financial well-being

Weighing Up Cost and Value: Financial Planning



Posted on: 5th April 2024

Life in the 2020s has a large emphasis on decision-making in every facet of life. One of the biggest impacts has been our financial well-being. Now, when making decisions, cost is the most crucial factor to maintain comfort levels we have had to rely on following the turmoil of the decade so far – but value proves to be just as crucial.

The balance of cost and value within your financial planning can help you get more out of your money, and finding that balance is something that independent financial advisers Cheshire are there to help you with.

Measuring Value

The cost of goods or services can easily be assessed by the price they are going for. Determining its value is something that can be more difficult. A lot of that comes down to its quality or performance.

When making financial decisions, it is hard to make solid, smart choices that perfectly balance both without the help of someone who knows their stuff and can advise on the best options for your comfort levels. If you have a lump sum of cash that you want to put into investments, how can you know which option is the one that proves the most beneficial?

When reviewing an investment fund, the cost may factor into your decision. However, when looking at value, you will need to consider what the projected returns are, what their performance in the past has been, if the risk profile is suited to your needs and if the money can be accessed when you need it. Sure, a fund with a low management fee may feel like an attractive option, but it may be of low value if the risk profile does not align with your investment strategy.

When deciding on an investment opportunity, work with an adviser in considering your risk profile and investment goals.

Adding Value

Value plays the role of boosting both your finances and emotional well-being within your financial planning. Many people enlisting independent financial advisers Manchester do so because they actively want to grow their wealth and stay on track to reach their long-term goals, such as retirement planning Cheshire.

Research has proven that working alongside a financial adviser has given many people avenues to financially benefit from advice. Those seeking pension advice Manchester at the start of their careers have found that they stand to have more financial freedom in their planned retirement, with the cost of seeking financial advice returned many times over in the long term.

That, in turn, provides a positive effect on clients’ well-being and peace of mind – which is just as valuable.

Do you see the benefit of discussing your financial plan with trusted independent financial advisers Cheshire? Contact the team at Haven IFA today.