You might think financial planners are for high flying CEOs with money to burn, or maybe only for those in dire financial straits. The reality is a financial planner can be a sound investment for anyone with an interest in their long term financial future.
To give you an insight into what a financial planner does, we asked Paul Finlay from Finlay Financial Strategies
to share his wealth of knowledge.
“Financial planners help clients recognise their wealth and assess their retirement needs in order to tailor a specific personal financial plan, which will help them reach their financial goals,” says Paul.
“This includes handling long term financial matters such as bank deposits, investments, superannuation, retirement and risk insurance.”
Paul says working with a financial planner can result in great financial outcomes.
“I always urge my clients to plan for the future; the sooner they do so, the better off they will be. This could translate to retiring earlier, financially assisting their children or a more comfortable retirement.”
When looking for a financial planner, it’s important to check they’re properly licensed as there is a range of statutory paperwork involved to ensure they act in your best interests.
Financial planners are qualified representatives of a licensed financial entity. During a consultation, they’ll assess your situation and work through various scenarios and the relevant documentation with you.
At your next session, you can expect to start finalising the details of your financial plan. You can also expect to discuss the need for a properly drawn up Will, Enduring Power of Attorney, Medical Power of Attorney and Power of Guardianship.
Typically, costs include an initial plan implementation fee and an ongoing annual advice fee.
“My role is to implement the plan we’ve set for you and continually review this to ensure the goals we’ve set come to fruition,” explains Paul.
“My top tip is TIME IN an investment is much better than TIMING an investment. Take a long term investment view and invest for the long term. This will produce income, income growth and capital growth. Do not try to ‘time’ the market, picking the bottom of the market to buy and the top of the market to sell can be fraught with danger.”
Seeking independent financial advice is a great way to find the information you need to make the right financial choices.
“My clients walk away with the comforting knowledge that they’ve made plans for their future that they’re happy with. Often just the realisation that they are doing something to provide for their own comfortable retirement and financial future is rewarding enough.”
For more information on financial planners and help on finding one, visit the Australian Securities and Investment Commission
All content provided by Paul Finlay of Finlay Financial Strategies are opinions of Finlay Financial Strategies alone and not that of HomeStart. HomeStart shall not be held responsible or liable for any third party content. Paul Finlay of Finlay Financial Strategies is an authorised representative of Professional Investment Services Pty Ltd ABN 11 074 608 558 AFSL 234951. Authorised Representative No 233141
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