Ask an Adviser - I'm a Finance Novice, How Can a Financial Adviser Help Me?

Top answer provided by:

Colin De La Nougerede

Dear Jesse,

Everyone’s personal circumstances are different, and some feel the need to seek professional advice, because of your exact reasoning: "the confusion and the foreign aspects that we are not familiar with." We go to a "Sparky" to get our electrical work done - why? Because we understand what is required,  but do not have the qualifications to fix the problem. One of the biggest mistakes people make, is thinking they don’t need advice, or taking tips from friends and family that are not actively involved (or don’t understand some of the complex issues involved), as financial strategies - until it’s too late. Then they need professional advice to get their personal situation sorted out. 

Getting in early to get some guidance and education from a good financial adviser for your personal goals and requirements, could be the best decision you make, going forward. Good financial advisers will ask you the appropriate questions, to best understand your circumstances. Then (if appropriate) they will provide you with a personalised plan or solution to assist with your goals, but most importantly - be there if your situation requires changes to keep on track or assess new goals. You may be in a situation where you don’t really know what you want because it can all be too confusing. But getting good financial guidance or direction may assist your future decisions.

The services provided by a Financial Adviser can vary, some specialise in specific areas of financial planning, but most qualified advisers can assist in the following areas:

1. Simple guidance and education re financial matters eg. budgeting and savings plans;
2. Wealth creation and protection to best suit your personal circumstances;
3. Salary packaging and other tax-effective investment strategies;
4. Superannuation and retirement planning - including Self-Managed Super Funds;
5. Estate planning - making sure the appropriate structures are in place now, with flexibility to change. For example: wills, powers of attorney, administration orders and trusts;
6. Debt-management advice;
7. Direct share trading;
8. Loan structuring advice - for investment or personal purposes;
9. Personal and business insurances. For example: life insurance, total and permanent disability insurance and income protection, or buy-sell agreements;
10. Business structuring and succession-planning advice;
11. Centrelink and aged-care;
12. As well as ongoing advice and services.

As you can see, these are just some of the professional advice areas that can be provided by financial advisers. There are many more areas of advice for individuals, and businesses.

My advice: is to think of what you want to achieve and are concerned about, write it down, and seek the appropriate qualified adviser that best suits those needs. Then make an appointment to get some clarity on your concern/s. Most advisers have an obligation-free first appointment - so it could be the best hour you spend for your financial future.

You have already started your journey, by asking this question.

Good luck.

Colin

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Article by:

Colin De La Nougerede

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