune and Freedom newsletter, promising to show “the opportunities and ideas to help grow your wealth in a New Britain.”  

However, just take a look at the other publications by the same group:  Crypto Profits Extreme, Dynamic Investments Trends Alert, Frontier Tech Investor, Gold Stock Fortunes, New Drug Speculator and the Fleet Street Letter. 

All of this sounds rather scary to me, so let’s hope that Joe Average Investor doesn’t end up with a portfolio of this high-risk sounding stuff! 

Whilst many will be more than capable of making their own financial decisions, there are others that won’t be able to wade through the mass of information to make sensible decisions that are relevant to their very personal situation, needs and objectives. 

DIY investing could significantly impact the value of investments and pensions through poor diversification or poor timing. 

Yes, there are charges applicable when working with a professional adviser but it’s important that we ensure that we are always adding value to a client’s position and that we are able to demonstrate it. 

That could be tangible things like a tax saving, but it will also be the intangible things like focus, peace of mind and reassurance. 

We need to make sure that the client feels that we are on their side, whatever happens.

Nicola Watts APFS Chartered Financial Planner, Chartered Wealth Manager, CFP Chartered FSCI - director of Jane Smith Financial Planning

After joining the family business in 2000, Nicola qualified to provide advice in 2001, and has been a director of the business since 2006. Since the retirement of her mother (Jane Smith), Nicola bears sole responsibility for the management of the firm, and the advice provided to clients. Nicola is married to David and has two young children, Emily and Olivia, and Poppy the black labrador.