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A staggering number of Australians find themselves lacking woefully in having knowledge and control of their financial affairs. It is proven that many people find the whole concept of financial dealings incredibly stressful and prefer not to address it. However, this can often be a recipe for an easily avoided disaster. So, if you haven’t done so already, maybe the time has come to ask yourself the question ‘Are there any financial planners near me?’
Photo by Towfiqu barbhuiya on Unsplash
Achieving your financial goals
A reputable, skilled financial adviser can help you set realistic, achievable financial goals and identify the right fiscal strategies to put in place to meet them. They offer a service that can prove invaluable and especially useful at significant milestones in life, like expanding families, relocations, or simply the onset of old age. They will analyse your precise financial position using factors such as:
- Income
- Expenses
- Debts and assets
- Superannuation funds
- Investments
The services any financial planner/adviser will provide depend totally on your circumstances and aims. It may seem like an unnecessary expense to most people but is one that can pay for itself many times over and cause a seismic shift in your actions and understanding of financial issues.
The five tenets of financial planning
Financial planning can be intimidating without an understanding of how fiscal systems operate. Learning how best to negotiate and use them is the key, and that is where the services of a professional financial planner can prove invaluable. However, at its simplest, financial planning is based on five concepts that should be given equal merit and attention to maintain balance and growth. The five accepted pillars of financial planning are:
- Investments
- Income planning
- Insurance
- Tax planning
- Estate planning
Address each of these subjects fully and you will be well on your way to elite-level financial planning. If that sounds like something beyond your capabilities to handle alone then go back to your initial question, ‘Are any financial planners near me?’ and make it your business to find out.
Why should I use the services of financial planners?
The truth is that a financial planner is the best person to help you make difficult financial decisions or handle any situation you find yourself in concerning finances. A well-trained, experienced financial planner will understand the subtleties and meanings behind all the confusing jargon and know which elements of the fine print must be scrutinised and adhered to most carefully. They can lay out your fiscal obligations and opportunities for you in black and white and assist you in making the right decisions about moving forward.
Choosing your financial planner in Australia
Unless giving you advice on things like general insurance, consumer credit insurance, or basic banking products and services, all financial planners and advisers will be registered on the financial adviser register. You can access this information via the Australian Securities and Investments Commission (ASIC) and the Australian government websites.
Ask around for recommendations. Word of mouth is one of the most powerful ways any business or individual gains traction in their industry, and you should certainly consider any objective recommendations you receive. Do some homework, take your time and be prepared to meet potential partners and reject them if you do not get a good feeling from them. Ultimately, you are the client, and it is imperative you feel able to trust your financial planner’s advice and motivations.