Five questions to ask your financial planner

Five questions to ask your financial planner

Whether you earn a little or a lot, it’s beneficial to make the time to speak with a financial planner. A financial planner can help you reach your goals and maximise your savings by minimising your tax liability. If you’re a first-timer, here are some questions you may wish to ask.

How can I start saving for my retirement now?

Your financial planner can help you plan for your retirement by discussing what superannuation and investment structures are appropriate for you.

For example, your financial planner may suggest establishing a self-managed superannuation fund. This may be particularly beneficial if you run your own business and would be diligent in meeting your legal-compliance obligations.

Alternatively, your financial planner may discuss the benefits of putting extra contributions into your superannuation over your working life, or your superannuation investment options. They will assess your circumstances and see what would work best for you.

How do I build a diversified investment portfolio?

Investment diversification has many benefits – namely, it enables you to spread your risk to take advantage of the trends and fluctuations of different markets. Shares and real estate are common investments, but your financial planner may also advise you in relation to other investment opportunities.

I’m about to retire – how can a reverse mortgage help me?

A reverse mortgage may be available to you if you’re over 55 and own a property. It works like a line of credit, enabling you to travel and enjoy your twilight years without financial worry.

There are risks, however, and a financial planner can discuss these with you. A common risk associated with reverse mortgages is the flow-on effects of property capital losses.

How do I get out of a rental bubble?

It’s getting harder for people to enter the property market due to rising capital growth in most cities. But it is possible to get a foothold in the property market – and your financial planner can help push you towards your goal.

Discuss savings strategies with your financial planner and work out a blueprint of how much you need to save each fortnight to reach your goal. Savings strategies can include online savings and term-deposit accounts, a consolidation loan to pay down debt faster, as well as available incentives and government benefits for first home owners.

What is debt recycling and how can it work for me?

Debt recycling is effectively using your existing debt to make more money. While it may sound too good to be true, it can be an effective wealth-building strategy. Your financial planner can explain how cash flow can be freed up for other projects by structuring investment loans wisely.

With the right questions – and the right advice – a good financial planner can help you reach your goals both now and into the future. Find out more about Beyond Bank’s financial planners.

This information is of a general nature only before making any investment decisions, we recommend you consult a financial planner to take into account your particular investment objectives, financial situation and individual needs.

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