Financial planning is about establishing a long-term strategy to secure your financial future with the lifestyle and living standards you desire.
‘Value’ often goes beyond dollars and cents. It can be the peace of mind and security that comes with being better prepared for the future. Once you’ve begun a relationship with a licensed adviser you will quickly see that he or she adds value to your circumstances by helping you in a number of ways.
How can a financial planner help?
- Setting goals
This process helps you decide where you want to go in life. A skilled financial planner can assist you to identify your financial goals, prioritise them and understand the steps required to turn your vision into reality.
By knowing your goals and timeframes, it’s easier to see where to concentrate your efforts. You’ll also quickly spot the distractions that would otherwise blow you off course.
- Getting a financial plan started
Developing a written plan with a clear emphasis is critical to achieving your financial objectives. Your planner can provide budgeting and debt management advice to help you start creating wealth. Protecting your future dreams with appropriate insurance is another key aspect your planner will manage.
- Maintaining a diversified portfolio
Every financial planner is required by law to take a client’s risk tolerance into account as part of their personalised financial plan. Diversification is another important tool for managing risk.
This means that the advice given and any investments recommended as part of that process are suited to your specific needs and risk level. And these will change to meet your circumstances as they vary throughout life.
- Being there over the long term
Going your own way is rarely the best option. Most people don’t have the background knowledge to feel confident about making investment decisions that will have a large bearing on their financial future. Keeping up with all of the legislative changes and new investment offers is also an onerous task. Your planner will be there to steer you on your path to financial independence and ensure your plan remains relevant and on track.
While investment magazines and online subscription services can provide very useful information, they are often written by journalists with a general grounding in financial concepts but who are not looking at the complete picture. A financial planner is trained to take into account all legislative and strategic implications to ensure you receive the best advice possible… and this training is ongoing.
Your financial plan is not a one-off, set-and-forget arrangement. Just as life has its many twists and turns your plan must be flexible and appropriate to your needs at any point in life.
Working together with a qualified, experienced and licensed financial planner will help you develop a plan that is tailored to you and your life goals.
The opportunity to invest tax-effectively using some of these methods will vary from one person to the next. Make sure you seek advice about how they relate to your own situation. Contact us today to get started!
This is general information only