Peter said: “The first thing is to understand the difference between financial advice and financial planning.
“Financial advice is advising someone between the red pension and the blue pension, and there is value to that, but the key with our financial planning is understanding our clients in a way that will enable us to know what they want their life to be like, what they want to achieve and how they see the rest of their life.
“We try and make their financial life fit in with what they want their actual life to be like. Financial advisors will advise people on what to do in any given moment based on their current situation, but if they don’t know what their plan is and where they want to get to, then in my view it’s not possible to give that advice.
“It’s no different than giving someone directions on how to get somewhere in their car. If they don’t know where they are trying to get to, then you can’t tell them whether to turn left or right.
“I think lots of firms will claim to do financial planning but in reality, it’ll be much more like financial advice. The Financial Plan is the most important part of what we do for our clients, and every decision we make is always based on that plan. I think that’s the key to how Clarion delivers true lifelong financial planning.”
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