One of the things financial advisers are confident about when working with most clients is the fixed income their client receives each month. But it becomes a bit more complicated when your client doesn’t have that certainty, specifically freelancers who have irregular, lumpy income.

Working with freelancers starts with understanding why they went freelance in the first instance. In most cases it wasn’t for more money. It was so they could have a better work-life balance, flexibility over the work they do and embark on something they love. This is exactly what financial planning looks to achieve, so freelancers should be our ideal clients.

However, even when we understand what the client is trying to achieve and are clear on their dreams for the future, we still don’t know exactly how much money is available that year, let alone over the next few years. This uncertainty makes financial planning for freelancers challenging.

So how can we deal with this variable income and the fact that elements of ‘traditional’ financial planning strategies may not be appropriate for freelancers?

This blog is written for Voyant. To see the full article please click here.