6 signs it’s time to see a financial adviser

Posted: 18 January 2021 9:30 am
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There are times in life when you can really use a financial adviser. And a good adviser can help you realise your long term financial dreams.

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Maybe you've come into some money recently, or perhaps you've made a few investments but you're not sure what comes next. It's normal to feel a bit confused. But a financial adviser is there to help you make better decisions with expert help and find ways to make your money work better for you.

Here are six signs you may need to seek out a financial adviser.

1. You have some money, but you aren't sure what to do with it

Sometimes a windfall sees you end up with some extra cash and no idea what to do with it. This could be an inheritance, the sale of an asset or an investment that really paid off.

This is a wonderful position to be in, but it brings a new dilemma: what do you do with this money?

You may find yourself wanting to go for a conservative option such as making extra home loan repayments or the very conservative option of just sticking it in a savings account. But with interest rates being so low, these might not be very compelling options.

A meeting with a financial adviser could open up some new avenues for you to invest this money. A good adviser will work according to your needs and risk level, so you don't have to put your newfound gains into a high-risk investment if you don't feel comfortable.

ANZ financial advisers, for example, offer a personalised advisory service that suits your unique needs. An ANZ adviser works with you to create a financial plan tailored to your needs and goals. This is important because everyone's finances are unique.

2. You're too busy to focus on your finances

Some of us have plenty of time but no money. Some of us lack both. But if you have money and no time, a financial adviser can really help. Sure, you could probably sit down for a few evenings and read up on investing and financial advice to the point where you could make some reasonable decisions.

But who has the time? Not you. And that's why a financial adviser can provide you with the information you need to make the right decisions faster.

ANZ financial adviser Alan Chung says "Underestimating the time and complexity involved" in managing finances yourself is a common mistake people make. "At the end of the day, all the best advice and recommendations actually need to be executed for it to work. Delay can potentially be a costly mistake too as that's one asset that never comes back - time."

3. You've made some investments, but you're not sure what to do next

Plenty of people try DIY investing, from buying an investment property to playing around on the stock market. You might even have had some success going it alone. But as your wealth increases and you find you have more assets to manage, it all gets more complicated.

A financial adviser can help you make the most out of your wealth and help you see new opportunities to structure and grow your portfolio.

"Personal finances can be extremely complicated and the amount of information opinions out there can be absolutely overwhelming," says Alan Chung. "As a result, people get stuck at multiple points in the process. You need to do lots of research, collate all the relevant information, interpret and analyse it all and then make good, sound decisions so that the outcomes fit in with your financial goals."

ANZ's financial advisers work with you to find out where your interests lie and can give you advice on specific markets, investment funds and other opportunities. This can help you turn your early forays into investing into a confident and future-focused portfolio.

4. You have clear financial goals but need help getting there

Planning and vision is one thing, but executing the plan is another thing altogether.

Perhaps you want to restructure some loans to manage your debts and craft a financial plan that really works. Or maybe you want to get serious about investing. A financial adviser is best placed to turn your plans into reality.

5. You've tried some financial DIY and it hasn't worked

We all make mistakes with our money, especially when we don't know what we're doing. If you've been burned with investments that yield poor returns and high fees or you think you could be doing more with your money, talk to a financial adviser.

No matter how big or small your past mistakes have been, some expert guidance can potentially help you move forward to bigger and better things.

6. You're managing someone else's finances and it's all too much

As your parents get older, you might find yourself helping with their finances. You may even end up with power of attorney and big responsibilities to manage your parents' finances as they reach the end of their lives, lose their capacity to make money decisions or need help organising their retirement.

It's natural to feel overwhelmed when dealing with a family member's finances as they enter aged care. A financial adviser can help you organise someone else's finances so that it works in their interest and makes your life easier too.

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