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Help clients afford financial necessities

A recent report by financial comparison website indicates that it is worth remembering the old adage – look after the pennies and the pounds will look after themselves.

Most of us take note of our big purchases but what about all the little things?

We can be forgiven for allowing ourselves a treat now and again – the occasional Starbucks coffee probably does us more good than harm.

But when treats become daily occurrences bank balances start to suffer. Without realising it, a 2 cuppa could spiral into a 450-plus annual bill.

If financial advisers talk to their clients about how and where they spend small amounts of cash regularly, they can show them how much they are frittering away.

Clients can be shown how cutting back on small purchases could put them in a position to afford important financial outgoings such as making their mortgage repayments more quickly or protecting themselves against life’s risks.

A non-smoking 35 year old female could afford 100,000 worth of life cover for around 7.69 a month just by cutting out her daily coffee habit, and pocket hundreds each year.

Whatever your clients’ little luxuries are – coffee, chocolate, a pre-packed sandwich or the obligatory Friday night drinks after work – they all add up.

Advisers can help clients cut back on non-essentials so they can find enough money to spend on protection, which is a necessity.


The Last Post?

Sad days all round as I, like the rest of Cobalt’s brilliant staff, have just been made redundant as the company has been put into administration.

The savvy consumer

In last year’s FCA thematic review of the mortgage market, one of the key things highlighted was the “savvy consumer”. That’s the client who comes in the door with a very clear idea of what they need and expect you to get them it. They don’t think they need advice, they have after all consulted […]


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