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This article contains both editorial content by Edinburgh Business and Lifestyle and paid content contributed by 7IM
When you have a busy life, it’s all too easy to put financial planning on the back burner.
But if you have a job or a business, a family, a pension, savings and property, it could be helpful to take a look at the ‘big picture’.
After all, you know that you want to retire comfortably, pay off the mortgage and also to live the life you want to live now.
You also know that you need to review your financial objectives in more detail, identify specifically what you want to achieve, and plan how you're going to do it – but life gets in the way – or you feel overwhelmed at the thought of crunching the numbers and unsure where to begin.
In the meantime, though, there could be financial changes and challenges on the horizon, that will need attention – and potentially advice too.
Recent research by the Financial Conduct Authority shows that 8.6 per cent of people took regulated advice last year, mainly from financial-advice firms, such as independent financial advisers. According to the survey, most said the advice they received was clear and understandable, and that they had confidence in it.
A 2024 study by Edinburgh-based financial research and communications consultancy, the lang cat, also revealed that 91 per cent of people who have paid for financial advice found it helpful.
We spoke to Andy Bolden, financial-planning director at investment-management and financial-planning firm, 7IM, in Edinburgh, who shared his thoughts on what to consider, when you know you need to plan but don’t know how or where to start:
Financial goals Sponsored
“Start by understanding your present position. Do you have surplus income each month? What debt do you have (if any)?
As a general rule, consider paying down credit card or personal-loan debt before investing. Not all debt is bad, but expensive debt can be harmful to your long-term goals.
Also, what are your goals – not just money goals, but life goals for you, your family and loved ones – and perhaps for your business too?
Think these through and then you can work backwards to the present day. After this, consider financial modelling with a qualified adviser – this is a great and visual way to help understand the task ahead. An adviser can help bring some emotional intelligence to your goal setting, which you won’t get from an app, ChatGPT or other AI tools.
Pick just one or two goals to work on immediately. Trying to reach too many at once can make it harder to focus, but achieving one or two shorter-term goals can bring satisfaction and a willingness to repeat the exercise for longer-term ones.
Cash is king for short-term (up to five years) goals, but don’t just accept standard interest rates from your high-street bank – look around and you can benefit massively. For the longer term, you should look at investing. Again, there is lot of knowledge in the adviser community that can help direct you and manage or monitor progress with you over time.
If early retirement is on your radar, then you’ll need to start planning for it as soon as possible. That way you can start by committing smaller amounts and seeing the benefit of compound growth over time.
Be prepared to ‘stress test’ your planning and consider worst-case scenarios. Ask yourself what financial impact it could have if you die or get seriously ill. What does that mean for you or your family? A good adviser will challenge you on these topics, based on experience of working with similar clients, then suggest options to help you protect your family and goals.
Are you self-employed or a business owner? Don’t neglect your personal finances. Business success and personal finances are inextricably linked, but you will have different goals for the business than for you and your loved ones, and they each deserve their own focus.
Tax is becoming even more complicated to navigate, and consequences are becoming more severe if you get it wrong. I don’t mean penalties from HMRC, but ignoring available tax allowances, tax reliefs or tax-efficient savings and investment can wipe tens of thousands of pounds or more off your wealth over time.”
More about 7IM
At 7IM, we want to deliver an unrivalled experience for all our clients – whether that’s
individuals, families or businesses.
For our private-wealth clients, it all starts with understanding the client, their family and their goals and then creating a bespoke financial plan designed to help them achieve financial freedom.
We use cutting-edge technology to help make things simple and clear, but what really sets us apart is our real, honest, human service. There are no automated helplines or chatbots. You’ll always talk to a person.
Today, from our offices in Edinburgh and London, our team of approximately 600 talented people are entrusted to manage approximately £26bn (as at December 2024) for a range of clients, including individuals and families, financial advisers, corporates, charities and trustees.
In January 2024, Ontario Teachers’ Pension Plan, a global investor with net assets of $255.8bn (as at June 30 2024), acquired a majority stake in 7IM.
In May 2025, Partners Wealth Management, part of the 7IM Group, announced the acquisition of Johnston Carmichael Wealth, a highly regarded wealth-management arm of Scotland’s largest independent accountancy and advisory firm, Johnston Carmichael LLP, to further enhance the group’s presence in Scotland.
Please note that this article is intended for educational purposes only and should not be
taken as investment advice. Any reference to specific instruments within this article does not constitute an investment recommendation. You should be aware that the value of investments may go up and down and you may receive back less than you invested originally. Tax rules are subject to change and taxation will vary depending on individual circumstances.
Image: Andy Bolden, 7IM
