Never has financial planning been more important to Australians. As the country emerges from the washout of the COVID-19 pandemic, what is clear to most is that the ways we used to do things, plan things, invest in things is gone.
As the ‘new normal’ emerges, we need to put plans in place to ensure we and our loved ones are better prepared and protected, but also that we take the opportunities in front of us, that to most, are hiding in plain sight.
Why is Personal Financial Planning in Australia so important?
Sure, there are stories in the media – that take up a larger share of voice than they should – about the overnight success stories, Instagram influencers that make millions and enjoy all the trimmings of being rich and famous. But for the rest of us, the other 99%, we need to work.
Personal finances are so important; as individuals, we need to be more objective. We need to treat our finances like a business, and like any business, we need a plan. Why is this so important? You could go through life, getting paid, saving for a house, maybe achieving it, then living until you retire – and then what?
What about life? Life in Australia offers us so much more than working to the bone and just getting by. And even if you are on an average income, by setting a financial plan in place, you can start taking control of your financial future today.
How to start your financial planning journey in Australia?
Thanks to the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, all industry participants – including financial planners – are held to a higher standard, and must be better educated and more accountable for the advice they offer.
In addition, they can’t simply advise clients to take the most profitable products – for themselves – which was standard practice for many planners in the past.
As such, even if you have little to no knowledge of where to start, thanks to the royal commission, you can start with the knowledge that you will be selecting an advisor that has your best interests first.
From here, you need to find a financial planner that your feel comfortable with, as this is not a short-term relationship, it is one that ideally will last a lifetime. Not to mention, when financial planning in Australia, you need to provide a lot of information, some of your most sensitive information in fact, so there needs to be an established trust.
From your personal debt levels, income levels, and family details, through to your will & last testimony, your financial planner will know more about you than many, and the more information they are provided, the better your process and outcomes will be.
Financial planning isn’t just for the wealthy, it isn’t designed to make you wealthy – although it can – it is designed to provide you with a plan to become financially stable, secure and provide freedoms that should you try to simply go it alone unless you are one of the 99% mentioned above, often will never come.
Speak to Walker Capital today about how their financial planners can assist in realising those freedoms sooner.