The Cumbersome Nature of Modern Financial Housekeeping

28 Oct 2024 | Articles |

Financial Planning has come a long way. Today, investors have tools and resources that make managing money easier than ever: online access to caring Financial Advisers, low-cost options for Investments, digital signatures, and global portfolios without upfront fees. All of these advancements make Financial tasks more efficient and practical. But while managing Finances has become simpler in some ways, the reality is that the paperwork and administration involved have only increased.

Financial Housekeeping can often feel like a job in itself, with forms, questionnaires, and compliance checks stacking up year after year. For instance, a client recently told us about filling out a risk assessment form for their three-year-old—an extreme example, perhaps, but a sign of how far Financial administration has come. Today, annual “Know Your Customer” (KYC) updates and intricate “source of Wealth” forms have become routine. Yet, these processes often seem disconnected from real life, missing the personal details that truly matter to you and your Financial goals.

Thankfully, you don’t have to handle this maze of paperwork on your own. Your Financial Adviser is here to help cut through the complexity, offering clear support in three crucial ways.

Firstly, we make sense of all the forms and requirements. By breaking down what’s necessary and what isn’t, we help clients understand each step, so the process becomes clearer and more manageable.

Secondly, we look out for your security. As phishing scams and fraud become more common, especially for older clients, our role is to help you spot potential risks and avoid these threats.

Thirdly, we lighten your load by taking care of many of these tasks on your behalf, helping you avoid unnecessary paperwork and saving you time and stress.

Managing personal Finances today may look like navigating a maze, but we’re here to guide you. We want you to enjoy the benefits of modern Financial Planning without feeling buried under the growing burden of administration.

At Penguin, we are dedicated to simplifying the Financial Housekeeping so that you can feel confident and at ease in your Financial journey. By helping you cut through the red tape, we give you back the time to focus on what’s important to you and your family.