Financial Planners and Financial Advisers: you may well have come across these two job titles before. However, they are not necessarily different people. Ascent Financial Planning explains.

Two different tasks

Financial Planning involves looking at a client’s life goals and creating a long-term financial roadmap. To facilitate this planning, our professionals use financial products and act as Financial Advisers, recommending regulated financial products. In other words, while there are two distinct tasks here, it doesn’t mean two people are needed. Some professionals are qualified for both tasks. There are plenty of planners who work as authorised advisers, and many advisers who incorporate planning into their repertoire of services. 

Jobs that overlap

• Financial Planning. This could involve helping a client who wants to know if they have the financial means to retire, support family, and sustain their lifestyle. This would mean analysing scenarios and modelling cashflow to find a solution that will give their clients what they want. 
   
• Financial Advice. As part of the planning project described above, our professional might discuss the client’s financial needs and research potential pensions. In this advisory role, the professional would then talk through each one to see which one would suit the client best. The Adviser would then set up the pension, working through any paperwork with the client. 

This could be done by two professionals, or a single individual with expertise covering both financial planning and financial advice.  

Financial skills 

You might be tempted to assume that Planning requires greater expertise. However, giving financial advice involves meeting Financial Conduct Authority (FCA) professional standards, including appropriate qualification requirements. In the FCA’s Financial Lives 2024 survey, 87% of consumers reported that the advice they received was clear and understandable, and 85% said they were confident in it. 

Financial Planners may or may not be FCA regulated. At Ascent Financial Planning, our planning business has Chartered status: we believe in excellence in everything we do. 
In terms of scope, we can help you define your long-term financial goals and build investment portfolios for future financial security. We can also advise you on individual products and set them up for you. 

In many cases, it’s a matter of matching the service to the need. This is why we take the time to talk to every client and understand exactly what they want. An in-depth conversation is key. We can then use focused advice to suit a specific decision, while integrated planning connects tax, retirement, investments, protection and estate goals.   

Next steps:

If you think you may require the services of a Financial Planner or Adviser, don’t hesitate to get in touch with our team at Ascent Financial Planning. We supply financial advice and planning to individuals and families across North Wales and beyond. With years of experience and a personal, relationship-based approach, we help you make sense of complex financial decisions and build a plan that gives you clarity, confidence, and peace of mind. Taking the first step can sometimes be daunting, but you’ll be in safe hands.