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Deciding Whether You Should Seek A Financial Adviser?

Deciding Whether You Should Seek a Financial Adviser?

Finances can be challenging to manage at any point in your life. With an overwhelming amount of financial products and choices available in the marketplace, how do you know what’s right for you?

You are not alone if you believe you require assistance. Financial advice can benefit you whether you need create a simple strategy that helps you to achieve your goals or manage a complex financial portfolio.

A financial adviser can assist you in setting financial objectives, planning how to achieve your goals, and protecting your wealth.

What to Consider Seeking the Services of a Financial Adviser

The Fees You May Need to Pay

Nothing worth having comes for free, and that goes for financial advice too. There’s no avoiding the fact that you will have to pay for your financial adviser, but it probably won’t cost as much as you might think.

Financial advice fees vary greatly depending on the advice you require and the ongoing services you opt for; typically, the more complex the advice, the higher the prices.

If an upfront fee seems daunting, think about the long-term value of the advice and the breakdown of what you’re paying. Your upfront fee typically covers the time spent meeting with you – understanding your situation, needs and goals, then there is the comprehensive research, preparation of your financial plan, and implementation of your recommendations – which is hours and hours of work. Not only that, you are paying for access to an educated and experienced professional who specialises in the field of financial advice (see point 3).

Openly Talking About Your Finances

Most Australians prefer not to discuss the health of their finances with anyone. However, there’s no getting around it – seeking financial advice requires you to be transparent about your financial situation.

Some of the questions may be difficult to answer but it’s important that your financial adviser ask them so that they can get a complete picture of what it is you are trying to achieve and with what resources. Your financial adviser can then take the time to research the best options for you.

Having Access to Expert Knowledge

Financial advisers know more about financial goods and money management than ordinary Joe. This is especially true regarding more complex financial problems such as superannuation legislation and retirement strategies, investment planning, life insurance products, estate planning and funding for aged care. They not only understand financial goods and services, but they also know how to use them to their full potential to fulfil the specific needs of their clients.

Making Sure You’re Getting the Most Out of Your Money

Financial advisers may help discover key wealth-building areas and address areas that may bring your finances down by acquiring an overview of your financial and living situations and understanding your goals. This will not only assist you in making the most of your money and assets, but it will also help you in avoiding potentially costly blunders.

The 2020 IOOF Value of Advice survey found that 90% of survey participants agreed their financial adviser is a critical partner to their financial success.1

Taking Control of Your Finances

Financial advisers support you in being financially prepared for all stages of life, including retirement. You can be confident that you are in charge of your finances if you have clear goals and a plan to reach them.

It is not only the upfront financial plan that is important. Your ongoing relationship with your adviser will ensure you regularly review your plan and situation, stay accountable, and make the best decisions to keep you on track to achieve your goals.

Saving You Time

Your adviser may be able to handle your investment portfolio for you, saving you time and effort depending on the sort of financial advice you choose. This often entails doing systematic analyses of your circumstances and investment portfolio and rebalancing your investment portfolio as needed.

While you will need to meet with your adviser regularly to review your goals and see how your assets are doing, you will not need to handle day-to-day duties.

Seeking financial guidance may significantly impact your financial situation, especially as your approach retirement. It can offer you more confidence that you’re on the right course; if you’re not, a financial adviser can help you set some objectives and goals.

Seek Financial Advice From the Experts at CCFPG

There are many benefits to working with a financial adviser when planning how to achieve the goals and aspirations you set for yourself throughout your lifetime. A financial adviser can help you develop a financial plan that is tailored to your specific goals and needs and can provide guidance and support throughout the process.

Are you looking for a financial adviser on the Central Coast? Central Coast Financial Planning Group can help you manage your assets and make sound financial decisions. Call us or book online to secure your first meeting with our advice team today!

 

REFERENCES:

  1. https://www.ioof.com.au/financial-advice/the-true-value-of-advice

 

DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.
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