Take simple steps today to increase your wealth tomorrow
Many of us will have heard our grandparents advise us to start saving when we’re young, because even small amounts set aside today can reap big rewards tomorrow. Despite this as little as two in ten Australians have a financial plan in place. With small changes to how you use and invest your money, you can deliver a substantial dividend in the future and, like many things in life, it is never too late to start.
The first step is to create a wealth accumulation strategy. Everyone has different aspirations, assets and knowledge of financial markets and a financial adviser is an invaluable partner in developing a plan specific to your needs.
He or she will work with you to understand and define what you want to achieve with your hard-earned money, how best to implement your goals and how to make sure you stay on track to achieve those goals.
We believe the key element to forming a truly effective financial advice relationship is to ensure you choose an expert and experienced advisor that you trust. Having won your confidence, your adviser will then lead you through the financial planning process using the following approach:
The initial meeting: Your financial adviser should start by discussing your goals and understanding what is important to you, gathering information on your family dynamics, debts, income, outlays, current investments and insurance.
Planning and preparation: From there, your adviser will be in a position to prepare personalised financial advice based on your situation and needs.
Recommendation: Once this advice is documented and presented to you, it needs to be discussed, giving you the opportunity to either agree and proceed, ask for changes or further information, or alternatively decline the recommendation.
Implementation: If you accept the recommendations – whether it is changing your investment approach, consolidating your debts, or a myriad of other options – your adviser can and should help implement the strategy by assisting with any necessary application processes and paperwork.
Ongoing advice and reviews: The laws around superannuation, benefits and rates change regularly and so your wealth management strategy should be reviewed at least annually to take into account these changes and any others in your personal circumstances. Such reviews will help keep your financial plan on track.
Achieving financial freedom may seem like a distant goal but forming a partnership with a trusted financial adviser can make all the difference to achieving your short, medium and long term financial goals. To make a start, contact us to discuss our approach to wealth management or leave a comment below if you have any questions.
^Robert – Chief Executive Officer