Consider a wealth building strategy for a secure financial future

Managing money is rather like managing your health. The better you look after it, the longer it will look after you.

A strategic wealth-building strategy seeks to increase your wealth in the long term, allowing you to watch your assets grow, while you increase your confidence in your decision-making, as well as in the prospects of a secure financial future.

At Talis IFA, we’ve long been advocates of a ‘get rich slow’ philosophy, encouraging our clients to avoid knee-jerk reactions to fluctuations in the markets, or to political events that cause temporary wobbles. Life happens, and while there are sometimes useful adjustments to be made, our experience tells us that keeping your focus on your long-term strategy is the most likely route to achieving your objectives.

Whatever your objectives – whether you are looking to amass a large retirement fund, grow a business or fund education for the next generation (or the one after that), being clear about your goals is the first step to defining your growth strategy.

It’s often helpful to talk to an IFA right at the beginning of this process.

Interestingly, this is an area where many people struggle at first. Defining what you want in terms of how you want to live your life, and the numbers that you’ll need to support that can be challenging.

An experienced IFA will ask insightful questions to help you define your goals. Being honest with your IFA is essential, as they will be in the best position to advise when they know all the facts. We recently wrote more about trusting your IFA – why it’s crucial, and how to find someone you feel comfortable with.

Choosing your wealth-building strategy

The younger you are when you start, the longer your money will have to grow. But a growth strategy isn’t just for the young. You may already be approaching retirement, or in retirement, and be looking to nurture your capital to provide a legacy for future generations.

Deciding on your growth strategy will depend on several factors – alongside your age, investment timeline and goals, you’ll also want to consider your attitude to risk.

Especially if you’re new to financial planning, it’s a good idea to get your IFA to help you understand and assess this. The options available to you are endless, and can seem daunting. But with the right guidance, you’ll soon find yourself growing in confidence as you see your plan forming, and make the decisions which feel most appropriate for you.

The importance of objective, independent financial advice 

Some recent YouGov figures suggest that many people (especially those earning over £70,000 a year) are quite likely to trust products promoted by celebrities and influencers (26% said they’d trust this information), or advertising (47%).

But when it comes to choosing between different savings and investment options, it’s vital to remember that these promotions are there to sell products, and the promoters are likely to get commission on sales.

In contrast, an IFA is there to give you objective, transparent advice, based on understanding your personal circumstances, and with your best interests at heart.  They’ll help you to cut through the marketing hype, and recommend the most appropriate options from the whole of the market.  So their advice is completely objective, and not driven by earning commission from any particular option.

If this has inspired you to start the search for an IFA who can help you to develop your wealth-building strategy, find a Talis IFA here. We provide unbiased, objective advice in plain English, to help set you on the path to financial freedom.