The value of obtaining financial advice
September 21, 2021
There’s plenty to consider when trying to secure your financial future, with the questions that many of us consider and the approach we take varying depending upon our own circumstances.
How much do you need to have saved to buy a first house? What insurances do you need and how should you structure them? Should you pay off your mortgage or put money into superannuation? How do you afford your children’s education? When can you retire?
Good financial advice answers these questions by mapping out your goals and putting a strategy in place to achieve them.
Many people seek financial advice later on in life, once they have established a foundation and are looking to develop a plan to grow their wealth or maximise their situation in the lead up to retirement.
However, there are also several benefits for younger people obtaining financial advice earlier in life so they can plan for the future and consult with an expert before making a major financial or business decision.
With that in mind, here are some of the benefits associated with obtaining financial advice at any stage in life.
Get ongoing access to your adviser
One of the main benefits of engaging a financial adviser is that you’ll have ongoing access to them whenever a financial matter arises. You can call, email, and see your adviser as required.
Your financial adviser will be available to answer any ad hoc questions as they occur throughout the year, acting as a solid sounding board for decisions that you might be considering.
Adapt your financial plan to your changing circumstances
Life is dynamic and things can change.
Getting married, having children, becoming unemployment, gaining a promotion, or receiving an inheritance are all elements of your life that can impact and influence your financial plan.
Ongoing contact and advice from your financial planner can help you adjust and adapt your financial plan to your changing circumstances.
A financial adviser is there to provide advice on your ever evolving and changing situation, including:
- Changes to your family (e.g. marriage and arrival of children) and whether you should alter or review your insurances and your wills
- The purchase of a new home
- People wanting to have more involvement in their finances, investments and super
- Those considering starting their own business
- What to do with the unexpected receipt of funds (e.g. a bonus or inheritance).
Seek advice when establishing a new business
If you are considering establishing or have your recently established a new business, it’s worthwhile speaking with a financial adviser to ensure that you are on the right track.
Before making a decision about starting a new business or expanding your business, it’s prudent to speak with an accountant to ensure you have all of the important and relevant details so that your business starts off on a solid foundation.
Getting the right advice and making the best decisions is key to maximising your potential.
Obtain advice earlier in life to reap benefits
Young people are in the best possible position to benefit from compounding returns on their investments, which over time can really add up.
A financial adviser can help young people make the most of this opportunity by putting a long-term investment plan in place.
There are several benefits associated with seeking financial advice earlier in life, with research showing that:
- People with a financial adviser feel more financially secure than those without
- More than three-quarters of people with a financial adviser say it contributes to greater peace of mind
- More than 80 per cent of people with a financial adviser report greater confidence with their financial decision making.
A financial adviser also provides peace of mind and the comfort of a well-constructed plan.
A financial adviser can help identify your lifestyle goals and put a plan in place to achieve them, and they can share advice based on your current investment profile and attitude to risk.
You’ll also get the benefit of avoiding expensive financial mistakes, while setting a plan in place to protect your assets and loved ones with a sound strategy for your retirement and the next generation of your family.
Need financial advice? We can help
Whether you’re looking to navigate your finances during uncertain times, grow your wealth or better plan for your future, our financial planners at LDB have the expertise to design a strategy suited to your lifestyle and unique circumstances.
At LDB, we take a holistic approach to financial planning and wealth management, drawing on a wide range of knowledge and powerful tools to help our clients achieve a higher level of financial independence.
If you need professional financial advice, please do not hesitate to call (03) 9875 2900 or send us a message via the contact form below.