S5:E2 The impact of erring on the side of caution in the financial planning process

In this week's episode we talk to Robert Lockie CFP™, branch principal at Bloomsbury Wealth, about a phrase that I see written quite a bit in financial plans for clients; I am going to err on the side of caution. Robert is one of the most well respected Certified Financial Planner professionals in the UK.  He has been a long-standing CFP professional and has a reputation for his knowledge and expertise for all things technically related in the financial planning sphere.   There's not much this chap doesn't know about assumptions.  As you will hear in this episode, as the king of assumptions in the UK, we talk through the impact of this approach on the various financial planning assumptions and the pitfalls of taking various courses of action on the back of that.  We also talk about why you should get to know how to change the financial planning assumptions in the cashflow tools that you are using and why you should be revisiting the reasons for and numbers being used firm-wide on a regular basis. This episode is a must listen for both those going through their CISI level 7 financial plan assessment and all those using financial planning cashflow tools to give advice to clients. Robert's Bio:  Robert Lockie CFP™ Chartered Fellow (Financial Planning) FCSI, Investment Manager and Branch Principal at Bloomsbury Wealth. Robert Lockie has been an investment manager and branch principal at City-based Bloomsbury Wealth since 2005.   The firm works with a relatively small number of private client families and provides a financial planning-led wealth management service.  It is a member of the Global Association of Independent Advisors, an international best practice grouping of like-minded fiduciary firms and Robert is an ambassador for the Transparency Task Force, which aims to improve the standards of transparency in financial services.