#6: I am doing well financially so why do I need a financial adviser?
Hindsight is a wonderful thing, and this is very much the case for many of our clients who are now enjoying the rewards of bespoke financial advice. Yet, despite their financial success now, we often hear them say, “imagine if I’d started planning earlier”.
We are very proud of the financial advice and support we provide to our pre-retirees and retirees, but we also believe we make the greatest difference for our younger clients. This is simply because the earlier a wealth creation journey begins, the more strategies can be put in place and ‘good’ financial behaviours can be developed that compound financial success.
When working with young professionals, we open up discussions around these four key financial matters:
Understanding your major upcoming expenses. Is there a baby on the way, private school fees, extensive renovations or a new home purchase on the horizon? What financial considerations are required to accommodate these needs?
Prioritising your debt. What should you consider regarding debt management and exploring opportunities such as debt recycling, building investments versus paying down debt?
Improving your financial decision making by exploring real life scenarios, such as retiring early, funding a career change or purchasing a holiday home/investment property.
Working with your aligned professionals to identify any other considerations that could impact your overall financial outcomes including making the most of any tax efficiencies such as tax effective structures for debt or estate planning.
Importantly, the value of your relationship with your financial adviser will be most evident when you are at your most vulnerable. In the event of sickness, accident, death and even divorce your financial adviser will represent your best interests providing advice and guidance for achieving the best possible financial outcomes for you.
Commonly this includes coordinating insurance claim processes on your behalf - contacting your insurer, preparing claim documentation, negotiating the payment terms and at times, mediating any disputes - so you may receive the full benefits to which you are entitled.
Being ‘wealthy’ isn’t just about how much money you have, it’s also about security, freedom of choice and looking after the next generation. In our experience, among the biggest determinants of wealth is our client’s motivation to engage and take an active role in our financial mentoring process.
If you would like further advice about creating financial independence, I encourage you to contact our office on 07 3720 1299 or email admin@wealthfundamentals.com.au
Lane Moses Pty Ltd ABN 56 092 186 117 trading as Wealth Fundamentals and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306.
This is general advice only and does not take into account your objectives, financial situation or needs, so you should consider whether the advice is relevant to your personal circumstances. You should also read the relevant Product Disclosure Statements (PDS) before making any financial decisions.
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