7 LIFE SITUATIONS WHERE YOU COULD BENEFIT FROM FINANCIAL ADVICE

Here is a list of seven life situations where you may benefit from the services of a financial adviser.  

1.      You are planning on retiring – Making decisions on what to do you with your retirement income streams requires careful planning. The superannuation laws are complex and you want to make sure you are using the rules to your advantage. It is also a change in mindset that you have to manage, all of a sudden you are no longer saving money, you are drawing down on it which a lot of people find daunting.

 

2.      You have children – Whether it’s saving for their school fees or helping them into their first home, there are several ways to ensure your children are taken care of. There is also a need to review your levels of life insurances to ensure you have enough if something happens to you or your partner.

 

3.      You want to build wealth – You still might be years away from retirement but simple smart investment decisions today compounded over time can add thousands to your wealth at retirement.

 

4.      You manage your own investments – Investors should check their strategies to get an objective second opinion to see how you are tracking with your current strategy. You may be overlooking and missing out on opportunities.

 

5.      You already have a financial advisor – Depending on how you chose your advisor, there might be a better fit for your individual circumstances, they might specialise in just one particular area or have different types of clients. Referrals are convenient, but they don’t always link you with the right adviser for your unique needs. It’s important you partner with an adviser that is able to walk you through the different options and help you make a decision on the best option for you. Having a healthy relationship with your advisor is crucial to achieving success in the work you do together.

 

6.      You are going through a divorce – divorce can be messy but having a financial advisor on your side giving you impartial advice can help ensure you get a fair and reasonable result.

 

7.      You inherited some money – It can be difficult to manage sudden increases in wealth and getting advice on what to do is vitally important to ensure you are making the most of this opportunity. We have all read stories of lottery winners declaring bankrupt or running out of money.