Long-term financial planning is more vital than ever in the aftermath of the UK’s vote to leave the European Union, according to a leading chartered financial planner.

Alan Mellor, Managing Director of Cheshire-based Phillip Bates & Co Financial Services, has been cautioning clients not to be overly concerned by the Brexit decision.

Alan, whose office is in Neston, said: “The result of the referendum was a surprise to most people and not a result markets anticipated.

“This inevitably leads to uncertainty, which is never a positive thing for investment markets.  The FTSE100 initially went down a little under 5% with European markets slightly more heavily affected.

“This is a moderate reaction to the result and reflects the markets confidence that the change to our political position will not have a major impact on company performance.

“The fall in the value of the Pound relative to the Dollar has been one of the things most remarked upon in news headlines.  This will, if sustained, affect investments to a degree.  However this will help exports but increase inflation in the short term.

“It is absolutely essential that the Government and the Bank of England do everything in their power in the coming days and weeks to ensure as much stability as possible. My clients are looking for reassurance in the aftermath of such a historic and seismic event.”

Phillip Bates & Co is the only Chartered Partnership in its area with both the financial planning and accountancy businesses holding the prestigious chartered status.

Alan added: “It is more essential than ever that people ensure they have sensible, balanced and long-term financial plans in the UK and overseas.

“Our planning is always geared around what might happen in the future including dramatic events such as the Brexit vote.

“This means using managers who have a track record of identifying well run companies that are likely to make profits and pay dividends in the future.  These companies will still do this, albeit in a market which may be slower for some time.

“Additionally, we diversify into fixed interest investments such as gilts and corporate bonds, as well as income producing assets such as infrastructure and property.  Gilts are likely to be a beneficiary of uncertainty as they tend to be a place of safety when stock market uncertainty is prevalent, although property may well suffer a similar down turn to equities.

“Inevitably, there will be a lack of optimism among many investors over the coming weeks, but good financial planning should always be about the longer-term.”