What’s the price of advice?

What’s the price of advice?

Financial advice is less about increasing a client’s wealth now and more about helping the individual; or family achieve the things that really matter to them.

The coming 25 years will be a transition as the Baby Boomers move to retirement. CoreData estimates $3.9 trillion of wealth to be transferred into the hands of younger generations. This wealth transfer is unprecedented in history. With the progress of technology and current landscape of the financial services market, “advice is less about increasing a clients wealth now and more about helping the individual or family achieve the things that really matter to them”, as said by Simon Hoyle in Septembers Professional Planner.

In a number of recent studies undertaken by CoreData it has been revealed that individuals who seek competent and professional financial advice and who act on it are healthier and happier with benefits of advice beyond financial issues. These include;

  1. A Comfortable Lifestyle

In case studies, a core goal was to maintain a desired level of spending and allowing for inflation, to ensure living standards do not drop. This was exceeded as clients enjoyed additional expenditure including holidays.

  1. More Superannuation

Through the implementation of curated advisor strategies, additional contributions were made to enable a tax-efficient superannuation resulting in healthier balances and more funds when needed.

  1. Optimised Allocation

Financial advisors provide value in optimising the allocation of assets by placing assets into more productive investments. Case studies proved clients to have more funds to spend on themselves and their families.

  1. Peace of Mind

With the assistance of advisors households are assured of a more protected financial situation even with unexpected events occurring allowing for a greater sense of security and less to worry about in life.

  1. Confidence

Individuals equipped with expert financial advice generally have more confidence to spend on their lifestyle and are more confident in their decisions.

  1. Reduced Stress

Research by CoreData found a lack of financial wellness creates huge emotional and social costs from lack of sleep to damaging relationships.

Want to know how we can support you or your family in doing and achieving what matters to you? Give us a call on (02) 9415 1511 or email us for your no obligation conversation.

 

Read More
20 Financial Questions You Should Answer This New Year

20 Financial Questions You Should Answer This New Year

As we kick off another New Year, many of us are thinking about how this year might look different from the last and how we might ensure we are healthier and happier overall.

It’s also a time where we often reflect on what matters to us and whether we can prioritise those things in life.  Being able to do so is inevitably linked to our financial situation and how well our finances and financial management is structured to enable us to live life according to what we value purposely.

What we do know in our work dealing with hundreds of clients supporting them to achieve what they want out of life is what questions need to be answered to get you on track.

The Important Income Questions

–    Is your income and employment secure and does it meet your living costs?  Is it well-structured and tax efficient?

–    Are your education costs covered?

–    Is any surplus income invested efficiently for wealth creation?

 

The Important Investment Questions

–    Do you have clear goals for where you want to be wealth-wise in the next five years?

–    Do you have a tax-efficient investment structure?

–    Do you know if your current investments are achieving your goals?

 

The Important Debt Questions

–    Are your overall debt levels appropriate for where you are at in life?

–    Do you have the right mix of personal and investment debt?

–    Do you have a plan to eliminate personal debt in the shortest possible time?

 

The Important Risk Questions

–    Does insurance cover you for any possible circumstances?

–    Are you getting the best possible rate for insurances?

–    Are you covered appropriately?

–    Would your family be able to live comfortably if you were no longer able to provide for them?

 

The Important Retirement Questions

–    Are you clear on what you want your retirement to look like?

–    Do you know how much you need to live on to have the retirement you want?

–    Do you know if you are on track to have the income you need when you retire?

–    Do you know if your tax is structured effectively for retirement?

 

The Important Estate Questions

–    Is your Will up to date and does it reflect your current wishes

–    Have you arranged for someone to make financial decisions on your behalf if you’re unable to do so?

–    Is any relevant documentation regarding your estate easy to find and is your family aware of any medical and lifestyle wishes?

 

Take the first step in getting an accurate understanding of your financial position and how well it supports what you want in life with our complimentary online financial health check

Read More

SIGN UP

For our free e-newsletter

TAKE A HEALTH CHECK

For our free e-newsletter

Personal