You may know that the role of a financial planners is to assist you with investing money and help you plan for retirement. However, a Certified Financial Planner (CFP) does a lot more than just that. A good financial planner can assist with the following and more.

  1. Meeting your core values 

Knowing what your core values are helps you clarify what you want out of life. A CFP adviser will take to time to dig down and gain a deeper understanding of your values. Making financial choices that are aligned with your core values ensures you have a better quality of life and are living the life you want free of stress and worry about money.  

  1. Helping you achieve your financial goals 

Taking the time to set goals that are achievable is what a CFP adviser helps you do. Whether it’s buying a house or travelling, starting a business or taking time out to spend it with the family. All of these goals take money and planning to achieve. Having someone qualified that is able to help you set these financial goals and keep you accountable to these goals can be the difference between achieving them or not. 

  1. Helping you get a handle on the psychology of money

A financial adviser isn't a trained psychologist. However, you may be surprised by their understanding of the psychology of money. A CFP adviser will take to time to understand what decisions you’ve made in the past and what you are doing in the present to help you re-shape your mindset on money. Having an independent expert help you look at things from a different perspective can have a huge impact. 

  1. Reviewing your super fund

Your superannuation is there for your future and by the time retirement rolls around, this is most people’s biggest asset after their home. If this is the case it’s important you give it the care and attention it needs. A CFP adviser will review your current superannuation to ensure you have the right investment strategy in terms of risk and check to see if you are not paying too much in investment fees. Small savings compounded over time can add up to be a big difference. 

  1. Tax planning 

Putting youself in a position where you have the highest probability of having enough money for retirement and feeling financially secure requires careful tax planning. 

Small tax savings compounded over time can add up to be a big difference. A CFP adviser will look at the whole picture to ensure your finances are structured efficiently and you’re saving tax where you’re legally entitled to. A CFP adviser doesn’t do your tax returns as that’s the role of a qualified accountant, but they are able to advise you strategies that can improve your situation.

A strategy might include looking at salary packaging opportunities like motor vehicle leases, salary sacrificing to super or simply structuring your banking and investments differently. A big factor is getting the investment ownership structure correct from the start as this has the potential to save you thousands of dollars in tax in the future.

  1. Finding gaps in your insurance coverage 

A CFP adviser will analyse and review any potential gaps in your insurance cover to identify whether you have too much, not enough, or the wrong mix. They’ll also dig down into the different policy definitions to ensure you have the right policy for your age and occupation. This is to ensure you have the highest probability of getting paid at claim time. Insurance is a cost so why pay extra or for the wrong type of cover if you do not have to.