Mumsnetters review Hatch financial planning service
We asked twelve Mumsnetters, who wanted to get a handle on their finances, to try Hatch's financial planning service. Read on to find out how they got on and how to start your own seven day free trial
What is Hatch?
Hatch want to make financial planning approachable for everyone, so whether your financial goal is saving for your kids, owning your own home, or retiring comfortably, they're here to help. Hatch offer each client a tailored strategy and a clear list of big and small steps they can take to secure their long-term financial future.
Combining the personalised service of a financial adviser with the convenience of an app, Hatch can make a real difference to your finances – take a look at their case study in which they show Sally and John how they could be £496,457 better off by the time they retire.
How does it work?
Hatch begin to get an idea of your financial situation with an initial 'Discovery Call', which helps them identify what your goals are and what your current situation is like.
After the initial call, a Financial Coach will use Hatch's unique software to show you how your savings, investments and pensions are likely to grow, and whether you're on track to reach your goals. They will then show you what you could do differently and the impact that these changes could have. If your financial future is subject to change, your adviser will build different plans for different scenarios.
After the demonstration, you will have access to Hatch's financial planning software and you can begin to put your plan into action.
It is important to review your financial plan regularly – particularly after any big changes in your life – and, by subscribing to Hatch, you will have access to your Financial Coach whenever you need them. Together you can adapt your plan and really make the most of your money.
The Mumsnet verdict
How did you find the service overall?
Our Mumsnet testers were very happy with the service overall. The process was thought-provoking and they found their advisers attentive and friendly – although one Mumsnetter still expressed a preference for a face-to-face service (something which Hatch will accommodate when appropriate).
“Very friendly and easygoing – it felt like I was just chatting to a friend as opposed to a ‘big scary financial planner’”
“It was very customer-led. They listened carefully and each call was detailed – they spoke for just over an hour on three occasions and would have offered more time, if it was needed.”
Did your financial plan capture your situation and future goals? Do you think differently about your financial situation now?
The majority of testers found that Hatch quickly and accurately grasped their current situation and future financial goals, though some found the future projections – for better or for worse – to be a bit of a reality check.
“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.”
“Yes – we thought we were fairly sorted but now realised we need to save far more for retirement.”
How helpful was your financial coach?
Hatch's coaches got very positive feedback from the users. In particular, Mumsnetters praised the service's customer-led approach and obliging advisers.
“I thought he was realistic about earnings and I didn't feel that the service was just for wealthy people.”
“Very helpful and friendly. Really focused on identifying what my goals were at the start of the process.”
How could they be more helpful to you and other parents you know?
The testers suggested a few shortcuts that Hatch could take in order to save parents time. As parents will attest, having a long, in-depth phone call whilst wrangling a toddler is no mean feat, so a couple of Mumsnetters suggested ways that Hatch could lay more groundwork in advance of the call.
“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.”
“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.”
“The only thing I’d suggest is narrowing down more quickly what it is that a parent wants to focus on. In my case it was pensions; I was pretty much set on everything else.”
Would you recommend Hatch to a friend or family member?
Seven out of the nine Mumsnetters who have provided feedback about this service said that they would recommend it to friends or family members who were looking for financial advice.
“Definitely. I would recommend it to anyone. It's really good.”
“Yes, though obviously this would depend on price. The service was great though.”
Will you continue to use your plan now that the trial has finished?
Some of the testers plan on using their plan from now on, but for others the plan is something they might revisit later once they have got their immediate finances a bit more organised.
“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.”
“I won’t, as the trial has shown me I need to cut down on expenses, ironically! But it was a great product.”
“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.”
Try Hatch and take control of your financial future
Please note that once your coach has understood your goals and current financial situation, they will require your bank details to create the free financial plan and start your trial. You will not be charged if you cancel within the 7 day period.