Hi Tammy, is there any benefit to me seeing a financial adviser? My situation is pretty basic. All my Super is in one fund, which has been doing pretty well. I’m still 10+ years off retirement. I just can’t see that it would be worth the cost. Tina,
Narrabeen
Hi Tina, you are not alone! Many of my long-term clients shared similar concerns when we first met. Many felt they didn’t have enough wealth, or their situation was too simple to warrant seeing a financial adviser. During initial discussions though, we may discover important issues they were not aware of, and present opportunities they hadn’t considered. Clients commonly express surprise during these early conversations.
One of the main reasons Australians hesitate to seek financial advice is the perception that it’s too expensive and the costs outweigh the benefits. But the truth is, most people don’t fully understand what financial advisers do.
It is a common misconception that financial advisers just manage client’s investments. Whilst recommending suitable investment options may be part of a financial plan, it is generally only one aspect of a broader strategic plan to help you achieve your goals.
Financial advisers are uniquely placed to help with complex decisions. We bring together knowledge from various disciplines, including tax planning, salary packaging, estate planning, social security, insurance, debt management, retirement planning, and aged care funding, to name a few.
Financial advice can provide tangible benefits. For example, advice may result in quantifiable tax savings, reduced super fees, or increased retirement savings.
But there are also significant intangible benefits of an ongoing advice relationship. Surveys1,2 show that Australians who receive financial advice have greater peace of mind, feel more in control, more confident, and worry less about money. They report improved mental and physical health, better family life and overall satisfaction with their quality of life. Overwhelmingly they feel the value received outweighs the cost.
1. Fidelity International: ‘The value of advice,’ 2020, fidelity.com.au/insights
2. IOOF: ‘The true value of advice,’ December 2020, ioof.com.au
It is not possible for me to judge whether financial advice would be worthwhile for you personally as I don’t know your full situation. The best way to evaluate whether advice is right for you is to talk to a financial adviser.
Typically, the first conversation with a financial adviser is complementary. The purpose is to determine what advice you need, what this would cost, and whether this represents value for money. If we conclude the cost outweighs the potential benefits, there is no obligation to proceed.
Quick Tips: The benefits of financial advice build over a long-term relationship with your adviser. During the initial conversation, ask questions to find an adviser you ‘click’ with.
Feel free to call me on 8376 0350 if you have any further questions or need assistance.
Regards, Tammy
Financial planner Tammy Marshman of Up Wealth Management is an Authorised Representative of Consultum Financial Advisers Pty Ltd, AFSL 230323. Phone 8376 0350 or visit upwealthmanagement.com.au.
This is general information only, as in preparing it we did not take into account your personal objectives, financial situation or needs. Before acting on this information, you should consider whether it is appropriate for your personal circumstances. Although the information is considered reliable, we do not guarantee that it is accurate or complete and you should not rely upon it.
Please seek financial advice specific to your situation before making any financial, investment or insurance decision.