Ben and Grace specialise in helping people build their financial knowledge and feel more confident managing their finances, both now and in the future.
Road to Responsibility
Road to Responsibility is an engaging experience designed to build financial confidence for you and your loved ones, now and in the future.
Using the idea of a journey, it guides you through potential future roadblocks as life unexpectedly changes that could shape both your personal and family finances.
The experience encourages open thinking about the future, so that in times of pressure or emotion, financial responsibility can be shared or delegated to someone who understands your wishes, without the need to start from scratch at a sensitive time. This can help reduce stress and uncertainty for you and your family when it matters most.
What is your plan for the future?
This brief timeline case study is typical what we come across, and a key part of why succession planning is key.
Now
You are in charge of your finances
Everything is running to plan and no need to worry
5 years later
Your situation changes due to a family disagreement
You fall out with your daughter who is the executor of your Will and who you envisaged would take over the family finances.
15 years later
You are taken into care
Unfortunately you are diagnosed with dementia, and your attorney who is your spouse, takes over the the day to day finances but with no knowledge of your investments which are left as they were.
25 years later
You pass away
Your daughter has still been left as the executor of your Will. Your spouse and son are now aware of your pension and investemnt portfolio, but nobody knows where the information is, what the strategy is, and how it should be distributed.
26 years later
Your assets are distributed
The assets are distributed and create IHT issues and the investments are sold during a market crash. With nobody sure of what the plan was, and how best to exeute it, your legacy creates emotional turmoil for your loved ones.
Who do you want to look after the family finances if you can't?
It can be a key decision as to who is aware of the family finaces and who you feel can best take on the responsibility. It is a very personal view and only by having those conversations will you feel comforrtable.
Spouse
The obvious choice for many, but what if they don't want the responsibility or feel comfortable. Beyond the spouse, who would then take on the finances, and do they know where everything is?
Son or daughter
If you have more than one, do you want them to work together or is one of them a more natural fit for finaces based on their work or life experience? Do you have any concerns with their spouse or outside influences that may change your thoughts down the line? Are they too close to make rational decsions rather than letting emotions take over?
Friends
Maybe someone outside of the immediate family will be better served knowing what the plan should be. A close friend you have known for years can be the best solution, but they are typically of a similar age, so there may be a question of how long before they may need to get others involved.
Professional
This option takes all emotion out of the equation, and would hopefully be a long-term solution. However, this invariably comes at a cost and it may be the proessional individual you have a relationship with moves on and you don't have the same bond woth their successor.
What are the basics that your nearest and dearest will ask if you're not there?
How we can help
It’s not always easy to think about, but taking steps now can help protect your loved ones from unnecessary emotional strain later on.
Road to Responsibility Masterclass
Ben and Grace are two of our Financial Planners who specialise in helping people understand finances, whether that’s from a young age or for those less familiar with day to day money matters. During this Masterclass, they’ll help you think about what the future might look like and how you and your loved ones can be best prepared.
Already a client and keen to involve your family too?
No problem, simply book a face to face meeting with one of our Financial Planners at no cost. They’ll be happy to guide you through everything you need to know.
Dress rehearsal
It’s not always easy to think about, but what would happen if you could no longer manage the family finances? In a dedicated meeting, your Financial Planner can help you prepare for all eventualities.
Want your documents to be safe?
We offer a no cost service to safely look after your Wills, Powers of Attorney, Letters of Wishes and Trust Deeds until they are needed.
Meet the Road to Responsibility presenters
