🚨 What’s Stopping You? 10 Financial Planning Myths Debunked

Uncategorized 4 Minutes

This is when the penny drops.

You feel it, don’t you?

The industry is changing. The clients are changing. You’re changing. And yet, something holds you back from making the shift—from Piscean financial adviser to Aquarian financial planner.

Let’s bust the myths and break through the mental hurdles keeping you trapped in an outdated model. The future is here. The question is: what’s stopping you?

“Human beings interpret change in different ways—some through logic and evidence, others through intuition, cycles, and symbols. What follows may not resonate with everyone, but for many, the transition from the Age of Pisces to the Age of Aquarius offers a compelling lens to understand what’s unfolding in finance, politics, and society. Whether literal or metaphorical, it helps explain why the systems that once felt solid are now crumbling—and why new paradigms, grounded in transparency, empowerment, and collaboration, are taking shape.”

1. “I still have debt from buying my book of business.”

You think you need to clear that debt before changing direction because of the FCA’s “fit and proper” rules. Here’s the truth:

Financial planning is outside the FCA regulatory perimeter.
There is no “test” to pass to become a financial planner.
You can’t take on a new regulated adviser role without passing the threshold conditions—but you absolutely can operate as a financial planner.

2. “I can’t use my professional titles without an SPS.”

False.

Even without an SPS (Statement of Professional Standing), Chartered or Certified Financial Planner™ titles are yours to use if you remain a member of your professional body and operate as a financial planner.

SPS is only required for giving regulated advice—not for planning.

3. “Clients won’t pay for financial planning and advice.”

Wrong again. The Vanguard Adviser Alpha study proves it:

All the value—yes, all—comes from financial planning, not product advice.

And holistic planners do far more:

  • Cashflow forecasting
  • Advice on savings, property, pensions, businesses
  • Human capital strategies (career, income, sustainability)
  • Whole-person wellbeing
  • Life planning and personal growth

A financial adviser is transactional.
A financial planner is transformational.

And guess what? Clients will pay for transformation—especially when it’s explained clearly.

4. “Planning pays less than advising.”

Yes, hourly rates are typically lower:

  • IFA: ÂŁ175–£300/hour
  • Financial life coach: ÂŁ75–£200/hour

But here’s what no one tells you:

Compliance eats up to a third of your gross profit in regulated advice.
Unregulated planning? Higher margins, fewer overheads. Net profit wins.

5. “Advice fees are more tax efficient.”

It’s true that regulated advice fees can be deducted from tax-efficient wrappers.

But the compliance cost of that tax efficiency?

  • PI insurance
  • Regulator levies
  • Network fees
  • Admin burden

Sometimes you save tax…
Only to lose profit.

6. “Recurring income is more reliable in advice.”

Perhaps once. But that model is now under scrutiny.

Lazy income is a legal risk.
Commission-based % fees are being challenged.

Meanwhile, financial planners are embracing:

  • Subscription models
  • Long-term planning cycles
  • Lifetime client journeys

Recurring income? Yes.
But with empowerment, not dependency.

7. “Operating outside the perimeter is too risky.”

Let’s flip that:

Inside the perimeter, the conduct risk is higher.
Why? Because clients delegate decisions to you, and you carry the liability—forever. No longstop.

As a planner:

  • You empower.
  • You don’t cross the advice line.
  • You protect your integrity and your peace of mind.

8. “No one’s heard of unregulated financial planners.”

On the contrary—we’re everywhere.

ICAEW’s Personal Financial Planning community has:

  • 37,000 UK members
  • 240,000 globally

That’s more than most adviser bodies.

This isn’t uncharted territory—it’s just underreported.

9. “I can’t do both planning and advising.”

Yes, you can—with clear boundaries.

Wear two hats:

  • One for planning (outside perimeter)
  • One for advising (regulated)

With proper Chinese walls and clear client communication, you stay compliant and flexible.
Seminars, lead-gen, life planning—then advice later. Clean. Clear. Legal.

10. “I don’t want to trade time for money.”

And you don’t have to.

Financial advisers are stuck in one-to-one models.
Financial planners scale.

Offer:

  • Done-for-you
  • Done-with-you
  • Done-by-you services

Courses. Communities. Subscriptions. You can:

  • Serve thousands
  • Productise your wisdom
  • Earn while you sleep

So, What’s Stopping You?

The boomers are retiring. The next generations—Gen X, Y, Z—want empowerment, not delegation.

They don’t want a gatekeeper.
They want a guide.

The future of finance isn’t intermediated. It’s inspired.
It isn’t regulated advice. It’s personal transformation.

This is your chance to lead the shift. To move from old world to new age. From commission to consciousness. From compliance… to calling.

Protect your legacy. Reclaim your freedom.
The time is now.

Join Our M-Power Movement

Our Strategy:

  • Vision, not critique.
  • Surgical, not sweeping.
  • Stories, not slogans.
  • Accountability, not lost.
  • Alternatives, not arguments.

What’s in it for you?

  • Empowerment: Learn how to manage your money and grow your wealth with confidence.
  • Entrepreneurship: Discover tools and support to turn your ideas into thriving businesses.
  • Community: Connect with like-minded individuals and organisations dedicated to financial freedom for all.

How to Get Started:

  • Join Our Community: Access free resources, workshops, and networking opportunities.
  • Book a Call: Speak with an expert to explore how we can support your journey to financial independence.
  • Spread the Word: Help us build a global movement by sharing this vision with your network.

Together, we can redefine what financial planning means, transforming it from a service of dependency into a tool of empowerment. The M-Power Movement is not just about creating wealth; it’s about creating a fairer society where everyone has the opportunity to thrive.

Are you ready to take control of your financial future?

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