Forces MoneyPlan offers free confidential guidance

Effective and relevant Member support is at the heart of what Blesma seeks to deliver. Our team of Blesma Support Officers provide advice and assistance on the War Pension and Armed Forces Compensation Scheme, as well as on a whole range of other allowances including disability and sickness benefits, out of work benefits, and carer benefits.

However, some of our Members require more general financial guidance to ensure their long-term financial security and wellbeing. Depending on individual circumstances, this might involve help in clarifying where personal or family finances stand today, where they need to be in the future, how best to deal with any urgent financial matters, and how to deal with any financial shocks in the future (e.g. illness, investment losses, debt or bankruptcy).

As a result, since 01 July 2018, a free financial guidance service called Forces MoneyPlan, which is delivered by a professional financial adviser and member of The Personal Finance Society, has been made available to Blesma’s Members, Widows and carers.

WHAT EXACTLY IS FORCES MONEYPLAN?

Most professions offer ‘pro bono’ (free) services to certain groups of people. Forces MoneyPlan offers Forces MoneyPlan offers free confidential guidance a free, no obligation, entirely confidential one-off meeting with a fully qualified, professional financial adviser who has agreed to give up their time to provide generic financial guidance to help Blesma Members and their families identify and understand their financial position based on their specific circumstances.

It aims to help Members make better informed decisions about their financial options and to show them how best to plan their finances. The meeting can be conducted face to face, over the telephone or via Skype depending on preference.

After the meeting, a personalised ‘Options and Priorities’ written report summarising key points discussed will be issued by post or email. At this point, any decision about further contact with the financial adviser is placed firmly in the Member’s control and they will not be contacted again by this, or any other financial adviser associated with the Personal Finance Society unless they specifically request it.

WHAT IS GENERIC FINANCIAL GUIDANCE?

Most of us don’t differentiate between information, guidance and advice in our daily lives, but there is an important distinction when it comes to financial matters. ‘Generic Financial Guidance’ is intended to provide general information on the range of options, helping the recipient narrow down choices and make better informed decisions for which they are ultimately responsible. It tells them what they ‘could’ do.

It will not tell them what they ‘should’ do or which product to buy – that’s what Regulated Financial Advice is. If Regulated Financial Advice is what is needed; to help identify and source an appropriate investment fund or financial product, for example, then it will need to be paid for as an additional service provided at a subsequent meeting. The important point to appreciate is that during and after the initial guidance session, you will be under no pressure whatsoever to do so.

SOME EXAMPLES OF HOW GENERIC FINANCIAL GUIDANCE MIGHT HELP

Generic financial guidance can:

1. Ensure greater control over your day-to-day finances (including debt)

2. Help you build a financial plan for the future

3. Help you understand how best to manage your finances in general

4. Help you to make informed choices as to the advantages and disadvantages of the many different types of savings, investment, pension or protection products available

5. Help you understand retirement income options available based on your existing pension scheme/s

6. Help you understand how much risk you are comfortable (and able) to take when considering what to do with your money

7. Help you identify financial planning opportunities that you might not be aware of and want to consider

8. Make you aware of financial exemptions that may apply to you (for example, the circumstances by which (ex) Service men or women can secure complete exemption from Inheritance Tax on death)

9. Help you understand how ‘Personal Injury Trusts’ work and their relevance to you

10. Answer questions about financial matters in general, stemming from events such as approaching retirement (age 55+), buying a home, starting work/changing jobs, having a baby/starting a family or redundancy/illness/disability/ negative life events

11. Help you navigate the complexities of sourcing and funding care (via local authorities and/or the NHS)

12. Where you are a self-funder (responsible for some or all of your care fees), help you understand the different ways you might pay, and the advantages and disadvantages of each

For this service to be of value, you don’t need to have significant assets, money to invest or have a given level of income – the consultation is free regardless of
your current financial position. However, if you do have money to invest or are looking for advice about financial actions you should take, it can help you understand
whether and how you might benefit from Regulated Financial Advice without any commitment or feeling of obligation to take matters further.

WHAT IS THE PERSONAL FINANCE SOCIETY?

The Personal Finance Society (PFS) is the professional body for the UK financial planning profession, with more than 35,000 members made up of financial
advisers and support staff. It is not a trade body, and as such doesn’t represent the interests of its members, but encourages the highest professional standards
through ensuring its members undertake rigorous qualifications, continuing professional development, and operate under a strict code of ethics.

The PFS also operates under a Royal Charter that was awarded by the Monarch in 1912 and ensures the purpose of the PFS is to ‘secure and justify the confidence of the
public’. On the back of Forces MoneyPlan, the PFS has signed the Armed Forces Covenant which has been formally registered by the Ministry of Defence.

HOW DO I FIND OUT MORE OR REQUEST A MEETING?

In the first instance, get in touch with your Blesma Support Officer who will explain how you can take advantage of this service and what to do next.