Prudent money management and financial planning is not just about making the most of your finances, but also about realising your goals and dreams. Some of us would like nothing more than to save up enough to travel the world, while others aim to see their children financially through school and university – whatever the financial goal, we all need to plan accordingly.

Financial planning is a long-term process of managing finances to achieve the lifestyle we would like or the aim we have set ourselves. Of course, life always throws surprises at us and shrewd financial planning should also help us overcome those inevitable financial hurdles.

It may be that you want to review your finances across the board, from cash flow and debt management to pension provision and estate planning. A guiding hand can help you take the financial action you need – or maybe just provide reassurance that you are on the right path with your money management and financial planning.

As financial planning advice may not result in a specific product being taken out, the adviser will often charge a fee for the service as opposed to gaining commission from a product provider.

Before taking financial planning advice, ensure you agree the fee terms first. Also be sure to check if fees include VAT; if they are paid hourly or for a set amount of work; if they can be offset against commission should financial planning products be taken out; and if a minimum or retainer fee is charged. Lastly, do not be afraid to negotiate with your financial adviser.

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