Financial advice is the process of identifying your financial goals and creating a roadmap for you to achieve them. This covers your short-term and long-term financial objectives in an individual plan that suits your budget, lifestyle and end goals.
You might be trying to save for a house deposit or wedding, thinking about investing, or wondering how to make the most of your money before retirement. Or, you might already have a home loan or investment strategy in place and you’re looking to improve your current financial situation. Financial advice is all about helping you meet those targets.
A financial planner is a trained professional who creates a plan to achieve your goals. They will offer a big-picture view of your financial situation, your short-term and long-term financial goals, and what it will take to get from your present to the future life you want.
Strategies a financial planner might offer you could include consolidating your superannuation accounts or helping you to access it, preparing for your retirement, taking out insurance, reviewing your social security eligibility and/or investing.
A financial planner will carry out the necessary research to tailor these solutions to your individual needs and goals, as well as ensuring that any recommended financial products are correctly implemented.
There is no difference between the two. The terms ‘financial planner’ and ‘financial adviser’ refer to the same occupation and can be used interchangeably.
Whether you’re saving for a house deposit, looking to invest your money, preparing for retirement or thinking about how to protect what you have through insurance, a financial planner can help you in many ways.
They can provide professional, tailored advice on how to meet your financial goals through a financial plan. A good financial planner will be on top of the latest rule changes that affect you, and may suggest ideas, products or tools suitable for you.
Whatever your circumstances, a professionally devised plan for achieving your monetary goals can give you confidence that your financial future is under control.
There are several situations and life stages where you might find a financial planner useful.
You might need assistance with your savings goals if you’re saving for something like a house deposit, wedding or baby. A planner will look at your lifestyle, budget and end goal to see where you can make adjustments to meet your savings target.
If you’re looking to invest, a financial planner can create a plan and provide ongoing support in the management and planning of those investments.
You could be interested in protecting your lifestyle or assets, a financial planner can help by formulating an insurance strategy to suit your needs and budget.
Financial planners can also plan for your retirement, show you how to pay off your home loan faster, refer you to experts for matters such as preparing a will, and reduce other debt.
Before your first meeting with a financial planner you should think about your financial goals – whether it be saving for something in particular, investing, purchasing insurance, planning for retirement, or anything else.
Write down or obtain documents that detail your current financial situation, such as your:
- superannuation balance (and how much and how often contributions are made into your account)
- day-to-day expenses (so the financial planner can assess how much you spend on things such as rent, bills, groceries, transport and other regular costs).
In your first appointment with a financial planner you’ll discuss and define your financial goals and costs associated with receiving personal financial advice.
After you’ve established your financial goals with your planner in your first appointment, they will assess your situation and come back to you with solutions. These might include financial-product recommendations to help you achieve your financial goals.
Your first appointment with a Meezan financial adviser is complimentary. After that, you’re not obligated to continue any further in the process.
If you do decide to continue, the costs associated with receiving financial advice (excluding product costs) will be explained during your first appointment with the financial planner. They’ll let you know which fees you can expect to pay .
If you want the advice of a trained professional to gain confidence in planning for your financial future, then seeking assistance from a financial planner is definitely worth the investment.
A financial planner will be across existing legislation and upcoming changes that affect your current wealth, investments, retirement plan and any other financial considerations. If your circumstances change, you can have your financial planner review and adapt your strategy to fit your new direction or life stage, such as planning for a big life event, approaching retirement or launching a business.
Your financial planner will be acting in your best interests, so following their advice can be hugely beneficial when it comes to achieving your financial goals. In saying that, you’re under no obligation to follow the advice of your financial planner; they’re simply making recommendations to improve your financial situation.
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