There is a common misperception that Financial Planning is all about Investments and Retirement Planning. Sure, the investment of surplus funds (spending less than you earn in case that is a foreign concept!) and Superannuation is a big part of what we do. However, a good Financial Planning relationship should extend well beyond simply advising on Investment and Superannuation products and strategies.
For example, your trusted Adviser should challenge you to get the best out of yourself in your career or business (what we affectionately refer to as your Purple Box here at Income Solutions) and push you to get outside your comfort zone (much the way a Personal Trainer does).
A solid Financial Planning Relationship is built on not just Trust, but importantly on a process of education. You don’t need to become an expert, but there is no doubt the better understanding you have, the more successful your outcomes. At Income Solutions, we run Information Sessions (including Common Sense Investing, Common Sense Estate Planning and First Steps to Financial Success) to assist you to gain knowledge in all things Financial Planning.
A good Adviser will also give you encouragement and the confidence to spend your Income on the things you’re passionate about; saving for a boat? Wanting the freedom to work part-time and travel more? Far too often Advisers get fixated on assisting their clients to accrue wealth, often at the expense of the very reason you sought advice in the first place, to be in a position to ‘live the life you want to live.’
Last but certainly not least, even when your Finances are in order and you are well educated, your Adviser should assist to facilitate the transfer of wealth to the next generation, embracing the responsibility to educate future generations to ensure the benefits of your hard work is reaped for generations to come, and not cashed in and spent in a heartbeat.
To learn more about the specific areas of advice we provide, find out more about our services here.
Steven Nickelson, Financial Planner