Free Financial Planning!

That’s right, you can get free Financial Planning no strings attached! What’s the catch you may ask? There is none. Hundreds of financial planners up and down the UK are offering a financial planning surgery free of charge as part of Financial Planning Week running from 3-10 October 2018.

Here’s a QA for those itching to find out more.

What is financial planning?

Financial planning is about understanding your life goals and developing a plan so that you can have the finances available to reach those goals. Unlike financial advice, financial planning is less about selling or finding a specific product to meet a financial need (though the roles are often combined). Financial planning is a more holistic look at your finances. It looks at where you are in life, where you want to be and how to get there. There are six steps in financial planning:

Step 1 – Identify your goals

We tend to stop asking ourselves what we want to do with our lives once we leave school (“what do you want to be when you grow up?“). The first step is thinking about what you want to achieve over the short, medium and long-term. It’s a difficult question and brings in lots of psychological and emotional elements. When you have an idea of your goals, it’s a good idea to try to order them in priority.

Step 2 – Identify where you are

That’s by working out what money you have, what money you owe. It’s also an opportunity to review your current income and expenses to find out where your money is going (how we track our expenses).

Step 3 – Evaluate your position

Are you on track to meet your goals? How close are you from achieving your short, medium and long-term goals?

Step 4 – Building your plan

How are you going to get from A to B. From where you are now, to where you want to be. What life and financial actions do you need to take to get there?

Step 5 – Implement the plan

Start working through your plan, taking following those actions.

Step 6 – Review

Review your plan each year. Are you on track? Have your goals changed? Adjust your plan as needed.

Why should you create a financial plan?

I think there are three big reasons. Firstly, it’s an organised way to start a lifelong conversation with yourself and family about your goals and aspirations. Secondly, it puts into practice very beneficial financial behaviours such as tracking your net worth, tracking your expenses and reviewing your financial and life changes. Thirdly, it’s a great opportunity to learn how to manage your money and finances in a positive way – rather than letting money dictate what you can and can’t do in life, let life dictate what you can do with your money.

What does the free financial planning entail?

It will usually consist of an hour-long financial planning session. Depending on the financial planner, there are face-to-face meetings or Skype or telephone sessions. These sessions typically cost up to £500, but you’d be getting one for free!

Why are financial planners doing this?

Some may see it as an opportunity to start long-term relationships with customers who might otherwise have been put-off creating a financial plan. However, I think a lot of financial planners believe passionately in helping everyone in our society to lead more fulfilling lives and they strongly believe that financial planning is a great way to do it. This is a great initiative to increase the profile of financial planning

Why am I writing about this?

Nobody has told me to write anything. The Chartered Institute of Securities and Investment (one of my professional bodies) recently rang me to ask me what I was doing for Financial Planning Week. I’m not an active financial planner (though I am qualified). I thought I would use my blog to publicise a good cause.

Where can I find out more?

You can find out more at the CISI website:

The website has more information about financial planning, an interactive map for finding your nearest financial planner, as well as several great tips and tools.

Spread the word.


All the best,

Young FI Guy

4 thoughts on “Free Financial Planning!

  1. That’s very generous of you to offer this. I would be curious to know how many people actually take you up on it. I’m not thinking of your regular readers on this site but more so of your friends and associates. My guess would be hardly any for two main reasons: 1) you personally know them so there is still this general social attitude towards secrecy and embarrasment about sharing our financial positions; and 2) head in the sand mentality where the mindset of a problem not confirmed is therefore not a problem prevails.

    1. Hi Cashflow cop, hope you are doing well. I should clarify that I don’t actively work as a financial planner (though I am qualified as one). I speak to friends and friends of friends from time to time, on a less formal level.

      I suspect your two points are right. I perhaps don’t get as much ‘custom’ as one would first guess. I’ll add a third reason in that anything financial feels scary and people don’t know where to start. That’s why I like initiatives like this one from CISI. As it shows that finances can be accessible and starting, any start no matter how small, is good.

      1. I am well thank you. I hope you are too. How have your friends taken to talking about personal finances even if it is on an informal level? I no longer even try to approach the subject with my peers because I could immidiately sense that they feel I am being intrusive instead of being genuinely interested so that we can learn from one another.

        1. I tend to let them approach me, rather than approach them. Most open up when it becomes clearer that the key part of planning is around the emotional, psychological element – the journey so to speak – rather than the ‘position’.

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