By Isabella Shoard July 23, 2020
Imagine this: you’ve taken steps on your journey to financial security and have begun to build an investment portfolio you believe will help you get there. However, with tax time and the end of another financial year fast approaching, you find yourself wondering what your next steps should be.
Maybe you’re thinking about diversifying your investment portfolio but aren’t sure which option is right for you and your financial needs, maybe you feel that your money isn’t working as hard for you as it could be or maybe you’re just interested in learning if there’s more you could be doing to lower your tax obligations.
Wherever you currently are in your financial journey, there’s a secret weapon you may be missing when it comes to taking it to the next level: a financial advisor.
Yes, that’s right, having a trusted financial advisor by your side, to provide you with professional support and guidance whenever and wherever you need it, has a number of benefits you may not have considered.
That’s why we’ve broken down just five of the ways having a financial advisor could be the ingredient you need to take your financial world a step further this financial year.
Interested in learning more? Keep reading to find out!
1. They Can Help You Find The Right Path Forward For You
Have you ever found yourself wondering what the right investment for your particular financial circumstances is? Or maybe you can see multiples and options that could benefit you, but can’t quite decide which one to take?
If you’ve ever found yourself facing these kinds of questions, a financial advisor could be the missing factor in your overall financial strategy.
While a financial advisor can play many roles depending on your personal financial needs and goals, a good financial advisor’s aim should be simple: to give you the expert guidance and knowledge you need to make the right financial decisions for you.
This means not only taking your entire financial world into account when providing you with financial advice but also working with you to identify the path towards financial security and success that is right for your particular financial circumstances.
In other words, with a financial advisor by your side, you’ll never have to worry again about whether a financial decision you make is the right one for you.
Related reading: Should Investors See a Financial Advisor?
2. They Can Help You Reduce Your Tax Obligations
At this time of year, it’s likely that tax and perhaps your upcoming tax bill is weighing on your mind. A financial advisor can help you turn tax time from something you dread into a stress-free and painless period of the year (yes, it’s possible!). You see, financial advisors are dedicated to ensuring your hard-earned money works even harder for you on your journey to achieving financial success and security. And a part of this involves working with you to lower your tax-obligations as much as possible based on your unique financial circumstances.
Just a few of the strategies a financial advisor might recommend, especially if you have a higher-than-average income, to help you make the most of tax time include:
The right financial advisor will also be able to connect you to a broader professional network of tax and business accountants to assist you with any specific or niche financial challenges you may be facing. This means that even if you have a question that your advisor themself can’t answer, they’ll be able to point you in the direction of an expert who can.
3. They Can Take The Emotion Out Of Making Decisions
Just like most other aspects of your life, your financial world can often feel complicated and may come with heavy emotional implications. This is especially true when making financial decisions that include your partner or family.
A financial advisor can help lighten the load by acting as a neutral party or as a sounding board for ideas when it comes to your financial world.
While your financial advisor, as your financial partner, is invested in your overall wellbeing and success, their role is to get you on track to achieving financial access and security and make sure you get there.
This means that they’ll take into account every aspect of your financial world when listening to your ideas and be able to give you an impartial opinion on how your suggestions may impact your financial plan.
Your financial advisor will also be able to provide you with a model projection of what your financial future might look like depending on any changes you are considering, such as changing jobs or renovating your house.
For us at My Wealth Solutions, this certainty in periods of heightened emotions is crucial to ensuring a successful and worry-free financial journey.
Related reading: Five Tips to Master Value Investing Approach in New Financial Year
4. They Help With Every Aspect Of Your Financial World – Both Present & Future
We touched on it before, but having a financial advisor should not just be about reaching out for help with a particular financial challenge and then being sent on your way with a single solution. Instead, your financial advisor should act as your financial partner, providing you with professional financial guidance and support over your entire financial journey.
Having a financial advisor at your side means that you’ll never have to worry about whether a decision you make or an investment option you’re contemplating is right for you. Your financial advisor will be able to work with you to review your current financial situation and help you bridge the gap between where you currently are and where you’d like to go.
And a good financial advisor will do this by considering every aspect of your financial world, both now and as you progress towards financial freedom into the future.
This means that no matter what financial challenge comes your way, you’ll always have the professional support and guidance you need to tackle it with confidence.
After all, with a financial advisor by your side, you’ll have access to the advice and guidance you need only a phone call or email away.
5. They Take Your Whole Financial World and Risk Tolerance Into Consideration It is important it is to have someone by your side who understands your tolerance to risk when it comes to investing.
That’s why we believe your financial advisor should take a comprehensive approach when working with you to develop an ongoing investment strategy that not only considers your current risk appetite but also every aspect of your particular financial situation.
This way, your financial advisor will be able to advise you on whether an investment option you may be considering is right for your risk tolerance by also taking into account every aspect of your financial world.
They’ll also be able to work with you to review your investment strategy if your financial circumstances ever change or if you find yourself wanting to take your investment strategy to the next level.
Don’t spend another minute agonising over whether an investment or financial decision you’re contemplating is right for you.
Reach out to a financial advisor now and let them help guide you on your journey to financial success and security.
Don’t worry, you can thank us later!
Original article published July 2020 on Canstar.com.au
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