Common triggers for you to consider seeing a Financial Adviser

— 8 min read

Your financial position has a number of moving parts which could be made up of: your income, employer Super contributions, investment growth, franking credits, income tax, deductible expenses, child care fees, children’s tuition, travel, mortgage or a car upgrade every ten years.

With all these numbers, where do you sit at this very moment in time? If we project this position out to 10 or 20 years, where will you be and what does that mean?

If we make reasonable conservative assumptions about your income and expenses and the growth of your assets, we can chart out what your position is today and whether you are on track for meeting your long-term goals.

What adjustments can we begin making today to ensure the goals are feasible?

A DPM Financial Adviser (or Private Wealth Consultant as we call them at DPM) can identify any gaps in the plan.

For example, if you want to reduce your working hours, they can look at what impact that will have on your future financial position and whether you are in a position to do that, and still meet your goals. If there is a gap, they can work with you to determine a solution or readjust goals specific to your circumstances in order that your future position is based on a considered and well-adjusted plan.

Do you need to seek advice about how to direct cash flow?

Funds are moving in and out of your bank account and you wonder if there is a better, more systematic way of doing things. Some people direct everything toward their offset, while some contribute extra to their retirement savings.

What is the right formula for you, how much and why?

A financial adviser can provide you guidance in developing a plan so that you understand the dollar amounts to be directed toward your different accounts (loan, offset, investment account, etc), the risks, the benefits and the alternatives to be considered.

Are your investment choices appropriate?

Perhaps…

  • Your employer put you into a default fund and you question whether it is still an appropriate choice?
  • You want to provide for your family and understand how to build and maintain a portfolio that will provide support for your family at key stages?
  • You are considering buying your practice premises and wonder if you should buy it in an Self-Managed Super Fund (SMSF)?

Are you equipped with the tools and knowledge to best answer these questions at the time they pop up?

A financial adviser can first consider the appropriate structure for your investment based on your timeline, needs, family composition, debt and tax position. He or she can then consider your appropriate risk profile and asset allocation before finally selecting the actual investment products.

In one of the above example questions, a SMSF has specific risks, responsibilities and associated costs. A financial adviser can provide you with the relevant information you need to make an informed choice about whether or when a SMSF might be appropriate.

You don’t want to worry about money…

With considerable family and work responsibilities, would you like for someone else to advise you on how and where excess cashflow should be managed?

Along with your other possible advisers: tax accountant, insurance adviser, lending adviser and solicitor, your financial adviser can develop a plan that allows you to take action today for your future benefit.

For those seeking holistic advice, an adviser can advise on your cashflow, debt, investments, super, in line with the rules and legislation based on your goals. If you would like to speak to someone in our team of professionals please make an enquiry for a free initial consultation here.

Disclaimer: *The information contained in this site is general and is not intended to serve as advice. DPM Financial Services Group recommends you obtain advice concerning specific matters before making a decision.

Authors

Tao Hsu

BA (Mathematics), CFP®

Consultant
Melbourne

Tao joined DPM in 2018 and is a Certified Financial Planner.  Tao is passionate about empowering her clients to make informed financial decisions and working with them to develop strategic long-term wealth management plans.