Is it worth paying for a financial advisor? If this is a question that plays on your mind, this piece will further explore the many ways in which a financial advisor can provide you with a sense of security and empowerment when constructing a financial plan that is built to achieve your personal goals.
One in four Australians report feeling dissatisfied with their life, due to the way they are managing their money, with a similar portion finding finances to be stressful and overwhelming, consistent with reports from the Australian Securities and investment Commission (ASIC). With these statistics in mind, it remains integral to know that balancing your bank account and helping your finances grow isn’t a responsibility you have to bear on your own.
Acquiring the extensive knowledge and services of an industry expert can aid you in obtaining the peace of mind in which you deserve. Whilst many people may believe they’re capable of being responsible for their own financial future, it can be exceptionally difficult task to carry out on your own. For one thing, you are emotionally connected to your money and this naturally makes it harder to be objective about your financial decision making all of the time.
Understanding the Role of Financial Advisors
The role of a financial advisor is to apply their industry knowledge and expertise, to identify fitting strategies that aid you in managing your money efficiently, and that help you make progress to achieve your life goals.
People often associate financial advisors with insurance, investing, and super advice. Whilst this is true, it is important to realise that the actual value of a financial advisors service lays within the plan, that is tailored to you specifically.
A financial advisor will stay informed and up to date with any news and changes taking place across the financial industry and in-turn, help position your money strategically for your circumstances.
To further elaborate, some of the benefits of a financial advisor can include:
- Establishing your financial goals
- Preparing your finances for retirement
- Support financial comprehension
- Assets versus liability management
- Wealth protection and insurance
- Management of income
The Importance of Personal Financial Planning with An Experience Tailored to Your Unique Financial Situation
The best financial advice isn’t a one size fits all solution. A quality advisor will take the time to get to know you and your unique financial situation, including your goals. This is a crucial step in providing effective advice, which ultimately feeds into you getting the most value for money as a client.
Determining whether paying for a financial advisor will be of benefit to you, should be an informed decision, that starts by talking to a suitably qualified financial advisor about your unique position and weighing up what they have to say. The value of financial advice will come in the form of direct financial benefits that you can quantify (IE: by following recommended advice you will gain x, y or z tangible benefits); as well as the practical benefit of an advisor doing everything for you; the academic benefit of leveraging their knowledge, that would otherwise take you a long time to learn; and the emotional benefits that come from finding an advice relationship you trust.
As your team of local industry experts, we provide financial advice in its most effective form, tailor-made to meet the varying needs of each client.
Who is Best Suited to the Services Offered by a Financial Planner
You may find yourself asking ‘is it worth paying for a financial advisor? To put it plainly, investing in a financial expert is likely to be well worth your time and resources, irrespective of your existing understanding of finance matters. Even for those who consider themselves financially literate, dealing with the perplexing changes within the market, along with the intricacies of taxation, debt, investment and financial regulations can be intimidating.
It is a common misconception that the services of a financial advisor are catered specifically to those with lots of money. No matter your financial situation, you will likely benefit from hiring a financial planner that is specifically best placed to assist you.
Here at Yield, we offer a range of services and are proudly inclusive of a wide variety of clients and specialise in advising professionals and business owners. We help clients build their wealth position and secure their retirement, by establishing strategies that help optimise their financial position. Several of our clients are or become HNWI and this usually includes increased income needs, for which they are pursuing solutions that will work to leverage their position, allowing them to live confidently without fear of depleting their wealth.
Dismissing the service of a financial advisor as a luxury or a cost that you could live without, is often a rationalisation of putting something off that you consider daunting. There is no cost or downside, to explore how a financial advisor could benefit you, so you are in an informed position to decide whether it is worth paying for a financial advisor in your situation. Acquire the services and extensive knowledge of a financial advisor today and realise the lifetime of benefits.
Yield Financial Planning is Here to Help
We hope this provided you with clarity regarding the numerous benefits of hiring a financial advisor and creating a personalised financial plan, while addressing the question: ‘Is it worth paying for a financial advisor?'. If you have any queries or require assistance with any of the topics above, please feel free to contact us todayto get in touch with one of our advisors.
