Why you need financial advice

3 min read

You may be sceptical of the need to pay for financial advice (preferring to consult friends and family and do your own research online), however there are benefits that may be obtained from sitting down with a financial adviser.

Areas for improvement

It seems many young people may be experiencing money stress and are not on track to the future they expect and deserve. So if this sounds like your situation, perhaps it’s time to take matters into your own hands and seek the assistance of a financial adviser.

But can an adviser really help me?

Some younger people are wary of seeking financial advice, believing that they don’t have enough money to invest, can’t afford it or simply don’t need it. But these days there are a range of financial advisers who offer simple, straightforward advice for a transparent fee, meaning you only pay for the advice you want.

Budgeting, debt management and saving

With a greater access to credit and continually growing pressure to consume, it can be easy to not live within your means. But budgeting and saving doesn’t have to mean going without. A financial adviser can help make your money work smarter for you – helping you pay-off debts sooner, plan and stick to a budget and suggest ways to get clever about saving. They can also help you set goals – providing better motivation and introducing money habits that could set you up for life.

Getting super-savvy

With retirement so far off, the last thing many Millennials want to think about is their super. But that’s exactly why it does matter. The power of compounding growth may mean the decisions you make for your super now can have an even greater effect on your retirement savings than those you make closer to retirement. In fact, something as simple as changing to an account with lower fees, consolidating super or updating your investment strategy can have a major impact down the long road to retirement.

A financial adviser can help you get off to a good start – tracking down any lost super you may have, consolidating it into the one account which suits your needs, and choosing an investment strategy that fits your comfort with risk.

Start investing

These days you don’t need a lot of money to invest to have access to a diversified portfolio of quality investments. A financial adviser can set you up with a straightforward, low cost starter portfolio helping you to potentially spend less on fees and have more to save for your future.

Protect your valuables

As you start hitting major life events such as starting your career, getting into a long-term relationship or buying your first home, it becomes more and more important to have the right level of insurance in place to protect yourself and your loved ones from financial misfortune. A financial adviser can suggest strategies to get the protection you need to protect your most valuable assets – your family, your lifestyle and your ability to earn an income.

To a generation that is accustomed to getting all the best resources they need cheaply (or even free) online, financial advice can seem costly at the outset. But when you consider the money you could save and grow over the next 30, 40 or even 50 years, you can see the reasons why it is worth considering seeking professional financial advice now.

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This information is current as at 22/09/2015.

This information does not constitute financial advice. It has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness having regard to your objectives, financial situation and needs. There may be a fee for accepting rollovers. Before requesting a rollover, you should consider where your future employer contributions will be paid (if your employer contributions are currently being paid to another fund) and check with your other fund(s) to determine whether there are any exit or withdrawal fees for moving your benefit, or other loss of benefits (e.g. insurance cover), noting that you may not receive the same type or level of benefits after the rollover. You may not be covered for injuries or illnesses that have arisen since you took out previous insurance, and you may lose loyalty benefits.