What is Financial Planning?

As a millennial, I never really thought about what a financial planner does or what financial advice is. Those were the kinds of thoughts I wouldn’t need to bother with until I was well into my forties, married with 2.4 kids, a mortgage and a car. It wasn’t at the front of my mind and I certainly didn’t need to think about it right this second. I had holidays to plan, people to see, places to be and a job to look forward to. I didn’t need some stuffy and overbearing financial adviser telling me what to do with my money. It’s fine in the bank, what could go wrong?

Growing up, I watched my parents struggle through finance and saving issues, and it was only due to my mother’s incredible head for numbers that we managed so well. In hindsight, it’s clear to me that getting an adviser involved early on could have avoided the problems we ran into as a family. Knowing what they do and understanding what they do are two different things and both are important to truly understand the impact they can have on our lives.

You may not even know what you want!

That’s where the true advantage of a financial adviser comes in, because you just never know what could happen. Planning for the future means planning for success. Making sure you have all your finances where they need to be to protect yourself and your loved ones is an important step to take. No matter what stage of life you are in, financial planners are there to help you make the best out of your situation, whether that be saving for a house, considering retirement plans or simply setting up the right superannuation for you.

These are the kinds of things we all assume we can do on our own and maybe we can, for a little while. I don’t know the legislation changes or the benefits of one policy type over another. I wouldn’t know where the best place to invest my money was or how to avoid high risk investments. This is all the work of a financial planner, they are there to support and guide you to making the right decisions about your finances.

They are not there to make decisions for you.

They are there to show you what your options are for a better and stronger future.

That’s what I learned about financial planners and knowing how they operate helps me decide when and how I want my financial adviser in my life.

Disclaimer and General Advice Warning:
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The information provided in this communication has been prepared as general advice only and has been issued by Centrepoint Alliance Ltd and Alliance Wealth Pty Ltd (AFSL 449221) and Professional Investment Services Pty Ltd (AFSL 234951). It is based on our understanding of current regulatory requirements and laws as at the date of publication. As these laws are subject to change you should talk to a professional financial adviser for the most up to date information.
We have not considered your financial circumstances, needs or objectives. You should consider the appropriateness of the advice and seek the assistance of a financial adviser before acting on any advice contained in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither Centrepoint Alliance Ltd nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.