Following Financial Planning Week we spoke to three advisers to find out what they had learned from offering CISI-sponsored free taster sessions to consumers...
As every year, the Chartered Institute for Securities & Investment (CISI) encouraged advisers to get involved in the annual week-long industry event by signing up to give free one-hour money management sessions normally worth up to £500.
More than 40 firms participated in this year's event, which ran from 8-12 May.
Here three advisers share their findings from the week…
‘Most successful Financial Planning Week to date'
Mazars Financial Planning CIO David Baker: "This year was our most successful Financial Planning Week to date, with over 130 enquiries coming in via our corporate clients, press coverage, and social media campaigns.
"Many enquiries related to pension freedom options, with individuals concerned that they may not fully understand the rules and tax aspects of the latest legislation.
"Aside from technical help, many consultations were with individuals planning specific lifetime events such as a house purchase or retirement.
"Use of cash flow planning in these consultations helped to quantify these objectives within the context of each individual's financial circumstances and identify possible barriers to success."
‘People didn't realise financial planning is about much more than money'
Informed Choice managing director Martin Bamford: "It felt like a very successful week. We published five special podcast episodes which were incredibly well received, with more than 2,000 downloads to date.
"During several conversations with new clients, the most common comment was that they did not realise that financial planning was about so much more than money.
"One lady was particularly surprised that we paid so much attention to what she wanted out of her retirement, as she had expected the meeting to focus solely on the value and nature of her various pension benefits."
‘Mixed bag of demographics'
Cervello Financial Planning Chartered financial planner Sam Whybrow: "We had 15 attendees for the sessions, with the youngest person aged 22 and the oldest attendee at 65 years old.
"It was a real mixed bag of demographics, ranging from business owners, solicitors, investment bankers and trainees in law.
"Attendees were mainly people who had a lump sum of money but who didn't yet have a plan. There was nothing terribly surprising, many hadn't planned life goals or thought about an emergency fund.
"Though it was surprising to see how young some of the attendees were, with some looking into the Lifetime ISA (LISA), debating whether to save money for a house or for their pension."
According to CISI the week had been a success. The body had received more than 300 calls and 600 emails from consumers, with many more reportedly sent directly to firms.
The organisation said in particular the week had highlighted the strong demand for guidance from consumers.
The chairman isn’t answering his email
Reforms not enough
An economic cocktail
To encourage consumers to shop around
Will report to Pat Shea