FINANCIAL PLANNING
The term 'financial adviser' or 'financial planner' often evokes images of the Warren Buffet types of the world with mountains of money under the watchful eyes of their smartly-suited minions.
The reality, however, is that financial advice is for everyone, including temps and casual workers.
Having a financial plan is in many ways even more important to those that earn less money, than the rich and famous. As a low-wage earner or intermittent worker you may not have a safety net, so planning for your retirement and insuring against risk is essential.
Seeking advice from a qualified professional is important in order to ensure that you and your family are on track to reach your financial and lifestyle goals.
Here are five simple reasons for seeking advice:
1. Everyone's Situation Is Different
If you're trying to answer financial questions by looking online or in books, you might become frustrated. Every article is loaded with caveats (warnings or cautions). There are general rules, but if you actually want to get a straight and confident answer, you need to have a conversation with a financial professional.
2. Free Services Complement a Financial Adviser
We have already told you about cool and free online tools like the government's MoneySmart.gov.au, that helps you budget; and the offer of free debt counsellors. There's no denying that they are useful. But they are just one tool in your arsenal of managing your finances. A qualified financial adviser can help you devise strategies and a plan for tackling your financial problems. They keep you accountable over the long-term to ensure your strategy is always working for you.
3. Financial Advisers Look at Your Complete Financial Life
Your financial world can be very complex and it’s important to consider your investment strategy, superannuation and retirement plan, as well as wealth protection and insurance. Having a qualified financial professional to turn to, instead of family and friends is vital to ensure that you are on track and stay on track.
4. Financial Advisers are Trained, Educated, and Certified
Your Uncle Richard, your co-worker, and that popular blogger all have an opinion on how to take care of your money. But as well intentioned as they are, they might not have the right training and education to give the excellent advice that you deserve. A good financial adviser will be certified by several governing bodies (ASIC, FPA), and you should choose one that is well-qualified, so you can be confident that they're giving you the most current and solid advice.
5. Financial Advisers are Actually Affordable
You may still be under the misapprehension that financial advisers will only work with the rich. Check out Adviser Ratings to find an adviser that is happy work with people at all levels of investment or insurance needs (and to make sure you're choosing someone that you can trust).
We recommend that you take up the offer of a free consultation with our recommended firm EFS Strategic. They provide "Simple Advice that Makes Life Easier" and also offer members 50% off initial advice.
