Often when we seek professional advice or assistance, it is springboarded from necessity. We see a doctor when we’re sick, find a plumber when a pipe leaks and a mechanic when our car breaks down. But, for all of these services, you can save yourself a lot of strife if you utilise them for their preventative plans. A financial advisor works much the same way. The myriad reasons for engaging with one spans from immediate necessity to long term safeguarding. Here are the main reasons we see people seek the advice of financial experts, and how they help in these instances.
They can help you meet your financial goals
You might know what your goals are, but achieving them can feel overwhelming at best and unmanageable at worst. Even if you’ve been fairly stringent with your basic savings, you could find it isn’t building up as well as you’d hoped it would, or as quickly.
A financial advisor will be able to help you navigate to realistic, achievable financial goals in the most efficient and effective ways possible. This could mean better understanding your daily/weekly/monthly expenses so you aren’t dipping into savings, or adjusting them so you can put more away. From weekend getaways, to paying bills, buying a home or just a healthy ‘rainy day’ savings account, financial advisors can set you on a strategic financial path that ensures you get there in the most realistic and sustainable way possible.
Assist with money organisation
Sometimes it can be as much about how your money is organised as it is how much you’re putting into your account. While your trusty savings account seems like an obvious place to assign your savings, you could be missing out on financial benefits of alternate finance allocations.
A financial advisor can help find the best high interest accounts, as well as offer guidance on investing in shares and allocating your money based on your financial goals or intended uses of savings. The money put away for your monthly bills, for example, will require different account considerations to the one dedicated to longer term savings.
Strategise long-term finances
It’s often easier to plan for our short term future than the long term. Without the urgency or immediate gratification (that saving for a holiday can bring), it can be difficult to stick to a saving strategy.
Financial advisors can help create long term strategic plans that ensure a more secure and sustainable financial situation through your life. You can ensure you have a plan that provides security for your family, your retirement, and beyond.
Help create solutions for debt management
Financial advisors don’t just help to safeguard your savings, they are also there to assist with debts that are becoming difficult to pay. Advisors can help navigate you through the best and most realistic strategy for paying your debts, assess your earning potential to pay them off quicker, or advise on next steps if debt repayments are more serious.
Shaw Gidley are experts in restructuring, turnaround and insolvency and provide free initial advice on these matters. Please contact our offices on (02) 4908 4444 or (02) 6580 0400.