4 examples of how you can maximise the value of your financial advice - Newcastle Financial Planning Group
skip to Main Content

4 examples of how you can maximise the value of your financial advice

The value that financial advice can bring to each person is as varied as their needs and their subsequent financial plan. Here are 4 examples of how you can get benefit from a relationship with your Advice Team and your financial plan:

Decision-Making and Control

Do you struggle to make smart decisions when it comes to your finances or feel like the choices you have made so far haven’t paid off? Your financial adviser can guide you through all facets of your financial journey from creating a spending plan to identify surplus cash to building your investment and superannuation portfolios to fund your ‘big ticket’ goals and future lifestyle in retirement – giving you the confidence forge your path.

In a recent survey of 1000 financial advice clients who had received advice, “80% said they felt more confident making financial decisions as a result and the same proportion believe advice has brought them more peace of mind” 1 A second study supported this finding, showing that “86.2% of Australians receiving advice believe it has given them greater control over their financial situation”.2

Your Finances and Your Health

Australians regularly worry about money with statistics finding that approximately 65% of people worry about their financial situation at least monthly.2 Alarming as this is by itself, stress regarding your financial wellbeing can have flow-on effects to your physical and mental health:

37.4% of Australians say financial issues have affected their physical health.
52.8% of Australians say financial issues have affected their mental health.2

Your Financial Adviser is there for you to discuss your money fears and concerns. Additionally, they can take these fears and concerns on board when building your financial plan; ensuring you have sufficient cash reserves, investing your funds in accordance with your risk profile and structuring your insurance to protect you and your family.

Achieving Your Goals

Typically, people seek assistance from a financial adviser because they:

a) want to reach a particular goal and need guidance or

b) are about to or have experience a recent life event (e.g. marriage or retirement) and would like to get their financial situation in order.

A study conducted by Fidelity found that financial advisers were overwhelmingly valuable when it came to helping their clients achieve their goals as “four in five (79.9%) Australians who receive advice say they have been able to achieve their financial goals with the help of that advice” and more than three-quarters (77.1%) of Australians receiving advice were able to achieve their personal goals using financial advice”.2

During Covid-19

Finally, the value of financial advice has never been put to the test more so than during the COVID-19 crisis and Australia’s subsequent recession. New research by the Financial Planning Association of Australia highlights that Australians with financial advisers were less affected financially in comparison to those without an adviser during the pandemic.3

Tips for how you can maximise the value you receive

  • Firstly, ensure your financial adviser has an Australian financial services (AFS) licence or is an authorised representative. You can check your Financial Adviser’s qualifications on the Financial Advisers Register.
  • Be complete and honest with your Adviser about your financial situation. The more your Adviser understands you, your needs, and your life – the more suitable your recommendations will be.
  • Give great consideration to your short, medium, and long-term goals – this is what your advice will be built around.
  • Be open to the strategies presented and trust your Adviser. Going into your meeting with a preconceived set of beliefs about what strategy is best for you and closing yourself off to alternative approaches could be detrimental. Trust that your Adviser has tailored your strategy based on thorough research as well as their knowledge, education, and experience. Every Financial Plan is created with our clients’ best interests as the priority.
  • Have open communication with your Advice Team. If you are invited to attend a Review – don’t put it off. Likewise, if there is something worrying you, speak to your Advice Team who will likely be able to ease your concerns.
  • Finally, follow the advice provided to you! If your Adviser creates a spending plan and identifies surplus cash for you to save – this is not the time for a shopping spree. Your advice and the financial forecasting will not work if you don’t play your part.

If you are ready to commit to a brighter financial future, take the first step with a complimentary initial meeting with one of our experience Financial Advisers. We have offices located in Newcastle – The Junction (NFPG), the Central Coast – Erina, (CCFPG)  and Sydney CBD (SWA) – you can book online or one of our friendly staff can arrange your appointment over the phone.

 

REFERENCES:

1: Money & Life. (2018). The true value of financial advice | Money & Life. [online] Available at: https://www.moneyandlife.com.au/get-advice/true-value-financial-advice/ [Accessed 6 Oct. 2020].

2: The value of advice Helping Australians navigate towards a better financial future. (n.d.). [online] Available at: https://www.fidelity.com.au/insights/investment-articles/the-value-of-advice/ [Accessed 6 Oct. 2020].

3: Financial Standard. (2020). Pandemic proves value of advice: FPA. [online] Available at: https://www.financialstandard.com.au/news/pandemic-proves-value-of-advice-fpa-174970305 [Accessed 6 Oct. 2020].

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 and Sydney Wealth Advisers are subsidiaries of Coastal Advice Group which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.

 

Back To Top