As the new year approaches, there’s a good chance that many people in the UK will set themselves some sort of goal. This could involve something health-related, such as exercising more, or something financial, like saving for a dream holiday during retirement.

In fact, a survey from Finder reveals that 66% of Brits plan to set new year resolutions for 2024, which equates to around 35 million people.

What’s more, 3 in 10 people will set some form of financial resolution – but achieving financial goals can often be challenging amid the uncertainty of the cost of living crisis.

Fortunately, the expertise of a financial planner can significantly assist your clients in setting goals they’re more likely to stick to.

Continue reading to discover five ways a financial planner can help your clients achieve their goals in 2024.

1. Approaching your clients as individuals, not numbers on a spreadsheet

If your clients are struggling to set goals and stick to them, there’s a good chance they may do some research to boost their willpower.

While online resources could offer valuable insights, the “one size fits all” approach might not be effective, and your clients may end up disappointed if a particular method doesn’t work for them.

Instead, financial planning could help your clients form more realistic goals based on their unique circumstances.

Unlike generic advice from the internet, tailor-made guidance from a financial planner can integrate clients’ needs, wants, and desires. This could give them a solid strategy to help them set goals that are entirely relevant to them.

Moreover, an experienced financial planner won’t simply copy and paste their approach between clients. They will spend time getting to know your clients before they carefully design a strategy that suits their specific needs.

2. Applying long-term thinking instead of a quick-fix mentality

Many people worldwide see the new year as a fantastic opportunity to set goals for themselves and improve certain aspects of their lives. However, new year resolutions are often sold as a swift remedy and can spark the desire for immediate change.

Indeed, your clients may have decided on goals that involve immediately stopping something, such as cutting back on unnecessary spending. Or these goals might have them starting something with a view of achieving instant results, such as putting more into a cash savings pot each month.

This can often put immense pressure on them and their finances, making failure much more likely when their progress doesn’t match expectations.

Alternatively, a financial planner can help clients apply long-term thinking to their goals, rather than a “quick-fix mentality”.

By breaking down goals into manageable steps, a financial planner could enable your clients to set targets that don’t promise the world in a day, but rather assist them in focusing on the big picture.

This could help them work towards their goals piecemeal, giving them a sense of accomplishment at every stage of the journey and keeping them motivated towards their ultimate targets.

3. Forming a trusting relationship with your clients

Sometimes, even if a person manages to set themselves attainable goals and start working towards them, the first speed bump they face can derail their progress. This could especially be the case if they don’t have anyone to guide them when they face an unforeseen event that distracts them from their objectives.

For instance, if an individual suddenly falls ill, this may understandably derail their long-term plans, and they could end up abandoning their goals altogether.

In times like these, a financial planner can act as a mentor, offering bespoke guidance over the years to help hold your clients accountable when things don’t go to plan.

In fact, a study from Royal London found that clients who fostered trusting long-term relationships with their financial planner typically reported better outcomes, as shown by the graph below.

Source: Royal London

A financial planner looks to forge a trusting relationship with their clients, understanding their targets through conversations about their milestones, dreams, and deepest concerns.

As a result, this can help your clients stay on track and feel satisfied with their progress, no matter what life throws their way.

4. Being specific about your clients’ goals for the future

There is little point in setting goals if they are vague.

Indeed, while objectives such as “accumulating wealth” or “leaving money for my next of kin” may give clients a rough idea of where they want to end up, such undefined targets can make it difficult to accurately track success.

In this instance, clients may be more likely to miss opportunities along the way, or give up on their progress entirely.

Instead, financial planning can help clients identify precisely what they want to achieve and the steps necessary to arrive at their intended destination.

For example, rather than simply “accumulating wealth”, clients may be better off specifying what they’re saving for, such as helping their child pay a deposit on their first home, or a dream holiday during retirement.

This will likely give your clients a starting point to build an in-depth financial plan, offering a solid foundation for achieving their goals.

5. Giving your clients the confidence they need to thrive financially

Understandably, planning your financial future can often be intimidating. In fact, the Chartered Institute of Payroll Professionals (CIPP) reports that 1 in 5 employed people are not confident about retirement planning.

As a result, some clients may not have a clear idea of how much they realistically need to save for retirement and could end up with a shortfall when they stop working. Conversely, if they over-save and are afraid to spend, they may end up not doing what they want out of fear that they’ll run out of money.

Thankfully, financial planning can help empower your clients’ approach to their wealth. For example, knowing that they have an expert in their corner helping them manage their money may help clients become more financially confident.

Additionally, a planner will use specialist tools, such as cashflow forecasting, to help your clients visualise how their situation may change over time.

Then, they’ll conduct regular meetings with clients along their journey towards their goals, giving them much-needed peace of mind that they’re still on track.

Get in touch

Here at WKM, our financial planners are equipped to offer all these elements, and more, to your clients.

Email info@wkmwealth.co.uk or call 0116 403 0138 to find out more.

Please note

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

Investments carry risk. The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

The Financial Conduct Authority does not regulate cashflow planning.