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When clients come to you for advice, they may have needs and concerns that span different disciplines. For example, someone engaging a solicitor for legal guidance on getting divorced may also need help managing the financial implications of their separation.
That’s why joined-up working between trusted professionals is crucial for providing a holistic approach that supports better outcomes.
Indeed, understanding how to make timely and appropriate referrals could position you as a client focused professional.
So, here are four common concerns that might suggest it’s time to introduce your client to a financial planner.
1. “I don’t feel confident managing my money”
Even your most affluent clients might feel unsure about how to make the most of their wealth or anxious about making costly mistakes.
Individuals who have recently experienced a change in circumstances may be especially vulnerable to feelings of self-doubt about managing their money effectively. For example, a client who relies on their partner or spouse to make financial decisions might feel anxious about taking on this responsibility following a separation.
Unfortunately, this lack of confidence could lead to impulsive decision-making, procrastination, or putting off important financial decisions altogether. This may make it harder for your clients to achieve their goals and build the security they need.
A financial planner can use cashflow modelling to help your clients understand their financial position and create a plan that aligns with their values and objectives. Having a clear roadmap to follow reduces uncertainty and encourages data-driven, rather than emotional, decisions.
Through ongoing guidance, education, and support, a planner can gradually build your clients’ confidence and empower them to take control of their wealth.
2. “I think I might be paying too much in tax”
There are many UK tax rules to navigate, especially for high net worth clients with complex assets, such as business interests and international property. Moreover, legislation constantly evolves, making it difficult for clients to keep their knowledge and understanding up to date.
As such, concerns about paying too much tax are common, especially when the government announces significant tax reforms, such as the changes to Inheritance Tax (IHT) on pensions, which are due to take effect from April 2027.
Without well-informed tax planning, your clients could pay more of their wealth to HMRC than they need to, which may affect their lifestyle and their legacy.
A financial planner can provide a clear picture of your clients’ tax position, identify underused allowances and reliefs, and plan for future liabilities, such as IHT. They can also advise on tax-efficient wrappers such as ISAs and pensions.
By providing ongoing reviews, a planner can help your clients adapt to changes in their circumstances and tax rules, ensuring that their wealth remains as tax-efficient as possible.
3. “I’m nervous about running out of money in retirement”
According to Pensions Age, 63% of adults are worried about running out of money in retirement. This fear often stems from uncertainty about:
- Life expectancy – This is impossible to know, making it hard to work out how long savings need to last.
- External factors – Things like inflation and market volatility are unpredictable, yet they could significantly affect your clients’ retirement income.
- Creating a sustainable income – Your clients might have accumulated considerable retirement wealth but feel unsure how to draw from this pot efficiently without depleting their capital too quickly.
If your clients are approaching their chosen retirement age or have recently retired, making their wealth last could be a pressing concern.
Individuals who put off planning their retirement finances might take too much money early in retirement, or conversely, underspend and unnecessarily restrict their lifestyle.
A financial planner can remove the guesswork and uncertainty by using cashflow modelling to project future income needs and test different “what-if scenarios”. For example, what if your client becomes ill and needs extensive later-life care? Or, what if the markets dip?
Professional financial advice could also ensure your clients withdraw their money as tax-efficiently and sustainably as possible.
4. “I’m worried about coping financially after a divorce or bereavement”
On top of the emotional stress of a separation or bereavement, these major life events could disrupt your clients’ financial wellbeing.
They might have to make significant and complex decisions while grieving, and potentially face challenges such as reduced household income.
All of which could lead to anxiety about managing their finances.
Without timely professional support, your clients might make emotionally driven decisions that conflict with their long-term goals. They may also be at risk of overlooking key financial matters, such as pension sharing on divorce and updating important documents like their will.
As a result, your divorcing or bereaved clients may experience long-term financial stress that negatively impacts their mental health and ability to move forwards.
An experienced financial planner can provide the empathetic support, advice, and guidance your clients need to navigate the financial practicalities of this difficult transition.
They can help your clients understand their new financial reality and plan for the short and long term, reducing uncertainty and building confidence.
What’s more, referring your clients to the specialist help they need, when they need it, strengthens your role as a trusted professional who prioritises individual needs.
Get in touch
If you have clients who you think would benefit from financial advice, we’d love to hear from you.
Please get in touch by email hello@sovereign-ifa.co.uk or call us on 01454 416653.
Please note
This article is for general information only and does not constitute advice. The information is aimed at individuals only.
All information is correct at the time of writing and is subject to change in the future.
Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.
The Financial Conduct Authority does not regulate cashflow planning, tax planning, or will writing
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.
The tax implications of pension withdrawals will be based on your clients’ individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.
Approved by Best Practice IFA Group Ltd on: 16/7/26