Talk Money Week: Where to find answers to your money questions

So far this Talk Money Week we’ve covered the importance of conversations around planning for retirement and getting your estate planning arrangements in order. Once you start down the path of researching and discussing these topics, it’s perfectly normal to have a lot of questions.

There are many different ways you can find answers to these money questions, such as online resources, a financial planner or a money coach. Here, we’re looking at ways to find the answers you need and to take control of your financial future.

Do-it-yourself online sources

The starting point for many people is simple online research. Googling specific financial terms, watching YouTube videos and reading articles can be a good way to understand some of the fundamentals on topics like investing, tax planning and insurance.

At Bestinvest, we have a range of content designed to do just that, including an investing 101 guide, ISA and pension explainers and specific investment research reports like The Best^TM Funds List and Spot the Dog.

You can also use online cashflow modelling tools to help forecast what your financial future might look like. For example, we’ve built retirement projections directly into your Bestinvest account, which you can find under the Life Plan tab. If you don’t already have an account, you can set one up for free.

This might be enough to get the answers to your burning money questions. If not, there are further options you can consider.

Speak to a professional

For any conversation about money, including a professional like a financial planner or a financial coach in the discussion has the potential to lead to far better outcomes.

Not only do they have the knowledge and expertise to guide you in the right direction, but they can also add value as an impartial third-party to help navigate sometimes challenging conversations. This is especially helpful for couples or families who might not be on quite the same page in certain areas.

There are a large number of specific areas that a coach or financial planner can help with, including:

• Setting goals and objectives
• Financial strategy and tax planning
• Cashflow modelling
• Estate planning

However, while the areas that a coach and financial planner cover can be similar, there are some major differences between what they can and can’t do.

What’s the difference between a financial coach and a financial planner?

If you want answers to your money questions, these two types of financial professional will approach the answers differently.

A financial coach will be able to speak to you in general terms, providing you with accurate details regarding on tax rules, general guidelines on investing and can signpost you to further information.

What they won’t do is provide you with personalised financial advice. Financial coaching isn’t regulated by the Financial Conduct Authority, which is why the conversations will be general in nature.

One of the main benefits of a financial coach over a financial planner is the cost. In fact, speaking to a Bestinvest Coach is completely free, whereas advice from a regulated financial planner can be specific and personalised to you, but will come at a cost.

For example, a coach can explain the different levels of risk between various investment options and give some general information on how to decide what to invest in, but they can’t recommend a specific investment.

A financial planner, on the other hand, can provide you with a specific investment recommendation.

Having productive conversations with your chosen professional

The key to a valuable long-term relationship with your coach or financial planner is very similar to the other important relationships in your life. That is, communication, which is fitting given it’s Talk Money Week.

You’ll need to be comfortable talking about your current financial situation, your goals and dreams for the future, your fears about where it could go wrong and be comfortable asking questions if you’re unsure or unsatisfied.

If you aren’t open with all this information, a coach is less likely to be able to give you the best guidance. For personal financial advice from a financial planner, if they don’t have all of your information, they may not be able to provide advice at all, as it’s a legal requirement for them to take into account all of your personal details to ensure their recommendations are appropriate.