Planning during times of uncertainty is key to successful financial control says Belfast wealth management firm

A Belfast wealth management firm has recorded one of its busiest years yet as more clients turn to it for professional advice to safeguard their wealth.

Finlay Wealth Management, and is a senior partner practice of St James’s Place in London, is currently managing in excess of £95m for its clients based all over Ireland.

Run by local man Jonathan Finlay, the firm is experiencing an upturn in clients due to the ever-changing and challenging economic climate.

Mr Finlay explained: “Periods like this always mean that clients are looking for safe havens for their money and they’re looking for ways of insulating their finances from the worst effects of external circumstances. We find that during times of economic challenges, there is a real focus on wealth.

“But, there’s also a common misconception that financial advice is only useful when you receive an inheritance, a windfall or have a lot of extra money but crucially, we can help you maintain control of your money during the hard times.”

Testament to this is the recently rebranded practice’s expansion during Covid-19 when more and more individuals and businesses sought airtight advice that would safeguard their wealth during the pandemic and beyond.

“You may think that it’s only worth talking to us if you have a specific goal in mind, such as early retirement, or after a big financial event such as divorce or receiving an inheritance, when you have a large sum of money to manage. Although that’s part of our role — and these are all key moments when good advice is important — in reality, we can help you tackle a whole range of money-related issues,” continued Mr Finlay.

A product portfolio St James’s Place services is delivered by a close-knit team of advisers and support staff who are linked in with the London-based wealth management giant, which manages some 900,000 clients and £142.3 billion in funds.

“Our clients have been investing in St James’s Place products for quite a number of years and we’ve no hesitation in recommending them to those we’re advising. In a turbulent marketplace, their funds are some of the best performing,” Mr Finlay stated.

He adds the current cost-of-living crisis poses a threat to achieving financial well-being saying: “Although some are more insulated than others, the impact of high inflation, energy bills, interest-rate rises and other economic challenges have become widespread”.

“Despite the 80% rise in the energy price cap now being cancelled with the introduction of the energy price guarantee, prices will still increase for many who will already be feeling the squeeze from previous rises and financial pressures look set to continue. Smart planning can help you retain control,” he added.

“We’re here to help you with all aspects of money management — including the more complex, where we can provide real value. Talking about how difficult things are, or how worried you are, is the first step to feeling better about it.

“The challenge today is that some of these best-laid plans fall apart. This can be either because people’s incomes are so stretched they cannot keep up with commitments such as pension contributions or savings, or because people actively stop working towards their goals out of fear of what’s ahead — it’s a mindset of battening down the hatches.

“We spend every day creating specific, actionable plans to help people reach their aims, based on realistic calculations of how much they’ll need. We can tweak and fine-tune these so that people who may feel they cannot afford to save for retirement, for example, or keep up their financial commitments, are able to do so.”