Looking ahead to 2023, as Financial Planners we must be aware of the opportunities and challenges that lie ahead in the world of Financial Planning.

But first, let’s go back to basics. Our clients may feel overwhelmed by the financial challenges they (and those they care about) are facing as a result of the cost of living crisis and rising inflation.

As Financial Planners, it’s important that we recognise and address the psychological impact that these financial pressures may have on our clients. One of the key ways in which we can do this is by providing them with the information, guidance, and support they need to understand and take control of their financial situation.

When we walk our clients through their financial plans, we have the opportunity to alleviate their fears and concerns by providing them with clear and actionable steps they can take to secure their financial futures. Even in difficult economic times, we can provide them with the assurance they require to stick to their plan.

Additionally, we can also help them to see the bigger picture, that history shows us that these economic challenges are temporary and that by keeping their focus on long-term goals and plans, they will be able to weather the storm and come out on the other side in a stronger position.

By providing our clients with a sense of control and empowerment, we can help them to feel more confident and optimistic.

This year presents many opportunities and challenges for Financial Planning.

As Financial Planners, we must stay informed and educated on the latest economic developments, not in an attempt to predict the future, but to ensure that we are mindful of the issues that might be affecting our client’s wellbeing. By proactively addressing these risks and opportunities, we can help our clients to have more financial peace of mind.

Now, more than ever, it’s time to take a closer look at our clients’ financial plans and make sure they are on track to achieve their goals.

• This article originally appeared in the Jan-Feb 2023 issue of Financial Planning Today magazine. Amyr Rocha Lima writes a regular column for each issue of the magazine. You can subscribe to the magazine by clicking on 'My Account' (once registered for the site) and choosing from the options available.

Amyr Rocha Lima is a Certified and Chartered Financial Planner and chairman of the CISI Financial Planning Forum Committee.