One of the nice things about the summer holidays is that I occasionally get to revisit the client-facing side of the business.
These days, as Non-Advising Principal, most of my time is spent working on the business rather than meeting with clients. However, with colleagues taking some well-earned holidays, I had the opportunity to sit in on a few client meetings this week.
Three in one day, in fact.
It almost felt like the old days.
Something struck me as I drove home afterwards.
All three clients had investments elsewhere alongside the work we do for them. That’s becoming increasingly common. Let’s call the platforms Harry Lippup and Adrian Jerome Bellingham. I suspect you know who I mean! And before anyone thinks I’m criticising them, I’m not. They’re excellent businesses and very good at what they’re designed to do. They give people easy access to investments, clear valuations and plenty of information.
But they also reminded me of something important.
Every so often someone will ask, “What does a financial adviser offer that I can’t do myself?”
It’s a fair question.
If all you need is somewhere to buy investments, many platforms do an excellent job.
But financial planning has never really been about simply finding a home for your money.
It’s about asking the right questions.
I remember a conversation from several years ago with someone who proudly told me he had built up around £60,000 in an ISA. He then questioned the value of financial advice.
I asked whether he had ever contributed to a pension.
The answer was no.
He was 60 years old.
Now, that wasn’t advice, and it certainly wasn’t a recommendation. No adviser could make a recommendation without first understanding a client’s circumstances, objectives and attitude to risk.
But it illustrated an important point.
He wasn’t asking the right question.
He was focused on the performance of his investments.
A financial planner would first consider whether the money was held in the most appropriate place for his circumstances and objectives.
Those are two very different conversations.
That’s often the difference between having access to investments and working with a professional who can challenge your thinking and help you explore the bigger picture. Sometimes the greatest opportunity isn’t improving investment performance. It’s taking a step back and looking at the wider financial picture.
The same principle applies to retirement planning.
A client may believe they need £2,000 a month to live comfortably in retirement.
Through cashflow modelling and careful planning, an adviser may identify that their circumstances could support a higher level of expenditure while remaining aligned with their long-term objectives.
That can lead to a very different conversation.
Rather than focusing solely on whether retirement is affordable, the discussion can become about how someone wants to spend their retirement, whether that’s travelling more, helping family members or making the most of the wealth they’ve accumulated over time.
One of the things I’ve observed throughout my career is that people rarely seek professional financial planning because they want access to another investment platform.
More often, they’re looking for guidance, insight and reassurance.
Reassurance that they’re making informed decisions.
Confidence that they’ve considered the opportunities available to them.
And sometimes reassurance that they may be able to enjoy life more than they originally thought.
Investment performance will always matter.
But in my experience, much of the value of financial planning comes long before investments are discussed.
It comes from asking better questions.
Approver Quilter Financial Services Ltd. September 2026