By TWD Australia

January 25, 2016 | News

Do You Need a Financial Adviser?

Your Finances Are Probably One Of The Most Critical Parts Of Your Life To Have In Order.

Yet, it’s also the part many neglect or put in the “too hard” basket because life is full of endless more exciting and distracting things to think about, right?

If your finances are giving you a headache of the “when will I have the time and energy to deal with this” variety, it may be time to engage a financial adviser.

Even if you have very a crystal clear vision and understanding of your life goals now and 5-10 years into the future, managing your finances is typically never straightforward and needs ongoing attention and review.

In fact, how you handle your finances should adjust in-line with your life goals for whatever stage of life you are in. The earlier you start to think about this strategically, the better off you will be once you hit retirement. Of course, many fall into the trap of overlooking their finances until it’s urgent or they have to address it out of necessity. You should never let yourself get to this point.

It’s infinitely easier to get a realistic plan in place proactively than having to deal with and overcome a financially precarious position.

Typically, your finances will weigh on your mind most during big life transitions and events.

If you’re not aware of the risks involved, navigating these life changes can be a challenge enough without having to consider effective tax and wealth building strategies. Of course, tax is a minefield of its own, which even the savviest accountants and financial advisers battle to stay on top of. Without the support and expertise of a financial adviser you risk losing thousands if not millions to your retirement fund.

So, when is an ideal time to seek the assistance of a financial adviser?

Let’s go through them now…

Post Wedding Bells –  If you’ve just got married, there are bound to be important financial decisions to be made around merging (or not) your finances. Open communication with your partner is critical during this period, and a financial adviser can provide objective advice and guidance around this sensitive topic to help you define your roles and shared investment goals.

You’re Starting a Business – When you start a business, you’re often juggling a million things at once, and particularly in the early stages, you’re balancing multiple roles and tasks that you’re not necessarily qualified or have experience in. Finance is one area you can’t afford to get wrong, literally. Make the smart decision to set up and monitor daily / monthly cash flow, and the relevant insurance to protect your business from the onset.

A Career Change is on the Horizon – A change in career often comes with a change in income, super and other benefits. A financial adviser can help you make the proper arrangements during this transition, ensuring no retirement accounts are left behind and you make the most or your new salary.

You’re Growing Your Family – Household expenses inevitably creep up as your family grows, and your budget needs to factor this in. Setting up an adequate emergency fund is just one of the many areas a financial adviser can assist you with. It’s always a good idea to stay on top of your estate and inheritance planning as you add a new member to your family unit.

You Want to Invest – Whether you’re buying your first investment property or ready to invest in cash, bonds or other property, a good financial adviser will be aware of the current market trends, as well as the many tax and legal implications to consider. Ultimately they can advise on the best investment type for your circumstances, so you see the most return.

Most people think of a financial adviser as beyond their requirements and means. But, if you fall into one of the categories above, the potential rewards of an expert’s advice will almost always outweigh the initial cost.

If you feel it’s time to engage with a professional and trusted advisory house, give us a call or send us an email at info@twd.com.au to chat further.

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Words by TWD Australia.