When should I see a Financial Planner?

It’s a question we often get asked, so we enlisted Carol Lobo, our resident Financial Planner, from Wealth Lens to come up with “A Guide Based on Life Stages”.

Wondering when it’s a good time to consult a professional financial adviser? Making financial decisions at different life stages can be tricky, which is why a financial adviser can offer valuable assistance. In this guide, we’ll take you through various life stages and when it might be a good time to seek guidance from a financial expert.

Early career and building a strong financial foundation

As you embark on your career journey, it’s an opportune time to establish a solid financial foundation. A financial adviser can help you create a budget (assist in saving and buying your first home), manage the debt, and set achievable financial goals. They can guide you in understanding investment options and strategies that match your risk tolerance and long-term objectives.

Starting a family

Starting a family introduces new financial responsibilities. A financial adviser can help navigate joint financial decisions, such as helping streamline your budget, choosing insurance plans, and planning for your children’s education expenses. They’ll ensure your financial plans align with your family’s evolving needs.

Case Study:

We recently assisted a couple in their early 30’s expecting their first baby.

After a review, we assisted in:

  • Review of insurances and made changes to plan for a family
  • Budgeting plan to assist with lower income
  • Setting up of a child savings plan

Mid-career and asset growth

During this phase, you might experience salary increases and career advancements. A financial adviser can assist in optimising your investment portfolio, tax planning, and retirement savings strategies. They’ll help you make informed decisions about building on your financial foundation.

Nearing retirement

Approaching retirement requires careful planning to ensure a comfortable post-work life. A financial adviser can help develop a strategy to generate retirement income that would ensure you know how much you would receive in retirement. They’ll work with you to ensure your investments are well-diversified and that you’re taking advantage of any available retirement benefits.

Case Study

Clients just turned 60, we assisted in a transition to retirement strategy that saved them thousands of dollars::

  • Moved to pension
  • Tax savings
  • Maximise super contributions

Post-retirement financial management

Even in retirement, managing finances remains crucial. A financial adviser can assist you in managing retirement income, exploring strategies to preserve and potentially grow your wealth, and addressing any unforeseen financial challenges that may arise.

Inheritance and estate planning

Receiving an inheritance or planning your estate involves complex financial decisions. A financial adviser can guide you through strategies to minimise taxes, distribute assets to beneficiaries, and create a legacy that reflects your values.

Insurance and healthcare planning

Choosing the right life insurance options can be complex. A financial planner can help you assess your insurance needs, select appropriate coverage, and ensure you’re financially prepared for potential healthcare expenses.

In conclusion, Life is full of significant financial crossroads, and seeking the expertise of a financial adviser during these moments can provide clarity, confidence, and a sense of security. By partnering with a skilled professional, you’ll be better equipped to make informed decisions, optimise your financial resources, and navigate the complexities of your financial journey. Remember, a financial adviser isn’t just for the wealthy; their guidance can benefit individuals from all walks of life, helping you achieve your goals and secure your financial future.

If you’d like to see how Wealth Lens can assist your financial then get in touch.

General advice disclaimer: The information above is for general advice only. These suggestions will give you a general idea of the options available to you; you’ll need to work out what’s appropriate for you.

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