If you have even a small amount of money to use as a launchpad to financial security, it makes sense to have the help of a financial adviser/planner.
This professional can help you explore your options, and more importantly ensure you are on track to achieving your financial goals. However, some people think simply signing on with a planner is enough. There is more to the story and your involvement is required if you really want to make the most of the relationship.
Here’s how to maximise the value of your financial planner:
Communication
A captain can’t steer a ship if he doesn’t know where she is going, and financial planners are the same.
In the early days, you need to communicate your goals with your financial planner and be clear about the type of advice you want. It’s also important to be honest and upfront about your assets and liabilities, even if there are some debts you feel uncomfortable about.
From there, you need to stay in touch and let your planner know if anything changes even better if you can have the opportunity to discuss plans before they change.
Once you have established a relationship, don’t be afraid to ask questions even if you are not sure it is something your financial planner could help with, you would often be surprised with the broad range of knowledge an experienced planner acquires. Even something simple can unearth a new opportunity or solution.
Finally, you will know you have a good planner if they are proactive about communicating with you to share updates and ideas.
Take a collaborative approach
The more you can read and stay informed about things like succession, superannuation and investing, the more productive your conversations with your financial planner will be.
While collaboration is essential, you also need to very carefully consider the advice being given to you. A too good to be true investment opportunity you heard about at a barbecue is probably just that. Listen to your planner’s counsel before you make big decisions about your money.
Collaboration also means remaining accountable. Your planner will keep you in check if you are tempted to spend money you pledged not to (without good reason of course), or if you’re about to over-invest in the wrong area.
Review your plans regularly
You also have to be aware of the fact that rules, regulations and markets are continually changing. Today’s winning strategy may set you back tomorrow. Consider changing interest rates, which have made investing in property more expensive but have re-opened opportunities for high interest savings accounts.
While you will always have a goal to strive towards, your plan and strategy should never be set and forget. Regular reviews at least once a year with your planner are vital and if you notice you’re not making progress, ask questions.
Take advantage of their contacts
Financial planners are an excellent source for contacts and information.
If you need any other form of financial professional such as an accountant or broker, they will be able to put you in touch with someone. Your planner probably also has a partnership with a lawyer if you need to prepare a will or arrange the sale of an asset.
Be prepared to invest in your future
You have to spend money to make money, so remember your relationship with your financial planner is an investment.
Look at the bigger picture and remember this expert’s services will most likely deliver positive outcomes in the long run. You have much higher chances of achieving your goals by using a licensed, experienced financial planner who has an excellent reputation, than trying to invest on your own.
Remember, you don’t know what you don’t know. When you have the right help, you can fill your knowledge gaps, grow your wealth and create a more secure future for your family and your business.
Ready to work with an experienced financial planner? Contact Crest Wealth team today.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice. Whilst the information is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact upon the accuracy of the information. Crest Accountants is not licensed to provide financial planning services. Jesse Phillips, Paul Timms, Robert Hayward, Cassidy Hayes and Crest Wealth Pty Ltd ACN: 604 419 187 ATF Crest Wealth Trust T/as Crest Wealth are licensed to provide Financial Planning Services. They are authorised representatives of Crest Wealth Advice Pty Ltd AFS License No: 531122 for Financial Planning Services only.
