Using a cashflow planning tool with clients allows you to give them a visual representation of their financial position now and in the future, making it far easier for them to grasp how their wealth will be affected over time. It can also clearly demonstrate the benefits of working together and using the appropriate tax allowances and strategies.
3. It can help ensure their joint objectives are met
There’s no template for a financial plan, and no right or wrong way to devise one. One client might have a particular idea of how they would like their joint finances to work, but their spouse or partner may have other ideas.
What’s important is not that a couple have the same goals but that they collaborate and talk about how they achieve their joint objectives.
Cashflow planning can help to enable these types of discussions about money with both parties. By visualising their joint future, it can encourage collaboration and a plan that works for both of them.
Clients who collaborate can take advantage of a huge raft of benefits, from factoring in the impact of death and serious illness, to ensuring they can meet estate planning objectives such as leaving enough for their children. Only by working together can client couples make the most of their money.