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Book a FREE consultation
and receive your complimentary eBook

Get started with a free strategy consultation and receive a copy of the Good Fortune Guide – written by James McFall, Managing Director Yield™ FP and 2020 National Finalist Certified Financial Planner of the Year to help educate you on your Financial Plan.

The Benefits of a Financial Planner

The benefits of a financial planner
Pay off mortgage or invest
Wealth Creation Investment planning needs great foresight with a structure that is bespoke for your needs and a portfolio that is in line with your risk profile and considerate of what you are comfortable with.

There are numerous benefits of a financial planner, regardless of your situationBut despite this it’s not unusual for people to second guess their suitability due to their position or current investments.  

The aim of this blog is to prove why everyone can benefit from a financial plan.  

Some common concerns you may have felt yourself include:  

“Financial planners are only for people who already have a lot of money!” 

“I will end up spending more on the planner than they will earn me!” 

“I need to reduce my debt before I can warrant a planner.”  

Whilst it is easy to see why people may think this way, it is definitely not right to deem them correct.  

To put it plainly, hiring a financial planner can be extremely beneficial to people living in all kinds of financial situations. And yes, this includes people who aren’t particularly wealthy. The trick is to find a financial planner that caters to people just like you and that are best placed to help you. 

Yield caters to a wide range of clients, from those who do not have a structured plan, but know they could be doing more to grow wealth and want a secure bridge to retirement.  

To HNWI business owners and professionals that have a significant amount of money, but higher than average income needs and are seeking bespoke solutions that leverage their position, so they can confidently live free from fear they will run out, while still providing for their legacy objectives.  

With this being said, you shouldn’t be expected to believe this sentiment without any solid reasoning. As such, we have listed five points to help demonstrate why a financial planner can be so beneficial.  

1. Financial Planners Can Show You the Path to Wealth  

The biggest obstacle standing in your way of achieving higher levels of wealth often has no relation to having money. Rather, it is likely to be a lack of financial intelligence that is holding you back. 

For instance, you wouldn’t start baking an elaborate wedding cake if you didn’t have the recipe and skills necessary to make it. Building greater wealth is similar in that respect. 

You need to have the know-how and skills necessary to comprehend the journey to achieving greater wealth, if you ever wish to make it.  

A financial planner will also help you remain objective about your money decisions. Because emotional decision making is one of the worst enemies of successful investing.  

Loss aversion bias is a perfect example of this, which is when a person prefers to avoid losses more than making equivalent gains, due to attitudes formed from past experiences. The problem with loss aversion bias therefore is that it holds people back from investing. And wealth creation without investing, is a very slow and arduous process. 

With the guidance of a financial planner, a properly managed and considered investment portfolio can be developed, uncovering strategies you otherwise may not have been aware of. In conjunction with this process, a financial planner may opt to show you how they have previously helped others who have been in a similar situation to excel in their finances. Think of them as a teacher of financial education.  

2. Financial Planners Can Aid You in Eradicating Debt  

Not everyone aspires to achieve high levels of wealth, and that is completely fine. However, many people who are experiencing money troubles, are also suffering from some degree of debt. In some cases that debt can be minor, but a hinderance nonetheless. In other cases, that debt can be quite severe, and the path to getting out of that debt may seem never-ending at times.  

Financial planners have expertise in helping to consolidate debt from a variety of sources, whilst also working to create a clear plan to assist you in paying off the debt entirely and minimising any further interest charges that may accumulate.  

It goes without saying that a financial planner cannot erase debt overnight, but they will be able to assist you by presenting you with unique solutions you may not have considered otherwise.  

3. They Can Give You Back Time  

One of the greatest benefits of a financial planner is the time they can bring you. Planners can work to alleviate greater quantities of time for you, via a variety of avenues.  

As previously discussed, by helping you to create an effective plan to achieve greater financial independence, it can allow you to retire earlier and spend more quality time with children and grandchildren.  

The need to do all your accounting and personal financing yourself can also be alleviated by a financial planner, which in-turn saves you many hours a week you may otherwise spend completing these tasks. In doing so, this also provides you with the confidence and security of knowing that your finances are being taken care of.  

4. They Can Assist You in Gaining Support 

Trying to gain control of your finances can be a lonely affair. Which is likely due to the fact that everyone around you is in the same situation, of trying to do what’s best for them and their family.  

If you feel as though this applies to you, and that you are often overwhelmed by finances and trying to plan for the future, then bringing in a financial planner could give you the one thing you need most, being support. 

We encourage that you look at a planner as a neutral, third-party support for your finances. You may find that discussing your finances with friends or family may be awkward, but things are different with a financial planner. They have no pre-existing opinion of you and don’t m mix in your social circles. Giving you access to someone completely neutral, who is willing to help you and not judge your situation.  

5. They Can Help Reduce Your Stress and Anxiety  

Perhaps the most rewarding aspect of working collaboratively with a financial planner is the ability they have to aid in reducing stress in your life.  

It is fairly well known that money is one of the largest and commonly experienced causes of anxiety in this day and age.  

By looking over your finances and helping you to create a set plan for reaching your financial goals, you will no doubt feel far more relieved. Just by having a plan in place and knowing that you have someone in your corner, can eradicate feelings of stress, further allowing you to enjoy life.  

Important Elements to Consider  

As noted above, it is worthwhile noting that, although financial planners are highly skilled and have years of experience, they are not necessarily able to provide an immediate resolution to your financial problems. Similarly, they cannot make you wealthy overnight.  

However, they can help to highlight the assets and benefits you already have, whilst continuing on to leverage those and build better financial security over time. Be that by helping you to start investing small sums, or to build up a savings nest egg for your retirement 

Regardless, the benefits a financial planner bring are wonderful. As such, it’s time to stop looking at financial planners as only worthwhile for those who are already wealthy. Start believing in your own journey, hire a financial planner and find your own path to wealth today!  

Yield Financial Planning is Here to Help 

We hope this provided you with some clarity in regards to the many benefits associated with hiring a financial planner. If you have any queries or require assistance with any of the topics above, please feel free to get in touch with one of our financial advisors.

Important Note

Any information provided here is general advice only and does not consider your objectives, financial situation or needs. This information should not be taken as comprehensive and does not constitute legal or financial advice. You should seek legal, financial or other professional advice before relying on any content. Yield Financial Planning is not responsible to you or anyone else for any loss suffered in connection with the use of this information. Information is only current at the date initially published.

About Yield™ - Financial Planner Melbourne

Who we serve – We help time poor professionals and business owners who intuitively know they should be doing more to improve their financial position and are seeking an expert to guide them on financial planning strategies. Our clients want personalised financial planning advice and to feel empowered and confident that they can achieve a secure transition to retirement.

What we do – We gain a deep understanding of your current financial position and preferences, what you value and want to achieve. We then help you develop a highly personalised financial plan, to show you how to make your money work harder for you. Ongoing we regularly monitor and measure progress against your plan projections, to show you how you’re tracking and help you manage change to your advantage.

How we do it – We apply our proven expertise in investment markets (Shares & Property), Tax and Debt structuring, Retirement Planning, Risk management and Estate planning, to help you reorganise the way you use your money to achieve your desired outcomes.

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