All financial planning should start and end with the provision of cash.
It is better advice if the client is shown how to maximise the value of their cash within the financial planning process.
This is why an adviser that helps their clients to maximise the value of their cash is considered to be:
AN ELITE FINANCIAL ADVISER
Cash is the most important asset class and is the lifeblood of all personal and commercial activity.
There are significant advantages to helping clients maximise the value of their cash holdings.
Demonstrating the maximum value of cash also properly illustrates the limitations of cash. This helps the client to realise they need to open conversations to areas where they need to consider other ways to achieve their financial objectives.
Attract customers who ‘believe’ they cannot benefit from regulated products and prefer, instead, to keep their money in cash.
These people need to be educated on the value and benefits of regulated financial planning products.
Do you attract these people by talking about investments and pensions? Or do you attract by offering to show them how to maximise the value of their cash?
After showing them how to maximise the value of their cash, it is possible to educate them on the benefits of longer term financial planning solutions.
This is a tax benefit.
If financial advisers do not cover off the value of this tax benefit in their advice process, they will have an incomplete file that will be considered either unsuitable of unclear under a regulatory review.