(30.11.26) – Financial advisers have an important role in helping families talk openly about money and their hopes for the future, according to financialadvice firm Continuum, ahead of Talk Money Week which on Monday.
Advisers should know the most appropriate moment to talk with the clients about conversations with wider family, but the forthcoming changes to the inheritance tax rules around unused pensions could be used to encourage such family conversations, according to the financial advice firm.
Jim Reeve, Interim Managing Partner at Continuum, believes that financial advisers are often the best people to help clients have financial conversations with their loved ones.
He said: “Effective financial advisers will have built trusted relationships with their clients. They are external to the client and their family, so they are able to advise as an informed and independent third party. They will also have an understanding of the client’s family relationships through their day-to-day role.
Jim added that helping clients talk to their family about money should be the start of standard estate planning. He said: “Leaving a legacy is about much more than transferring money and assets. It is also about helping children and grandchildren build confidence, understand the value of money and pursue their ambitions.
“Many families do not have regular conversations around money, however, I believe that the benefits of having such conversations are of significant value. To discuss and agree how your wealth, large or small can be appropriately transferred through generations will create value and a deeper understanding of wealth, taxation and the importance of money.”
Continuum’s advisers have seen clients adapt their financial plans after helping them have open conversations about money with their loved ones.
Chartered Financial Planner Mark Young has many clients who have adapted their financial plans to help loved ones following conversations around money. Examples include helping children with the resources necessary to convert their mortgage from interest only to repayment, making contributions into JISAs for grandchildren and making regular gifts out of income to finance education costs.
Mark said: “The main theme I have found when clients have had conversations with their loved ones is that they are looking to help improve the financial future of their family members, rather than focusing just on something that will benefit them now.”
Research commissioned by Continuum highlights the importance of trust and personal service when choosing a financial adviser. When they asked over 2,000 Brits what is most important to them when it comes to choosing an adviser, 52% said trust and credibility and 32% said personalised advice and quality of service. This compares to just 26% who valued expertise and qualifications the most highly.
Editors Notes – About Continuum
Continuum, headquartered in Plymouth, was established in 2014 as a National IFA brand to offer a modern, new financial advice experience.
The business focuses on creating a three-way partnership between Continuum, the adviser and the client, in an environment where each party can only succeed and grow if the other parties also succeed and grow.
By educating customers through an award-winning financial education programme and offering our clients a loyalty programme, Continuum develops long-term relationships strongly endorsed though market leading Net Promoter Scores – most recent customer survey delivered a score of +90.
An in-house discretionary model portfolio service, My Continuum Wealth, was initiated in July 2021 to offer an exclusive MPS (Model Portfolio Service) to Continuum advisers.
Continuum now holds assets under influence in excess of £3.19 billion.
In December 2020 Continuum was awarded ESG kitemark (ESGmark) accreditation in recognition of its business approach of Environmental, Social Responsibility and Governance matters.
Continuum is a trading name of Continuum (Financial Services) LLP which is authorised and regulated by the Financial Conduct Authority. Continuum (Financial Services) LLP is a Limited Liability Partnership
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Katherine Mitchell
