Having a secure financial future where one doesn’t constantly worry about money and how it’s spent sounds like a dream. But with proper financial planning, it is very much possible and easy. But how does one start with the basics of wealth management without any financial background? It is where financial planners come in. Financial planner Sydney based or otherwise can help by allocating their time and effort to find the best possible solution for securing a client’s financial future. Planners make everything easy, so one doesn’t always have to worry about any economic and legislative changes for the time being.
The industry for financial planning and investments advisory in Australia has a market value of about 5 billion dollars by 2020, with over 20,597 business throughout the country.
What Does Financial Planners Do?
- They help correctly estimate the client’s current financial status and wealth situation personally.
- They draw out plans and strategies to address any significant monetary issues that the client may have.
- They help the client deal with any unexpected financial problems that may arise.
- They help the client set up retirement funds and investment portfolios without many complications.
- They identify appropriate methods for monetary growth that is best suited to the client’s preferences and interests.
When Should A Client Consider Hiring A Financial Planner?
- When the client is nearing retirement age and wants to secure a substantial retirement fund for the future.
- When the client needs help to address any financial issues that they undergo currently as a family.
- When the client has inherited a substantial amount of money either through winnings, inheritance or sales.
- When professional help is required in investments and for family wealth management.
- Ensure that suitable investments are undertaken in a particular set of stocked or company equity in an ever-changing market.
Hiring The Right Financial Planner: Some Things To Consider:
- Understand The Different Types of Planners: Some planners focus solely on investments, others on personal finances, and some others work on retirement funds. So, have a proper understanding of what different monetary planners do before addressing any underlying financial problems.
- Credentials, Qualifications and Experience: Always seek reputed professionals with certifications and licenses to prove their authenticity. Be aware of the fields they work in and have expertise in and help one manage one’s wealth and portfolios. Always verify their credentials and be aware of fraudulent services and deals.
- Understand How They Charge Their Fees: Financial planner Sydney based or otherwise will charge an hourly rate or take a small percentage of the wealth they handle with the client daily or monthly. It all depends on the type of planners one will hire.
Why Should You Hire One? The Benefits Of Having A Financial Planner:
- Set Realistic Monetary Goals: A planner can help the client set realistic goals that are well within the clients’ wealth capability. Planners can help point out the inadequacies in a client’s financial system and help strengthen it.
- Save Time And Money: It takes a considerable amount of knowledge and time to go through any financial statements and investments plans. Planners can help do that so the clients won’t have to waste their time on it. Plus, they will also identify any pitfalls where the client could lose their money or any bad investments in a volatile company or market.
