5 unmistakable advantages of financial planning

 

Why is it important to have a financial plan?

Let us count the ways. Creating a financial plan is one of the most important and valuable things you can do in life — your finances will have direction, and your plan will take you closer to your financial goals.

Even more important is reviewing your financial plan regularly and ensuring it still serves its purpose. With this in mind, ongoing financial planning advice is essential. Here, we share five unmistakable advantages of financial planning — and booking regular plan reviews.

#1. Ongoing access to your adviser

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One of the key financial advice benefits has to be ongoing access to your adviser. You can call, email and meet with your adviser whenever you need to — they’re always available to answer any ad hoc questions as they arise throughout the year.

Plus, having the right advice and making the best decisions is key to maximising your potential. Contacting your adviser (someone who has a sound understanding of your financial position and is a specialist in finance) offers endless value to you and your family.

#2. Financial planning advice keeps you accountable

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Ongoing financial planning advice can also help you stay on track and stay accountable. By meeting up with your financial planner at pre-determined intervals, you will have something to work towards and stay the course, ultimately edging closer to your financial and personal goals.

#3. Your plan can be adapted to your changing circumstances

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Life is dynamic. Things change. Marriage, children, divorce, unemployment, promotions and inheritance are all elements that can affect your financial plan — with ongoing contact and advice from your financial planner, you can adjust and adapt your financial plan based on your changing circumstances. It keeps your financial plan relevant and effective.

#4. Your plan can be adapted to economic circumstances

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Economic and market conditions fluctuate all the time — government regulations change depending on who is in power, and the market hasn’t been quite the same since the start of the COVID-19 pandemic. When things change (for better or worse), it’s important to review your financial position with changes in mind to take advantage of new opportunities or protect you from new risks.

#5. It can help avoid pitfalls

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Our financial advisers are at the top of their game. Not only can we help you make smarter financial decisions, but we can also help you avoid the pitfalls and traps that people often fall into. Reviewing your financial plan on a regular basis means these pitfalls can be avoided, saving you time and money while also increasing the likelihood that you’ll reach your financial goals.

The level of financial planning advice you need will depend on how complex your situation is, e.g. where you are in life or your career, your existing financial situation and if you have a self-managed superfund or trust.

Our advisers will help determine how often you should book a review — we can also refer you to trusted lawyers, tax specialists and mortgage brokers in the local area.

Elliot Watson Financial Planning delivers the ideal adviser/client relationship

Helping Australians improve their lives and achieve their goals is our passion.

Like most relationships, a successful financial planning relationship is built on mutual appreciation, trust and open and honest communication. Our advisers foster an environment where our clients:

• Feel free to be open and honest, sharing all required information so that we can understand your goals and formulate your tailored plan.
• Are open to receiving advice and then implementing the advice.
• Trust and have confidence in our advice.
• Are committed to achieving their goals.
• Understand the benefits of paying for good advice.
• Are willing to hear feedback and take it on board.
• Want to engage in an ongoing relationship.

If you would like to meet with one of our friendly advisers, contact us to arrange a meeting or call 02 4038 1623.

The information within, including tax, does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information, you should consider its appropriateness regarding your objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser. The views expressed in this publication are solely those of the author; they are not reflective or indicative of the licensee’s position and are not to be attributed to the licensee. They cannot be reproduced in any form without the author’s express written consent. Elliot Watson Financial Planning Pty Ltd is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.

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