What is a Financial Advisor and how can we help?

What is a Financial Advisor and how can we help?

 

Financial Advisors come in different forms, you have your all-rounders and your specialists and making sure you are sat in front of the right one at the right time is crucial to getting the correct help.

The easiest way to think about this is to think of the all-rounders as your GP, they can help you with almost everything you need when it comes to financial advice – Budgeting and Money Management, Superannuation, Investments, Personal Insurances, Debt Management, Retirement Plans, saving plans etc…

However, at certain times they will need to refer you to a specialist, to get the correct advice for your situation.

You then have your specialist who Specialises in one or two areas, much in the same way an Anaesthesiologist or oncologist does – they have specific expertise in one area and that is where they focus their time and efforts, for example – Self-Managed Superannuation specialist, investment specialist, Retirement specialists and aged care specialist. These advisors will be able to help you in their relevant speciality and refer you to other professionals when more help is needed.

So not all Advisors are created equal and it pays to find out what your Advisor is qualified and registered to give advice in, before meeting with them. Make sure you ask your advisor during your first meeting if this is an area of advice that they are familiar with.

Asics Moneysmart website has a find an advisor tool which is a great place to start –

www.moneysmart.gov.au/investing/financial-advice/financial-advisers-register

So, at Humblebee Financial Planning what can we help you with?

We are all-rounders and can help in many areas. The easiest way for us to explain how we help is to break down our clientele into age brackets – or life stage events – and show you what we typically help these clients with:

Age 25-35 – Clients are typically first home buyers or thinking about buying, either with young families or looking to start a family. Areas of concern include:

  • Savings plans – How to save for a deposit
  • Money Management – wanting to get ahead early and make their money work for them.
  • Family Protection – Personal Insurances – Risk Management
  • Investment advice – To buy a house or not to buy a house
  • Superannuation advice – Education and understanding

Age 35-55 – Clients typically have families, have debt against there home, are earning and working at there full capacity and trying to get ahead whilst also enjoying life. Areas of concern include:

  • Family Protection – Personal insurance – risk management
  • Money Management – How to handle the cash flow of the household – They want to get ahead but also enjoy the money they are working hard for
  • Debt management and reduction strategies
  • Investment strategies – how to build wealth
  • Superannuation and looking towards the future

Age 55+ – Clients are typically coming towards the end of their working life, want more choice around what they do with their time, kids are grown up and moving out and they need to plan for the next stage of their life. Areas of concern are:

  • Superannuation – To add to it or not to add to it
  • Retirement planning – what does retirement look like? Do I have enough money? Do I want to retire?
  • Debt management – How can I be debt free by retirement? Do I downsize or stay where I am?
  • Investment strategies – Looking at building wealth to use in retirement outside of superannuation and the family home
  • Legacy – Estate planning and what happens to my family after I am no longer here and making sure your money goes to the right people.

 

Everyone is different and advice given should be different to everyone, it should consider your personal circumstances and goals and be tailored to suit you. At Humblebee Financial Planning we use a goals-based approach to our advice, working with you on what your goals are now and, in the future, and tailoring our advice to help you achieve your goals.

If you feel that we could be well placed to help you, contact us for a complimentary first appointment and see how we can.

Luke Grundy

0401637907

luke@humblebeefinancialplanning.com.au

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