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
Good video from the ATO discussing superannuation condition of release (ie when you can access money held in superannuation).
Money Masters program will be coming to Channel 9 this Saturday 14th of October at 12.30pm.
It features the best fund managers in Australia discussing investments and funding an income in retirement.
"Featuring some of the biggest names in finance from Platinum, UBS, Perpetual, Nikko AM, Orbis Investments, AIA Australia and research houses Morningstar, Lonsec and Zenith as well as one of Australia’s top CFP advisers, see what the Money Masters had to say to Aussie celeb Blair McDonough about reinventing his sources of income."
Over 45% of Sydney and Melbourne properties have doubled in price over the last 10 years.
To double over 10 years requires capital growth of approximately 7.20% pa.
Rental income would be in addition to any capital growth.
Source - Corelogic
You can view the full National September 2017 Corelogic property report below.
Corelogic National 2017 Property Report
From 2008 Australian wages have increased on average by $1,404 pa. This is an increase of only $156 each year over a 9 year period, much less than the cost of living.
Unemployment remains low but we have seen a shift from higher paid work to lower paid contributing to low wages growth.
Wages as a % of Gross Domestic Product (GDP) has also decreased.
High debt and stagnant income is likely to impact consumer spending.
It also highlights the importance to see a qualified financial planner to make sure you are in a strong position and your cash flow is being used as efficiently as possible.
Citigroup is planning to hire 100 private wealth advisers in Australia over the next 3 years.
Citi will be targeting the 230,000 Australians with more than $1 million to invest.
Australia's fund management industry is valued at $2.8 trillion with more than $600 billion in self managed superannuation funds.
Link to full article: https://www.bloomberg.com
Financial Planning Week 2017 is taking place from 21-27 August.
This year’s theme is Live the Dream. The aim is to engage and educate Australians to live their dream and #getaplan.
An infogrpahic of what living the dream means to Australians is below;
The full Live the Dream 2017 Research Report can be fund using the link below.
The full 2016 Russel Investments & ASX Long Term Investing report is below and always an interesting read;
Over 10 years (2005 to 2015) the 3 best performing assets classes have been;
Over 10 years (2005 to 2015) the 3 worst performing assets classes have been;
A recent Australian study conducted by Hall & Partners Open Mind asked what are the most important factors when it comes to financial advice?
1. That the financial adviser is independent 61%
2. That the financial adviser has specialist knowledge (e.g tax) 56%
3. That the financial adviser has relevant accreditation 52%
4. The financial advisers track record 47%
5. The cost of the advice 43%
6. Recommendations for the financial adviser 28%
7. Other 4%
As shown above the majority of respondents are looking for a knowledgeable independent adviser that can be trusted to give high quality recommendations. Make sure you look for these qualities when appointing a financial planner to look after your wealth.
Visit choosing a financial planner for more information.
Top 10 Financial Planner would like to congratulate the 2017 FPA Best Practice National Award Winners below;
The awards recognise excellence in financial planning by giving clients superior outcomes inline with the FPA Code of Professional Practice and Code of Ethics.
FPA CERTIFIED FINANCIAL PLANNER®PROFESSIONAL OF THE YEAR
Tony Sandercock CFP® – Wetalkmoney
FPA FINANCIAL PLANNER AFP® OF THE YEAR
Cody Harmon AFP® – Meridian Wealth Management, Melbourne
FPA PARAPLANNER OF THE YEAR
Cynthia Sercombe – Tupicoffs, Brisbane
FPA UNIVERSITY STUDENT OF THE YEAR
Bradley Aleckson, Bachelor of Commerce student – Griffith University, QLD
FUTURE2 COMMUNITY SERVICE AWARD
Kathy Havers CFP® – Catalyst Financial Group
GWEN FLETCHER MEMORIAL AWARD
Cameron Obliubek CFP® – Bridges Financial Services, Melbourne
FPA PROFESSIONAL PRACTICE OF THE YEAR
ipac Western Australia
More information about the awards can be found on the Financial Planning Association Website.
CFP®, CERTIFIED FINANCIAL PLANNER® and are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. Financial Planning Association of Australia Limited is the marks licensing authority for the CFP Marks in Australia, through agreement with FPSB.
Disclaimer: The information contained in this website is for general information purposes only. Top 10 Financial Planner accepts no responsibility with regard to any problems or financial advice as a result of using this website or any linked external websites. All care has been taken in the compilation of listings. However we cannot guarantee the quality of any financial advice given by organisations or individuals listed on the website. We have not reviewed every financial planner in each capital city for listing and ranking purposes on the website. The minimum selection criteria for financial planners to list on the web site is CFP® status and 5 years experience in the industry. Other qualifications that can impact rankings are listed on our home page. Investors should conduct their own due diligence before proceeding to appoint a financial planner.
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