We all remember the famous phrase from the movies: “Show me the money!”. In reality sound, financial advice may be just as valuable as a case full of banknotes. Proper and timely advice can protect our wealth from decrease or annihilation or it may increase it. Here is the added value of personal financial advice:
Getting A Personal Financial Plan
Even if we all know that having a financial plan is a good idea, most of us will never get around making one. A good financial plan steps on our current financial situation determines the financial targets, which we have, and sets the strategy of achieving them. With a personal wealth management company or wealth management planner at your side, this will be the first thing done.
The financial plan is not carved in stone. Rather it is a live document, which both you and your wealth management company can review and update on a regular basis. The financial plan will curb unnecessary expenses. It will focus on your earnings. Generally, it will put your finances in order.
Each person is different and has a different financial standing and financial goals. Your financial consultants may use some ready-made templates. However, they will personalize the plan to fit exactly your circumstances and aspirations.
Managing our wealth will require a lot of specialized financial and legal knowledge. It will also necessitate regular monitoring of financial market developments, legal and tax framework changes, economic forecasts, and a lot more.
When you use the support of financial planners you are accessing their considerable knowledge, experience, and daily monitoring of the financial world. This undoubtedly saves you a lot of time to focus on all the rest of your life.
Eradicate Financial Stress
Not having a financial plan and/or financial advisory will lead to negative financial surprises on a daily basis. Are you going to be able to make it to the next paycheck? How can you save the deposit funds for your first home? Why are your credit cards always in the red?
Getting financially organized will answer all of these questions. Actually, it will answer all of your financial questions. This predictability naturally eliminates your financial stress.
Additional Financial Information
Do you know what benefits you are entitled to as a result of the pandemic? Are you aware of the investment potential which the 2032 Olympic Games will bring to Brisbane? The list of questions is infinite.
They paint the picture of a dynamic financial system. The risks and opportunities vary on a monthly basis. It is difficult for each of us to keep track of all changes and forecasts. Your financial advisors know your personal financial situation and targets.
They are following all new developments which are relevant to your financial plan. You will be made aware of any financial opportunities which arise. And, of course, you will know the upcoming dangers.
Taxes are something we all have to pay. However, there is a myriad of tax benefits for various groups of taxpayers. Some are based on Government policies that wish to stimulate certain behavior. Some are in support to overcome some ill happenings (like the pandemic).
It may be hard for an individual, not working in a tax office, to be knowledgeable and keep track of all tax developments in the country. Our wealth manager will do just that. She will filter the vast tax regulations to your individual needs and advise you accordingly. Much tax savings are likely to occur from this symbiosis.
It may be from saving taxes. Or it may be from realizing a great financial opportunity. It may be from maximizing the return on our investments. Or it may be from leveraging our super fund to buy the house of your dreams.
Wealth managers support your financial wellbeing in many ways. All of them either lead to increasing your wealth or evading certain risks of losing money. Either way the support of your wealth consultants will have a direct beneficial impact on your wealth.
Support For Starting Or Exiting A Business
You may have a great product or service which you wish to put to market. As easy as the Government claims that starting your own business is, there are many obstacles along the way. Just try to get financing from a bank for your start-up.
Naturally, accounting and taxes are totally different from those of an individual. Permits and licenses may be necessary. Complex legal contracts may need to be drafted. Then on the exit of the business, the list of issues is even longer. Your wealth manager and advisor will be able to help in all of these to your best financial benefit.
Review And Advice On Super
We all age and will eventually retire. The difference between people is how retirement will influence their way of life. Will they still be able to travel the world? Will they still be able to live in their home? Will they still be able to practice their hobbies? Will they be able to help their kids? Will healthcare services be provided? Many questions with just one answer.
Have your wealth manager provide support as a superannuation consultant or aged care advice. With the use of your financial plan, tax management, and investment optimization you will be able to enjoy a long well provided “gold years” of your life.
Wealth management services are just like the services of a doctor, teacher, or mechanic. Probably we can live without them. But it is much better if we use them. Wealth management advice brings true value to our wealth.