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Choosing the right financial planner

Posted April 6, 2018 by MoneyLink


Australians are not afraid to find help when they need it.

Over the past decade, the number of fitness instructors around the nation has more than doubled. Life coaching, executive coaching, business coaching, health coaching … these are all booming professions. In fact, some estimates say that coaching is the second-fastest growing profession in Australia behind information technology.

So, it makes sense then, to consider the services of a financial coach too – a professional financial advisor to help you plan and manage your finances to grow your wealth for the long term.

Why have a financial planner?
“Quite simply, life is expensive,” says MoneyLink’s Russell Tym. “And finance can be complex. If you’re serious about managing your money to ensure a comfortable lifestyle now, and in the future, then a financial planner can help you achieve that.

“Whether you want a family home, or several investment properties, to send your kids to private school or to indulge in a passion for classic cars…. Whether you want to travel overseas every year, or focus on securing your retirement – whatever the goal is, a financial planner can help you get there,” says Russell. “And it doesn’t matter what age you are, the right financial advice can help you to really make your money work for you.”

A goal without a plan is just a wish
“A planner can help you grow your wealth, manage your wealth and protect it. A planner will help you stay on track, assisting with some tax strategies, or with post-divorce financial recovery. A planner is essential if you’re thinking about setting up a self-managed super fund (SMSF) or when you’re considering insurance or making a will too,” he says.

How do you choose the right financial planner?

The most important things to consider are qualifications and professional accreditation which you can check on the ASIC website here.

“A lot of people choose a financial planner based on a recommendation from friends or families. You should choose someone you can build rapport with, someone you can trust and talk to – someone who won’t confuse you with jargon or skim over the fine print.

“An experienced planner, will help you to understand exactly how different financial strategies achieve different outcomes and help you decide what’s best for you. A financial planner will play an important part in your life on a regular basis, because investing is for the long term, and a planner will help you navigate the course. You need to have a solid relationship.”

The third important thing to consider is impartiality, says Russell.

“More often than not, financial planners attached to large financial institutions are obliged to sell a particular suite of products which can limit your choices, so it is important to be aware of that.

“The role of the planner is not to make you save hard so you can die rich,” says Russell.

“The role of the planner is to help you live well now, and into the future. It’s all about planning … it is remarkable what you can achieve when you have a financial plan.”

Russell Tym is an Authorised Representative of MoneyLink Financial Planning Pty Ltd, an AFSL holder.

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