Ask An Adviser - Do We Have Enough Income To Benefit From Seeing A Financial Adviser? (1)

Top answer provided by:

Dishna Wijenayake

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Hi Jaime,

This is a common question most people have. There is always uncertainty around the ‘right time’ to speak with a financial adviser. Most people are under the misconception that you need to have a large sum of money to invest before speaking to a financial adviser.

The short answer is yes, you can benefit from seeing a financial adviser regardless of your current financial position. Planning ahead is very important. The financial adviser can have a look at your current financial position and let you know if there is any room for improvement. These could be improvements to your current spending/saving patterns or existing investments. The next stage would be discussing how your circumstances would change when your wife returns to work and setting financial/lifestyle goals around this. I have discussed some of these in detail below.

Creating your financial road map

A financial adviser can analyse your current position, discuss your goals and objectives then tailor a solution that fits your needs. Once these goals are mapped out you would have a better understanding on what your short/medium and long-term goals are. For example, a short/medium term goal might be to ensure you have adequate funds to cover education expenses. Another short/medium term goal might be to purchase an investment property. A long-term goal might be to ensure you can retire comfortably. You would be able to create your own financial road map which is unique to you.

Cash flow management

Managing your cashflow is very important when creating wealth. A financial adviser can assist through analysing income/expenses regularly and setting savings targets where applicable. This will allow you to put in place solid wealth creation strategies.

Wealth Creation Strategies

There are so many ways to create wealth. Your wealth creation plan would depend on your investment style, goals and objectives. “Should I invest in property or shares? How much should I contribute to super? When should I start contributing more to super? How can I invest tax effectively?” these are some of the common investment decisions most people face. A financial adviser can help you understand available investment options and provide guidance on wealth creation strategies that suit you best.

Wealth Protection Strategies

It is also important to consider the effect on your family if you pass away, become permanently or temporary disabled due to an injury or illness. You want to ensure that your family and assets are protected if the unexpected occurs. “Are you underinsured? Or do you have too much cover in place?” Through conducting an insurance needs analysis a financial adviser can help you understand the type of cover and how much cover you would require. You can tailor your wealth creation plan to suit your personal circumstances.

Therefore, I think you can benefit from seeing a financial adviser now. Having that initial discussion would give you a head start. If no action is required immediately, your financial adviser would inform you accordingly.

While the Adviser Ratings Website facilitates the question and answer functionality, all such communications are between users and authorised financial advisers, of which Adviser Ratings has no affiliation. Adviser Ratings is not the advice provider and does not provide financial product advice and only provides information that is general in nature.

Article by:

Dishna Wijenayake

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