Financial planning vs financial advice: which do you actually want and need?
In the first of a two-part interview, rockwealth’s Head of Client Education Robin Powell speaks to Hetty Hyde-Durrant, our newest financial planner, about her journey from fund operations to comprehensive financial planning and why the distinction between planning and advice shapes everything about how she works with clients.
When Hetty Hyde-Durrant joined
rockwealth as a financial planner earlier this year, she brought with her a clear philosophy: you cannot give proper financial advice without first completing comprehensive financial planning. It's a distinction that might sound academic, but it shapes everything about how she works with clients.
"I call myself a financial planner, not a financial adviser," says Hetty, who recently achieved the qualifications to become a Certified Financial Planner
TM professional and won a
CISI award for academic excellence. "I don't believe you can give financial advice without doing a full financial plan. Very rarely should you do one without the other."
Understanding what you want
The difference starts with goals. Most people have a vague sense they'd like to retire comfortably, but few have thought deeply about what that means.
"A lot of people have never really sat down and thought about their goals," Hetty explains. "They might think, 'I'd like to retire,' but when? What does retirement look like? Does that mean treating your family to a big holiday every year, or a much quieter life?"
This goal-setting process is where
financial planning begins. Without it, any investment recommendation is built on shaky foundations. It's the difference between being sold a product and receiving genuine advice tailored to your circumstances.
Cashflow modelling shows the bigger picture
At the heart of proper financial planning sits cashflow modelling: sophisticated software that maps out your financial future under different scenarios. Hetty describes it as both a planning tool for advisers and a visual aid for clients.
"It's crucial for showing clients 'you are going to be OK', but equally for having those delicate conversations where you say 'you might not be OK if you carry on this way'," she says. "You can show them the impact of making small changes — maybe not changing the car for five years instead of three could have a big impact in the long run."
This visual approach helps clients understand complex trade-offs. The software can model everything from the impact of early retirement to the effect of different spending levels, giving people confidence in their decisions.
Planning for everyone, not just investors
One of Hetty's strongest convictions is that financial planning shouldn't be limited to people with investable assets. Too many advisory firms only get paid when products or investments are recommended, creating what she sees as a fundamental conflict of interest.
"You're missing a whole group of people who can benefit from planning where investments aren't the right outcome," she says. "In the same way you would pay a solicitor or accountant for the work they do, it makes sense for financial planners to charge for the time and expertise we provide and not just for the products or investments that are implemented."
This planning-first approach means some clients receive valuable advice about budgeting, protection, or pension planning without needing any investment products at all.
The evidence-based foundation
When investments are appropriate, Hetty favours an
evidence-based approach that puts academic research ahead of market predictions or active fund management.
"I'm not at all convinced active management is worth the fees," she says simply. This philosophy extends to how she communicates with clients during market volatility: education upfront means fewer panicked phone calls when markets wobble.
"A lot of my clients won't ring when markets wobble because we've educated them that investments are for the long term and, in the short term, they will go up and down. Even when clients had growth of 14-15% over certain periods this year, I'd jokingly remind them I'd be mentioning this in future years when markets fall!."
The reward of good planning
Perhaps the most satisfying part of Hetty's role is telling clients they can afford to retire. "It's really empowering for them because they now know they can choose to work rather than having to work," she explains.
One client summed up the impact perfectly in an email: "I went to the cinema on a Tuesday." It's a small thing, but it represents the freedom that comes from financial certainty.
The distinction between financial planning and financial advice might seem subtle, but it fundamentally changes the relationship between adviser and client. Planning puts your goals first; advice that isn't grounded in comprehensive planning risks putting products first.
If you'd like to experience the difference that proper financial planning can make,
get in touch to discuss your situation with our team.
Next time: In part two of our interview, we explore Hetty's career path into financial planning, her thoughts on routes into the industry, and what she enjoys most about helping clients achieve their goals.
