As part of ICAEW Personal Financial Planning Community's mission to help its members build resilient personal finances, we are pleased to share a collection of videos which aim to educate ICAEW members by exploring the core principles of financial planning that should be applied throughout your lifetime.
Whether you're just starting your career, planning for retirement, or anywhere in between, these resources are tailored to help you make informed financial decisions.
These six short videos are your roadmap to navigating the different stages of your financial journey, providing you with insight into the financial planning process and the industry's regulations.
Here’s a brief overview of what you can expect from each video:
- Video 1: Early Careers – Discover the art of balancing immediate goals with long-term retirement savings. Master the setting of SMART objectives and explore various savings vehicles to secure your financial future.
- Video 2: Mid-Life Accumulators – This video guides you in evaluating your current financial status by pinpointing your needs and priorities, plus taking steps to enhance your financial health. It will assist you in transitioning to safeguard yourself and your family, while creating a tax-efficient asset base.
- Video 3: Pre-Retirement – You will learn how to optimise your savings allowances and ensure you have adequate funding in the right areas to cover your expenses without relying on earned income. This includes reviewing pension plans, and the benefits accrued, as well as understanding the various options for accessing pension benefits.
- Video 4: Later Life - You will be able to evaluate your ability to cover later-life expenses and understand the advantages of Inheritance Tax planning. The video offers insights into inheritance tax and estate planning, including available reliefs and exemptions.
- Video 5: Regulation – You will learn that financial planners provide regulated advice to help individuals manage their wealth and achieve their financial goals. Explore the distinctions between 'independent' and 'restricted' advice and gain a deeper understanding of the FCA Consumer Duty, the Financial Ombudsman Service, and the Financial Services Compensation Scheme.
- Video 6: The Financial Planning Process - Assess your current financial status, set realistic and measurable goals, develop and implement an action plan, and continuously monitor and review your progress. Learn how to collaborate with a financial planner as they conduct a fact-find and create a personalised financial plan.
We do hope you enjoy the videos and engage with the information presented to build a more resilient financial base for your and your family moving forward.
Should you enjoy this content and wish to find out more concerning Financial Planning, you can do so by joining the Personal Financial Planning Community at the following link:
Anthony McManus, Personal Financial Planning Manager
