Financial Planning Fundamentals: What, Who, and Why?

Financial Planning Fundamentals: What, Who, and Why?

Welcome to “Financial Planning Fundamentals,” a four-part series from Tanager Financial Planners designed to help you grasp the fundamentals of financial planning. In this series, we’ll break down the essentials of effective financial management, starting with our first insight titled “The What, Who, and Why of Financial Planning” Each insight aims to provide clear, actionable guidance to enhance your understanding and approach to financial planning.

What?

What is the first thought that springs to mind when you encounter the phrase ‘financial planning’? ‘I wish I’d done that in 1968’, half-jokingly.  ‘Savviness’ was a cute one, along with the more predictable ‘money’, ‘cashflow’, ‘investment’, ‘savings’, ‘balance sheet’, ‘budget’, etc.  ‘Suits’ and ‘fees’ also got a look-in.

Elementally, any form of planning is the process of strategizing, with the objective of gaining a degree of control or influence over future events and situations.   As businesses, families and individuals marshalling our financial resources, people analyse where we are and what we have now, identify our hopes, fears and desires for the future, and implement actions designed to most efficiently negotiate the obstacles and opportunities on the road ahead.

Who?

Everyone has a financial plan, whether they know it or not: the CFO swamped in school fees and spreadsheets; the young worker striving to ascend the property ladder; the doting grandparent hoping to improve the life chances of children perhaps yet to be born.  Working to earn a salary implies an intention to accrue resources and probably fund expenditure; placing money in a savings account for a rainy day is a strategy to mitigate against possible crises or shortfalls.  Each of these simple examples is a future-orientated action and illustrates the point that financial planning is integral to many of our most fundamental decisions and routines.  Everyone has a plan, but the key variable is the degree to which the plan is a conscious, controlled process: do you identify clear goals and take careful, measured steps towards them? Do you make a vaguely hopeful swipe in a generally desirable direction, or do you just close your eyes and hope for the best?

Why?

As wealth managers and financial planners, we are very much of the ‘clear goals and measured steps’ persuasion.  The benefits of a structured, disciplined approach to financial planning are myriad.  The most obvious upside is that resources are deployed efficiently, with ongoing attention to improving returns and minimising costs and taxes, increasing the likelihood of achieving desired goals.  Another clear advantage to robust financial planning is that provision will be made for times of adversity, meaning that the financial impact of some of life’s inevitable slings and arrows should be minimised, or at least reduced.

There are also some less obvious advantages, however, such as the peace of mind wrought by a job well done.  One of the biggest sources of stress or concern for many people is fear of the unknown, and robust ongoing financial planning will involve looking ahead with an expert eye and anticipating problems, helping to reduce the realm of the unpleasant surprise.  Of course, no plan can mitigate against all eventualities and life remains full of surprises, both pleasant and otherwise; however, a good plan will provide ongoing reassurance that what reasonably can be done has been done, or at least considered.

To conclude more positively, it is often the case that ongoing financial planning will reveal unforeseen opportunities.  These are less likely to be ‘Eureka!’ bolts from the blue, however, than the gradual shifting and emergence of new objectives that develop and mature in alignment with the life stages of a financial plan: what people want at 60, for example, is often very different from what they envisage at 30.

Whatever the situation, 1968 has been and gone, and there is no time like the present for seizing control of the future.

Disclaimer:

This is not advice or a recommendation. You should consult with your tax attorney and accountant to determine whether any of these actions are appropriate in your circumstances.

Certain investments carry a higher degree of risk than others and are, therefore, unsuitable for some investors. Past performance is not a reliable indicator of future results. The value of investments, and the income from them, can go down as well as up, and you may not recover the amount of your initial investment.

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Abbas Somji

Abbas Somji

PARTNER AND FINANCIAL ADVISOR

Abbas moved to London in early 2018 to be with his British wife. Born in the United Kingdom and raised in Botswana, Abbas then migrated to Houston where he attended University. He began his professional career at an RIA in Houston and holds the Series 65 license and US CFP® . He brings with him a decade of experience in advising High-Net-Worth clients and business owners. Abbas is a Partner and Advisor and ensures he’s helping clients navigate the complicated world of being an expat in the UK. He particularly enjoys providing clients with the clarity and confidence to pursue their financial goals. A sports enthusiast, Abbas enjoys conversing about and playing soccer/football and attending Liverpool matches.

Read more… Abbas Somji, Beyond the Bio

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Alistair Jackson

FINANCIAL ADVISOR

Alistair joined the team at Tanager in 2019 following his completion of an MPhil in English at the University of Cambridge as a John Crook Scholar. With three years of experience working across our Investment and Financial Planning teams, Alistair transitioned to the Advisor Team in January 2022. His time is now focused on the production and implementation of robust planning and investment strategies for our clients on either side of the Atlantic. Outside of the office, Alistair’s time is divided between exploring East London’s many food markets, spending time with friends and family, and travelling abroad.

 

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Angela Lloyd-Read

FINANCIAL ADVISOR

Having worked with private clients for almost 25 years, Angela has helped a diverse range of clients improve their financial well-being. A Chartered Financial Planner and Fellow of the Personal Finance Society, she is passionate about the importance of relevant and ongoing financial planning, and the difference it can make to the lives of individuals and families alike. As a member of Resolution, she works with solicitors and mediators to improve financial outcomes for clients going through divorce or separation. By communicating complex ideas simply and setting out clear priorities, Angela allows clients to concentrate on their other concerns at this time. In her free time, Angela enjoys exploring London’s museums and galleries and being creative in the kitchen for the benefit of friends and family.

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David Costello

PARTNER AND FINANCIAL ADVISOR

David arrived in the UK on New Year’s Day 2014 and brought with him fifteen years’ experience advising private clients and business owners. He attained the U.S. Certified Financial Planner designation in 2007. David specialises in building financial plans for UK based households that include US taxpayers and is tirelessly committed to helping Tanager clients maximise their wealth and achieve their stated goals and objectives while navigating the US/UK tax and investment landscape. David is a Non-Hodgkins Lymphoma survivor and is active in volunteering and fund raising for the support toward the treatment and eradication of blood cancers.

Read more… David Costello, Beyond the Bio

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Gail Hamilton- King

FINANCIAL ADVISOR

Gail joined Tanager in 2021 as a financial advisor with more than fifteen years of experience in senior investment banking and management consulting roles at Morgan Stanley and Deutsche Bank. She enjoys leveraging her financial experience to make a tangible difference for Americans living in the UK by helping to manage their complex finances globally. Gail moved to the UK from Chicago to complete an MBA at London Business School. As a dual UK/US family living in west London, she understands the challenges our clients face.

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Ieuan Martin

FINANCIAL ADVISOR

Ieuan joined Tanager in January 2023 to continue his career in wealth management and provide client solutions for families across the UK and the US. He has a strong background in finance, having spent 3 years as a Financial Planner after graduating from Newcastle University with a 2.1 degree in Economics and holds the Series 65 license, the CFA Investment Management Certificate (IMC), and the Diploma in Regulated Financial Planning (CII). A keen student of history, Ieuan spends his weekends either reading or watching his beloved Newcastle United.

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James Painter

ASSOCIATE FINANCIAL ADVISOR

After graduating from Oxford Brookes University in 2018 with a 1st Class Honours in Accounting & Finance, James spent 9 months traveling the United States and Australia before returning to the UK in 2019 to embark on his career in Financial Planning.  Since then, James went on to obtain the coveted (CII) Level 4 Diploma in Regulated Financial Planning in 2022, and more recently, in May 2024, joined Tanager as an Associate Financial Advisor where he will be working closely with the Senior Advisors to support them and their clients with their financial planning. James loves all things exercise-based outside of work, including running, football, snowboarding, and everything in between.

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Kristopher Heck

MANAGING PARTNER

Kristopher has lived in London since 2007 and combined his ten-plus years of experience in the Institutional Asset Management Industry in the US and Europe and personal experiences as an expat to found Tanager. A founding partner and Chief Investment Officer, Kris has been a guest lecturer at the London School of Economics and has particular interest and experience in portfolio efficiency – encompassing tax, cost, and the optimal risk budgeting of a client’s assets. Kristopher is an avid fan of the Baltimore Orioles and enjoys going back to Maryland whenever he is able to.

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Kyle Pettigrove

PARTNER AND FINANCIAL ADVISOR

Kyle is a Certified Financial Planner ™ (CFP ®) and joined Tanager in London in 2016 having moved to the UK with his fiancée. A US/UK dual citizen and Philadelphia native, Kyle previously worked as a financial advisor in the US specializing in retirement planning. Now spearheading Tanager’s stateside office in Philadelphia, Kyle brings both relevant personal and professional experience to his role and covers the areas of pensions for US residents, British expats and transatlantic families living in the US. Outside of his work life, Kyle is an avid traveller and craft beer enthusiast.

Read more… Kyle Pettigrove, Beyond the Bio

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Patrick Mulhern

PARTNER AND FINANCIAL ADVISOR

Born and raised in New Hampshire, Patrick moved to Scotland at seventeen to study at the University of St. Andrews and has been picking up knowledge of life on both sides of the Atlantic ever since. A Partner and Financial Advisor, he specializes in complex planning for high-net-worth clients, international estate planning and inheritance issues. Prior to working in Financial Planning, he worked for a trust and estate law firm and co-wrote the book Estate Planning to Die For. Patrick lives in Sussex with his wife and children. He gets back to New England as often as possible and is one mountain short of having hiked all 4,000 Footers of the White Mountains.

Read more… Patrick Mulhern, Beyond the Bio

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Susan Blaylock

FINANCIAL ADVISOR

Susan joined Tanager in 2019 upon moving to London. She is a Financial Advisor and has over a decade of experience in the financial services industry, mainly as a CPA. What she loves about financial planning is the opportunity to help people understand and achieve the financial goals that are most important to them. She enjoys the challenge of working with the complex situations of US expats. Susan shares Tanager’s philosophy of developing strong relationships with clients and gaining a deep understanding of their financial situations and life goals. Outside of work, Susan enjoys exploring, including hiking in the Alps, canyoning, kayaking London’s canals, cycling, and spending time with friends and family.

Read more… Susan Blaylock, Beyond the Bio

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Tori Bown

FINANCIAL ADVISOR

Tori joined Tanager in May of 2022 after moving to London in late 2021 to join her English Husband. Prior to joining Tanager, Tori worked in Dallas, Texas for a large wealth management firm for over five years where she specialized in financial planning for high net worth clients. As a Certified Financial Planner ™ , she’s developed a holistic approach to wealth management that incorporates all aspects of a person’s financial life. Tori enjoys helping clients define and achieve their financial goals by enabling them to put context around their finances.

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