Sink or swim? The value of professional financial advice
Do you often think about the future and what it might look like for you and your family? Research conducted by the Financial Planning Association showed that 45% of us regularly daydream about our future. And the top three dreams of all Australians are to have full financial independence, a lifestyle we dream about, and the chance to pursue hobbies and interests. Sounds idyllic. But still, 63% of respondents said they haven’t got a plan for the future.
So, is it worth seeking professional advice to reach these goals? We think it is. Here’s five ways professional advice can help you.
Help to identify goals
A wealth Advisor will help you articulate your goals and then develop a strategy to meet them. Sounds simple enough in theory, but the benefit lies in your Advisor finding a way to connect the dots. Separate parts of your story may seem unrelated but are inextricably linked when making overall wealth management decisions. They’ll find the links and often uncover aspirations you forgot existed.
Simplify complex information
Forget about trying to understand the facts, figures, and small print. Professional advice means you get the information you need in an easy-to-understand way. As your wealth grows, the complexity of your financial affairs also increases, and this help could be more important than ever. By seeking advice, you’ll be clearer about your options and make decisions with confidence.
Objectivity helps with decision-making
It’s rare to find someone with a financial situation similar to yours. And this is why investments shouldn’t be chosen based on a friend or family member’s experience or recommendation. Seeking professional advice means you get an impartial perspective and the strategies developed will be specifically suited to you. Objectivity also helps to remove emotion from decision-making.
Access to better investment options
By partnering with an asset management and wealth advisory team who work together, you may have access to a broader range of investment opportunities. Generally, some of these investments are only available to sophisticated investors.
It could cost you more to do it yourself
Many investors are turned off professional advice due to the costs involved. But it could cost you more in the long run to make financial decisions without the help of experienced Advisors. The wealth management process is much more than individual investment decisions made over time, it’s about protecting and growing your wealth. It includes:
- Determining your risk profile
- Discovering your advice needs
- Creation of a wealth management plan
- Implementing recommended wealth management strategies
- Reviewing your plan on an on-going basis
It’s important to remember decisions should be made in conjunction with your financial specialist. The bottom line is that with professional advice, you have the opportunity to make more informed choices.
There’s value in seeking professional advice. It’s an investment in your future. Call us for a chat on 03 8646 4000, we’d love to help.