Why should I see a Financial Planner?

by | Oct 20, 2022 | Future Planning

For some it can be difficult to forecast the value of seeing a Financial Planner and for this reason, most will defer the conversation and take no action.

Very commonly in my experience, this same individual is the one who will seek out our services typically in their mid to late 50s; as their asset base is likely to have grown (i.e. debts are reduced and Super balance is sizeable) and they’re seeking a retirement plan to transition to non-working life. Traditionally it is at this point in our lives that we start to see the value in paying for professional advice and unfortunately in some cases, we must tell clients that based on their current financial situation and retirement (income) needs, they’ll need to keep working until their late 70s to build their asset base further.

The message = “If only they’d sought advice when they were in their 30s!!!”

  • We can provide an objective overview of your current financial position – a Financial Planner will ask a series of discovery questions to help you articulate your goals & objectives and ultimately what money & financial freedom ultimately looks like from your unique perspective. They’ll also be able to provide insights to your financial position and give a general indication of your overall level of financial health.

  • We can provide an overview of options – whatever your circumstances, you’ll no doubt have a range of options available to you. Whether it be for purchasing a property, making your first investment, finding a suitable super fund or deciding who to bank with. Financial Planners, depending on experience and specialisation, will have worked with a range of clients from different backgrounds and can provide “general & factual information” to map out a range of options for you to consider, in making your decision.

  • We can assist you with money fundamentals – cashflow management is the starting point of any financial plan and is simply defined as having a solid grasp on what’s coming in and what’s coming out of your bank account. Having a rock-solid budget & cashflow plan will empower you to move to the next step in growing your wealth, reducing your debt or living your best life – whatever your priorities are!

  • We can help protect you and your family – have you ever taken the time to consider what effect your death, disablement or serious ailment would have on your family – if you weren’t able to work and continue earning income? How would the mortgage be paid? How would the bills be paid? Kids school fees? The list goes on and there is a myriad of scenarios to consider and factor into any plan. A Financial Planner, depending on their area of specialisation, will be able to assist you in covering these unforeseen events and protect your family’s current & future lifestyle. We spend our whole lives working, growing our families and our assets – so it’s equally as crucial to ensure we adequately protect them!

  • We can help build your wealth – whether it be via property, shares, managed funds or any other vehicle – a Financial Planner will guide you through the matrix of investment choices you have available and ensure that you strike the right balance between risk & reward. Superannuation is one of the most common vehicles for Australian’s growing their wealth for retirement, so a Financial Planner can explain the benefits to ensuring you’re well set up to maximise your long-term returns.

  • We partner with you to help you navigate life events or milestones – these instances are commonly a key driver for an individual to seek advice, however a lot of these can be planned for before they happen – which can reduce stress & uncertainty. A Financial Planner in a practical sense, is an expert in planning and can manoeuvre your financial plan & strategies before the event to ensure that you don’t have to clean up the mess leftover after it. Some of the common life events or milestones are:

  • Career change
  • Redundancy
  • Pay rise
  • Birth of a child
  • Setting your retirement date
  • Receiving an inheritance
  • Getting divorced
  • Retirement
  • Going into aged care
  • Death of a family member

Above all else, we are well aware that taking the first steps to financial empowerment can be the most difficult – so why not reach out and book in for a complimentary first phone call appointment with a qualified Financial Planner from Phillipsons?

As always, we would highly recommend you refer to the ASIC Money Smart website for more information. In particular the below link will help you better understand what to expect when working with a Financial Adviser/Planner: Click Here

“There are risks and costs to action. But they are far less than the long range risks of comfortable inaction”

– John F. Kennedy

Jayden Allison CFP®
MFinPlan, BCom (Eco&Fin), Dip. FS (FP)
Financial Planner

General Advice disclaimer

The general/factual information provided was done so without taking into account your personal objectives, financial situation or needs; you should consider the appropriateness of the general/factual information, in light of your own objectives, financial situation or needs, before following or relying on the general/factual information; if the general/factual information relates to the acquisition or possible acquisition of a particular financial product, then you should obtain a copy of, and consider, the Product Disclosure Statement (PDS) for that product before making any decision.