What is financial planning? Ask a room full of financial planning professionals, and you’ll likely receive a variety of answers. Each planner, each paraplanner, typically has their own interpretation, their own process. Yet, ask financial planning clients how financial planning has impacted their lives, and the responses are strikingly consistent:
“The power financial planning gives you as a person is massive.”
“Financial planning gives you choice.”
“It gives you the ability to make life-changing decisions … make what was a pipe dream come true.”
“The power to make the decision to stop working full-time.”
These statements resonate because they highlight the human outcomes of financial planning – what really matters to the people we serve.
This is why the Personal Finance Society created POWER. The PFS POWER initiative is guided by eleven practicing financial planning professionals, including myself, to help offer guidance to the PFS to ensure relevant and inspirational content is continued to be shared across the profession.
POWER is designed to be a resource for financial planning professionals to help them enhance their skills through hundreds of free webinars, podcasts, guides and other pieces of CPD content. Ultimately POWER is there to help financial planning professionals refocus financial planning on the tangible outcomes that clients experience: Clarity, Connection, Choice, Control, and Confidence.
The Five Pillars of POWER Planning
1. Clarity: “I’m much clearer about my personal ambitions.”
Financial planning is about more than just money – it’s about what that money allows people to do. Establishing goals isn’t just about listing financial aspirations; it’s about uncovering deeply personal ambitions that clients may have. And it’s uncovering these ambitions that can be key for a financial planner.
2. Connection: “I now understand my current financial position.”
Fact-finding is a staple of financial planning, but true connection comes from understanding what we don’t yet know. Do our clients fully understand their financial position? Do we? Going beyond the numbers, we build a complete picture – assets, liabilities, trusts, Wills, legacies. The more comprehensive the insight, the greater the potential to shape a meaningful plan.
3. Choice: “I have evidence to choose what I do next.”
Cashflow modelling is an example of a game-changer here. It transforms financial planning from an abstract concept into something tangible. When clients see their future mapped out-whether that’s an earlier retirement, a better standard of living, or a long-dreamed-of bucket list-it makes the power of financial planning real.
4. Control: “I am now in control of achieving my ambitions.”
Financial planning isn’t just about making a plan-it’s about ensuring the best chance of success. We don’t just recommend products; we link every financial decision to a broader strategy. Without this connection, advice risks becoming transactional rather than transformational.
5. Confidence: “My plan can evolve with my circumstances.”
No plan is set in stone. Life changes, and financial planning must adapt accordingly. The relationship we build with our clients over time gives them the confidence that they will always be on track, no matter what comes their way.
The Future of Financial Planning
As someone who has always believed in the power of structured, disciplined planning-whether in business or personal finance, POWER feels like the right next step for our profession. It brings clarity to our role as financial planners and ensures that every client conversation leads to tangible, meaningful results.
The PFS POWER Panel is also open for new members, with those wishing to apply have a deadline of 18:00 on Friday 18th July. You can apply here.
