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Common Mistakes when seeking advice from Financial Planners

Choosing your financial planner is important, as they will more than likely be a ‘long term partner’ to you and your financial progress (or journey) from where you are now through to your retirement.

There is a range of common mistakes that people make when seeking advice, and these should be known prior, during and after your engagements, to ensure you are getting the very best advice.

Coming unprepared

One of the most important elements to get the ‘right financial advice’ is to come prepared. Technology today is something that can support you in doing so, setting up a Dropbox or Google Drive and getting all your files ready for your meetings.

Files to get prepared are:

  1. Bank statements – ensuring you have the last 3 to 6-months of your banking statements done.
  2. Credit Card Statements – same as the above, it is important that despite how large or small your debt may be, you have them in the file.
  3. Loan statements – car loans, business loans, personal loans, Buy-now-pay-later account (Afterpay/ZipPay) statements.
  4. Superannuation statements
  5. Insurance statements
  6. Shareholding or investment statements
  7. A list of goals and objectives – short, medium and long term.
  8. Any other documentation that you feel is important and may have a bearing on your financial decisions now or in the future.

Although this may seem like an exhaustive list, it may indeed seem excessive, the more you have available, the better the outcome for you and your financial planner will be. Why? Because they have all the information, and they are not asking you to come back to them with additional information.

The more you need to go away and come back with information, the more time will be expended on your account by the planner – which in the end will cost you time and money. Failing to plan is planning to fail!

Looking for a quick fix

There are no ‘quick fixes’ to getting rich or retiring, this isn’t a Powerball planning session. Financial planning is the long game, it is about setting systems and processes in place to give you the absolute best opportunity to be financially stable in your future and into your retirement.

If you are walking into your financial planners thinking that you will walk out in a couple of hours with fists-full of cash – you are wrong.

What you will walk away with is a plan, a clear mind and a strategy on how you can set a course for your financial future. Even if you have inherited a significant amount of money or property from the estate of a deceased one, looking for a ‘quick fix’ is a sure path to losing some or all your money.

Irregularity of reviews

Although it may be annoying to set aside $500 per quarter for a review of your financial plan, review your assets and progress, and to look at any new funds, insurance or superannuation options that have come available – it is important.

As we showed in an early chapter, making the smallest of changes, and investing them wisely can make huge differences in your future financial stability and security.

It is vital that you have at least quarterly reviews with your financial planner, to ensure that everything is on track, that your investments are working as they should according to your plan and that if you need to iterate anything – that is to change any investments for any reason, then you are able to do so.

Honesty and Transparency

It does not matter what your financial situation is, or how much money you think you should have, not being honest as to your costs of living, your debt amounts, your income, savings, and other assets. On both sides of the fence – both the client and your financial planner – you both need to be open, honest and transparent.

Putting all your cards on the table early will ensure that you have a clearly defined starting point, goals & objectives while also you understand how the fee structure is set, where your money is going and why.

Don’t be too proud, ashamed or worried about what your financial planner ‘will think about you’, they are not there to judge, they are there to be your financial guide.

Failure to set or work within a budget

One of the most important factors with any financial plan is that you are working within and to a budget. If you are unable to curb excessive spending on discretionary items, thus leading to you being unable to invest, save or pay down that which you have set out in your financial plan – then your success is going to be hampered.

Just like being honest and transparent on the about of debt/equity, you have on your balance sheet – you need to ensure you stick to ‘the plan’ as you have agreed to do with your financial planner.

If you don’t stick to a financial plan, you could see your investments dwindle, putting downward pressure on your household – should you commit to investments that you cannot withdraw from for a period – such as a development fund or term deposit – or you won’t be able to achieve the objectives and goals you set out for yourself.

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Financial Planning Brisbane

Oct 14, 2021 10:24:16 AM

A Brisbane financial planner can help get your affairs in order for your business and personal needs.

As people from the southern states flock to the beautiful Sunshine State, the people of Brisbane need to ensure their assets are protected and in the best place to capitalise on the market growth.

From skyrocketing property prices, through to real estate investment trusts (REIT) geared to capitalise on the current growth, are your personal finances to maximise your returns in your retirement?

Financial planning is your roadmap to success

Ever wondered why some people are retiring comfortably up on the Sunshine Coast, Fraser Coast or Gold Coast beaches? Financial planning has more than likely quite a lot to do with it.

Seeking professional financial planning advice sooner rather than later can literally save you tens of thousands, if not hundreds of thousands during your retirement, not to mention providing more money to enjoy now – fun in the Brisbane sun!

Why see a professional planner now? Why not when I am closer to retirement?

It is a myth that a financial planner is something that you need when you are coming up to retirement. In fact, a Brisbane financial planner can provide you with the necessary advice, roadmap and goal setting that could open your eyes to so much more.

Thinking of an investment property? Maybe an annual holiday overseas with the family? What about a jet ski to punch over to Straddie? Well, rather than buying these on credit, or leveraging assets just because your bank manager says it’s a good idea, why not have an expert take a look?

A financial planner looks not only at the now, but the future, and everything in between. You wouldn’t get in the car without knowing where you were going, and your financial map is no different. Like your GPS, a financial planner in Brisbane can provide you with several ways to get to your destination, different risk levels, varying investment options, not to mention regular passive income streams to top up your annual salary!

Wouldn’t it be nice to have an extra $1000, $10,000, or even $50,000 a year? A financial planner can show you how.

But don’t be fooled, a financial planner will also give you the hard truth about your financial situation, your credit score, your debt levels, and your retirement plans.

How does a financial planner work?

The great thing about most financial planners around Brisbane, is they come to you. They meet and discuss your personal finances. This includes insurance, superannuation, investments, mortgages, credit cards & debt levels, wills & estate planning just to name a few areas.

They will also work through your earning capacity, your life situation (married, children, single etc), the number of years you have left to realistically work in your job at full capacity – and then build out that roadmap, just for you.

Then on a regular basis, your financial planner can come to your Brisbane home, or one of the great cafés around the River City, and discuss your progress, make changes if necessary but all in line with meeting the goals and expectations you set out in your initial meeting.

Financial planning is not just for wealthy people, it is a profession that aims to create wealth for its clients. Not simply financial wealth, but the wealth of the shared experiences that you and your family can enjoy but knowing your (and your family) financial future is in safe hands.

Financial Planning Perth

Oct 14, 2021 10:17:51 AM

Want to find a financial planner in Perth to get your finances in order? Ask us for an appointment.

As the most isolated capital city in the world, Perth residents have long enjoyed the fruits of the mining boom, the picturesque beaches and a lifestyle that is arguably the envy of much of Australia. However, Perth has also experienced the economic highs, and desperate lows due to its reliance on what it pulls out of the ground, with fluctuating house prices, cost of living, not to mention job securing often tied to Global Iron Ore and other precious mineral pricing.

In the 2017 ABC Documentary, Betting on the House, it was evident to viewers how unguided, inexperienced investment in the property market brought many people in WA to their knees.

With similar market hallmarks in the Western Australian’s mining industry – in part due to the trade war with China and the downward pressure on iron ore pricing & jobs – it’s timely to consider could a GFC-like effect impact the WA market?

Prepare for the unexpected

Financial Planners in Perth understand the risks of FIFO workers, the rewards and the opportunities that are out there for investors that put their money in the right place.

A financial planner can provide a path to success for your personal finances, regardless of if you earn a lot now, later or lose your job through industry cutbacks.

In a market such as Perth that has already seen the highs and lows, pooling your investments in one asset class such as shares or property has proved to be extremely dangerous – and for your long-term financial security, a Perth financial planner is key to getting this right for you.

Regardless of how old you are, have you got a will? Have your thought about how much you would need to retire? Have you through about purchasing a boat? Or have you seen a little apartment you liked in Broome that would be a great holiday rental, as well as a place for you to get away from the world? A financial planner based in Perth is the ideal piece of the puzzle for those looking to ensure their financial future is in good hands.

I understand money, why should I see a financial planner?

What happens if the mining ends? If you work in hospitality or tourism and run into issues, could you survive if it couldn’t get back up on its feet? What if you lost your job? Could you pay your mortgage?

A financial planner is not a ‘dooms-day prepper’, but a planner for all scenarios you might face in your future. They look at your life, objectively, working through what levels of debt you have, what income you make, how many years you could work and how much you need to retire.

But it’s not all about squirrelling away all your money and having no fun. What about a small boat to enjoy Rottnest Island? Why not. But too many people make the mistake of putting them on credit, not planning, saving and buying when the time is right.

If you want to be comfortable in retirement, get debt-free, and own your financial future – not be a slave to the big banks and their interest payments – then a financial planner in Perth is your next best step.

The Next Steps…

Jul 30, 2021 10:47:17 AM

The Next Steps…

Weigh the situation, then move – Sun Tzu

Your financial journey is now in your hands. This Walker Capital eBook has provided you with the details of the product, price, place, people and processes of financial planning – now it’s up to you to make it happen.

The next steps are to look inwards, review your current financial situation, download an excel spreadsheet template of a personal budget – if you don’t already have one – and start getting prepared to meet with a financial planner.

Speak to your friends, accountant, lawyer and see if there are any names that come up more than once. The key is don’t just to run to the biggest name in town, they will often have a standardised offering, non-flexible pricing and mediocre returns.

There are many financial planners out there, but the key is to find the one best suited to you, your family and your financial needs and risk tolerance – remember, you are the client, it is your call.

Walker Capital are an established financial investment, fund manager and financial services company based all around Australia.

With a dedicated financial planning network expanding exponentially, Walker Capital have independent advisors, with objective thinking. Being part of a national network means Walker Capital get access to the best investment opportunities across a wide range of classes.

Being a vertically integrated business there are internal & external opportunities that are available to clients, while also never creating a fund or a product without themselves investing or using it – a mark of faith in a product if there ever was one.

Your financial journey should be that of a learning, growing and rewarding experience, pick the financial planner who shares your vision, understands your goals and objectives and, most importantly, understands you.

Congratulations today is your day, your off to great places your off on your way – Dr. Seuss