The value that great financial advice can add can truly be life-changing.
Russell Investments carried out research, lat year, to help articulate the value an advisor provides, with helping clients navigate financial markets throughout COVID.
According to Russell Investments:
The value financial advisors have added is approximately 5.2%.
Not everybody needs financial advice – but many Australians who don’t currently receive advice could benefit greatly.
Watch the video below of Prominent Financial Services’ female financial adviser Christine Swanson who shares some great insights on the value financial advice can bring to you and your family.
As your financial and personal situation changes, so should your plans and goals for the future, having a plan that is reviewed and tweaked regularly ensures financial stability and comfort.
Here are 4 examples where you can benefit from a great financial strategy and a relationship with a financial advice team.
1. Decision-Making and Control
You may be someone who struggles to make the right financial decisions tailored to your needs and wants in life.
You may be someone who has made certain financial decisions that haven’t worked out the way you planned, or maybe you made decisions that have put you in a challenging financial situation.
Your financial adviser can guide you through all facets of your financial journey from creating a cash flow plan to identify surplus cash to building your investment and superannuation portfolios to fund your ‘big ticket’ goals and future lifestyle in retirement – giving you the confidence to secure your financial future.
A recent report based on ‘The Value of Advice’, extensively surveying over 2000 Australians found that:
- 88.5% of Australians receiving advice believe it has given them greater peace of mind financially.
- 86.2% of Australians receiving advice believe it has given them greater control over their financial situation.
2. Your Investments
Understanding your investments often entails the perfect balance between volatility and returns.
This balance can impact your investment strategy and ability to achieve your investment goals.
Without adequate knowledge and guidance when it comes to investing, often investors can fall prey to making emotional mistakes.
Financial advisors are able to provide discipline and strategy to avoid poor decision-making that can lead to negative investment results.
Investment Insight from Financial Adviser, Christine Swanson at Prominent Financial Services:
“Cash hoarding is a real concern during a time where interest rates are at all-time lows and inflation concerns. While cash may seem safe, it can be a negative investment.”
It’s important to note, that by attaining the right financial advice you may be able to achieve better results through professional investment knowledge and management.
3. Your Health
Unfortunately, 4 in 10 Australians experience some form of financial stress or hardship in their life.
Alarming as this is by itself, stress regarding your financial wellbeing can have flow-on effects on your physical and mental health:
- 37.4% of Australians say financial issues have affected their physical health.
- 52.8% of Australians say financial issues have affected their mental health.1
Your Financial Adviser will always be there for you to discuss your money fears and concerns.
Additionally, a financial planner can allay these fears when tailoring your financial plan to suit your individual circumstances; ensuring you have sufficient cash reserves, investing your funds in accordance with your investment preferences and reducing risks to protect you and your family.
After all, those who live without financial stress lead happier and healthier and more fulfilling lives.
4. Achieving Your Goals
Typically, people seek assistance from a financial adviser because they:
- want to reach a particular goal and need guidance, or;
- are about to go through a major life stage (e.g. marriage or retirement) and would like to get financial advice
No matter what situation you are in, your unique goals will define your financial strategies and your financial plan. What is more, studies have show that financial advice helps people reach their goals in life.
“4 in 5 Australians who receive advice say they have been able to achieve their financial goals with the help of that advice 1”
Tips for how you can maximise the value you receive from financial advice:
- Be honest with your financial adviser about your situation and your goals. The more your financial adviser understands you, the more personalised your financial plan will be.
- Be open to the strategies presented and trust your financial adviser. Your adviser is there to help you succeed with your money and enjoy the benefits of advice. Every Financial Plan is created with our clients’ best interests as the #1 priority.
- Communicate openly with your financial planner and advice team. Maintain regular communication and attend your reviews. We are here to help you so the more you talk to us about your problems, the more we can support you.
Seeking Financial Advice in Adelaide?
Prominent Financial Services provide professional financial advice, they have the technical skills and expertise to hold clients accountable and help them navigate complex areas including investment, tax, legal superannuation and insurance.
The Prominent Team will help you avoid financial mistakes, educate you financially and guide you emotionally to make informed financial decisions.
If great financial advice adds about 5.2% more value in one year, imagine this compounded over the years. Often you may hear people say that they can’t afford financial advice.
“I guarantee you that at Prominent Financial Services, our fees are much lower than the value we can add to our client’s financial position and their peace of mind.” – Christine Swanson
Wouldn’t you like to feel the same?
Work with Christine – our financial planner in Adelaide who is helping more Australians plan an awesome financial future.
Get in touch with us today and let us know how we can help you enjoy the range of benefits financial advice provides.
References:
1. https://www.fidelity.com.au/insights/investment-articles/the-value-of-advice/
