How can you #TalkMoney with your family? Tips from an Independent Financial Adviser

The UK population as a whole is not known for its confidence and willingness to approach the subject, but there are many benefits to opening up and discussing your financial plans. This Talk Money Week (6th – 10th Nov 2023) we wanted to help get conversations started, to show you how you can #TalkMoney with your friends, families or a professional (such as an Independent Financial Adviser), and how this could create a positive impact on your life.

Whilst it might feel daunting for some, discussing your finances could be the first step in improving your financial situation and offer many practical benefits such as:

• Reduced stress for you and your family
• A greater understanding of your situation and options
• Emotional support
• Confidence and control in your short and long-term plans
• Peace of mind that your wishes will be taken care of

1. Try not to think about money as a taboo subject, and instead think of those benefits listed above – not just for you, but for your family members as well.
2. Be open and honest about your situation – if they do not understand the full picture, then they will not be able to support you as well as they could.
3. Use something you have read recently, or something you have seen in the media – such as the cost-of-living crisis or inflation rates – to open up a discussion. As these are very broad subjects, others are more likely to engage in the conversation which can lead on to the areas you want to discuss.

Areas of your financial plans which you have strong feelings about are important to discuss, such as your wishes if you were to pass away. Would your family members know about: key contacts for utilities and bills; preferred funeral arrangements; your network of professional contacts such as financial adviser, accountants, business partners etc; or where your investments and pensions were held?

This is a lot to have to deal with all of a sudden, and at an already difficult and emotional time. Having a conversation about your finances beforehand would help ease the process of picking things up when they are no longer there to do so, and gives them the peace of mind that their finances will be dealt as per their wishes if they were to lose capacity or pass away.

Estate planning is also a really big topic to think about discussing with your family as it will ultimately have an impact on any inheritance they are given. Discussing this can give a clear expectation from all family members, avoid any future conflict and – if arranged correctly – you can pass on more of your hard-earned money to your loved ones as you wish.

The cost-of-living crisis and market volatility we have witnessed splashed across many headlines recently has added a lot of fear, confusion and negativity surrounding personal finance. However, by discussing your finances with trusted sources, this can give you confidence in your own arrangements by either confirming you are on track or offering some advice to improve your situation.

A lot of our clients come from word-of-mouth referrals, which is a great indicator that our clients are not only confident in speaking to their friends, families and colleagues about their financial planning journey, but also that we are a trusted, highly regarded contact that they recommend others speak to. Furthermore, we have a network of trusted eco-system partners across other professions such as general insurance, tax planning, estate planning, mortgages, and accountants that we can introduce to you as well.

Our Independent Financial Advisers would be happy to arrange a no-obligation first meeting should you wish to discuss your arrangements, and we are also in full support of bringing other family members into the conversation surrounding your financial arrangements and can assist in starting that discussion with you. Please do not hesitate to get in touch on 0117 450 1300.