Taking financial planning further

  • "Going it alone" with financial planning can be daunting and overwhelming.
  • Seeking financial advice is often
  • triggered by significant money-based life events.
  • Financial advice can be narrow or wide in its focus.

Some people prefer to manage their own finances. However, this can be too complicated. It can be difficult to make sense of the many different types of investments, insurances, superannuation choices, manage tax and keep on top of the often-changing rules, laws and regulations. This is when you might decide to seek financial advice.

taking financial planning further

Common triggers

Most people seek financial advice when they encounter a financial concern that needs to be addressed, for instance, worries over insufficient retirement savings, or they want to do more with their money and are not sure how to take the necessary steps.

For others, receiving a large amount of money (for instance, a redundancy payment or inheritance), may be the reason for needing financial advice as they may never have looked after a large amount of money before.

For others, there is the fact that financial advice encompasses a broad range of areas that can be difficult to navigate and keep on top of, which may reduce clarity regarding tracking and realising financial goals.

Financial advisers may refer you to a solicitor to help with legal and estate planning issues that form part of your overall financial plan.

Why an SMSF?

Some people choose to set up and run their own superannuation fund (as an SMSF) instead of using an industry fund offered by their employer or retail fund offered by a financial institution. With SMSFs, you become the trustee of the fund and gain greater control of investment decisions.

The downside is that running an SMSF is not simple and the rules you have to follow are much more complex than other types of superannuation funds. Further, you have to do, or pay an external provider to complete, all the work in contrast to a non-SMSF.

A key consideration is will you have the time, expertise and resources to do better than a professional investment manager?

Qualified lawyers can assist you with such legal issues without needing an AFS licence. Some lawyers, in addition to providing professional legal services, may offer financial and/or investment services.

Note: Lawyers can only provide personal financial advice of this nature if they have an AFS licence or work for someone who holds a licence.

 Financial planning information sources
 What is and isn't financial advice?