Mumsnet users review Hatch Financial Planning Service

[EllieMumsnet]

This activity is now closed

This is the feedback thread for the 12 Mumsnetters who have been testing Hatch’s Financial Planning service.

Update: we have compiled Mumsnetters' feedback on this thread and created an overall review of the service, which you can read here

Here’s what Hatch has to say: “We’re on a mission to make financial planning easy and powerful for everyone (not just the well-off). We know parents think a lot about their money and life goals - whether it's property, meeting the costs of children, reducing work, planning for retirement or anything else. We’d like to show you how on track you are for your goals, and what you could do differently to afford them - whether that’s switching, budgeting, saving, investing, pensions, mortgages or protection. You’ll have your own Financial Coach - by telephone, email or web-conference - and access to our easy to use planning software.”

Testers please give your feedback on the service by answering the following questions:

• How did you find the service over all?
  
• Did your financial plan capture your situation and future goals? Do you think differently about your financial situation now?
  
• How helpful was your financial coach?
  
• How could they be more helpful to you and other parents you know?
  
• Would you recommend Hatch to a friend or family member?
  
• Will you continue to use your plan now that the trial has finished?
  

All testers who give the required feedback will be entered into a prize draw where one MNer will win a £300 voucher of their choice (from a list).

Thanks and good luck!
MNHQ

Standard Insight T&Cs apply

[MrsKnightley]

• How did you find the service over all?

I got DH to speak to them as he is off work with a dislocated shoulder and loves financial discussions - he thought the service was amazing! Shah was fantastic and very knowledgeable. It was very much led by us and very customer led. They listened carefully and each call was detailed and they spoke for just over an hour on 3 occasions but he would have offered more time, if needed- but our finances, pensions etc house and children were already sorted.

• Did your financial plan capture your situation and future goals? Do you think differently about your financial situation now?

Yes - we thought we were fairly sorted but now realised we need to save far more for retirement.

• How helpful was your financial coach?

He, Shah, was very helpful and made a lot of time for us and is clearly very well trained.

• How could they be more helpful to you and other parents you know?

No need. This is a really good service and we felt in good hands all the way through.

• Would you recommend Hatch to a friend or family member?

Definitely. I would recommend it to anyone. It is really good.

• Will you continue to use your plan now that the trial has finished?

It is now all sorted out but we would certainly use all their advice and go back to them if needed.

Thanks so much for this. I hate talking about finances - and DH loves it so he had a great time. It was really worthwhile and we both feel much more secure now.

[purplepandas]

How did you find the service over all?

I found it really helpful. IT was easy to make an appointment and Shah was very friendly and knowledgeable. I spoke twice for over 30 mins each time. Another option was offered to speak to a insurance cover specialist but I decided against this for time and various other reasons.

• Did your financial plan capture your situation and future goals? Do you think differently about your financial situation now?
  

Yes, were were focused on saving for retirement and paying the mortgage off to enable money for the children if they decide to go to university. I am very aware of the need to save more as a result of engaging with the Hatch process. I will be saving more as a result of this.

• How helpful was your financial coach?
  

Very helpful and friendly. Really focused on identifying what my goals were at the start of the process. Clearly very customer focused and the only complaint was a mix up with the time of the appointment (not my error) but these things are easily done. It was handled well!

• How could they be more helpful to you and other parents you know?
  

Overall this was great so there is little to say here. The only thing I can mention is to really listen to what people way when they are definitive about particular decisions (even if they do not seem sensible to the plan consultant). I was clear that I was not prepared to reduce the mortgage overpayment for other reasons and then received a plan suggesting this. I had to go back and reiterate that this was not an option for us.

• Would you recommend Hatch to a friend or family member?
  

Yes, obviously this would depend on price. The service was great though.

• Will you continue to use your plan now that the trial has finished?
  

Yes, I plan to revisit and certainly aim to save more post Christmas. The visuals of the plan are easy to follow and make sense.

[thatstoast]

• How did you find the service over all?
  

I thought the advisor was very good and asked pertinent questions to understand my goals and current situation. The 3 month plan that was set out was very useful as a quick 'checklist' of things to work on.

The main let down was when I was provided with a guide on current savings accounts and suggestions on what to do with current accounts. Some information was incorrect or there were terms and conditions which made it difficult to access the advertised rate. I lost confidence in the service at this point.

• Did your financial plan capture your situation and future goals?
  

Yes, definitely. My main goal is saving for retirement but plan b was providing financial support to relatives so the advisor provided a few plans based on different scenarios.

• Do you think differently about your financial situation now?
  

Not hugely but I think I am feeling more confident that I can make an impact my ability to retire 'early' (before State Pension age of 68) and it's not too late.

• How helpful was your financial coach?
  

The financial coach was very helpful and had some good ideas about how to make the most out of the situation. I thought he was realistic about earnings and I didn't feel that the service was just for wealthy people.

• How could they be more helpful to you and other parents you know?
  

I'm not sure how the service could be more helpful to parents as it is already personalised based on the individual's circumstances.

• Would you recommend Hatch to a friend or family member?
  

Probably not due to the overall cost per month.

• Will you continue to use your plan now that the trial has finished?
  

As above, i think I wouldn't due to the monthly cost and I can't see how the service would be that useful on a month by month basis. Also, due to the issue with misinformation around savings accounts.

[SillyMoomin]

How did you find the service over all?

Very friendly, easy going and made it seem as if I was just chatting to a friend as opposed to a “big scary financial planner”

• Did your financial plan capture your situation and future goals? Do you think differently about your financial situation now?
  

Yes, it did, it’s made me very aware of exactly what I’m paying put each month - hadn’t really thought about all the “£10 here and £10 there’s” but it’s put it into sharp perspective.

• How helpful was your financial coach?
  

Caspian was really good. He explained what was happening at each stage and what I needed to get done and was very patient with me when life (sadly) got in the way and I couldn’t complete one of the requests

• How could they be more helpful to you and other parents you know?
  

I think the only thing I’d suggest is narrowing down quicker what a parent wants to focus on. In my case it was pensions; I was pretty much set on everything else. We still did a fair chat though about other financial things first before moving onto pensions which took up a bit of time I don’t think was needed

• Would you recommend Hatch to a friend or family member?
  

Yes, I would, if they needed to focus their direction and get some advice

• Will you continue to use your plan now that the trial has finished?
  

I won’t, as the trial has shown me I need to cut down on expenses ironically!, but it was a great product

[MumOfTwoMasterOfNone]

• How did you find the service over all?

Good.

• Did your financial plan capture your situation and future goals? Do you think differently about your financial situation now?

Yes, although a little disheartening. I think some of it was a little negative given the information I had provided, but I was given chance to discuss further. I started the trial late and haven't had chance to discuss this yet.

• How helpful was your financial coach?

Very helpful, friendly and professional.

• How could they be more helpful to you and other parents you know?

Unsure.

• Would you recommend Hatch to a friend or family member?

Probably.

• Will you continue to use your plan now that the trial has finished?

Possibly not at the moment, but it's something I would consider in the future. I don't feel I have time to sit down and fully engage with it at the minute as it required a bit more input than I thought.

[Catmint]

• How did you find the service over all?

Not for me, really. I don't feel that I gelled with the adviser on the phone, and I found it hard to engage. I think a face to face service would be better for me. Also, my finances are joint with DH and I hated having to be the person who fronted up the discussions.

• Did your financial plan capture your situation and future goals? Do you think differently about your financial situation now?

I know I need to save more! But I kind of knew that already.

• How helpful was your financial coach?

He tried to be very helpful, but I found the language really off putting. 'Goals' etc. It made me feel as if I was in my annual appraisal.

• How could they be more helpful to you and other parents you know?

I don't know.

• Would you recommend Hatch to a friend or family member?

I would actually, as I think the issue was with me rather than the service. I recognise that I didn't give it much of a chance.

• Will you continue to use your plan now that the trial has finished?

I'm not sure.

[HermioneN]

• How did you find the service over all?
  

This is a good service. It encourages you to consider your financial situation holistically and in the long term.

• Did your financial plan capture your situation and future goals? Do you think differently about your financial situation now?
  

The plan did capture both current and future though the future planning appeared to be slightly unrealistic, also, there are so many unknowns that the data eventually becomes a bit meaningless. For instance all of our pension benefits were shown cumulatively as if we never spent anything so it implied that DH and I would have loads and loads of cash (that we really wouldn't have if we wanted to eat for instance!). It did give me some comfort that some of the provisions my employer provides are good and I would be in a different place if I ever worked somewhere else without those benefits.

• How helpful was your financial coach?
  

Caspian was helpful and patient, he went through all the different elements in turn and was clear to emphasise what the next steps would be.

• How could they be more helpful to you and other parents you know?
  

I wonder if it would be worth sending out a fact finding questionnaire in advance so that I had all of the information to hand for the first call. This fell apart a little for us as shortly after our first call DH and I got ill consecutively, then Christmas kicked in and I wasn't able to get all of the information together that was needed to move some things on. In future I think it would have helped me to have all of that together before even starting.

• Would you recommend Hatch to a friend or family member?
  

I think if you've had no financial planning then this is worth doing as it will start to show you how things are tracking in the long term and where you need to pay more attention.

• Will you continue to use your plan now that the trial has finished?
  

I'm afraid not, as we lost momentum. To be honest before we seek more advice DH and I need to sit down and get ourselves sorted in terms of what money we have where and on what rates etc. There not a lot of it but it's really badly organised, neither hatch nor anyone else can help me with that remotely.

[NerrSnerr]

• How did you find the service over all?

I thought it was really good, it made us think about our finances, goals and our future.

• Did your financial plan capture your situation and future goals? Do you think differently about your financial situation now?

It did. It really helped us think about how we can achieve our goals and how this may be easier as our circumstances change through the years. It also showed that things aren’t as dire as we thought.

• How helpful was your financial coach?

He was very helpful and friendly. Seemed to understand our individual circumstances and the advice was tailored to this.

• How could they be more helpful to you and other parents you know?

I’m not sure. It was helpful and did exactly what was offered.

• Would you recommend Hatch to a friend or family member?

Yes if they need support with financial planning.

• Will you continue to use your plan now that the trial has finished?

We will use our plan. We may still switch some savings around on their advice once we have time to really consider it.

[therealposieparker]

OMG I need this!!! (It's why I enter all the comps!!)

[Gazelda]

• How did you find the service over all?

Fantastic! So friendly, comprehensive and easy to understand.
From booking the telephone appointments, the conversations with Hatch representatives and the referral to another specialist, everything was easy.
The follow up emails made everything clear. There was no 'selling'. The people I spoke with treated me with respect and although this is a subject I am unfamiliar with, i didn't feel An idiot (which is something I've feared when speaking to advisors about financial or insurance products).

• Did your financial plan capture your situation and future goals? Do you think differently about your financial situation now?

Yes, it did. It reassured me that we are on the right track, but pointed out a few factors we could consider now or in the future.

• How helpful was your financial coach?

Very helpful, reassuring and helpful.

• How could they be more helpful to you and other parents you know?

Let everyone know how simple it is to get your finances in order. I had my head in the sand because I was too daunted. But this experience with Hatch has made me feel as though I have the ability to control my finances and safeguard my family's future. That's not to say I have the £ to do this, but the tools are certainly there!

• Would you recommend Hatch to a friend or family member?

Yes, yes, yes.

• Will you continue to use your plan now that the trial has finished?

Yes. We've got a lot planning and thinking to do. Insurances, savings, investments, checking we have the right mortgage, getting wills written etc. But I now feel that I have a better grasp on our finances, and our priorities.

[Cismyfatarse1]

Who won??

[purplepandas]

I wondered that too.

[EllieMumsnet]

Hi @Cismyfatars & @purplepandas

Thank you for your queries on who has won the prize draw for the this product test.

The prize draw has only been done today, as the the test was very delayed for some of the testers, so I was waiting for everyone to have a chance to fully test out the service.

The winner @thatstoast has been emailed and I am awaiting a response.

Many Thanks
Ellie

MNHQ

[purplepandas]

Thanks for letting us know elliemumsnet and congrats thatstoast.