Here at Pursue Wealth we believe that planning your financial journey well is truly the first step towards achieving your dreams, and this is why.

A good financial adviser will help you set financial goals and create a pathway to achieving these goals. They help you work out what is important, what is achievable, and how to get there. If you’ve fallen off track, they’re there to help you put your strategies back in place. Good financial advice can mean the difference between achieving your financial goals in life, or not.

How does financial advice work?

There’s a lot to consider when trying to secure your financial future, we totally get that! How do you sort out your priorities? Should you pay off the mortgage or put excess money into super? Should you invest in a share portfolio? And what about renovation costs? And being able to afford your children’s education?

It can be completely overwhelming to try to plan out your financial future. This is why getting yourself a good financial planner, and getting sound financial advice can help. A sound financial adviser will answer all of these questions and more, by mapping out your goals and putting strategies in place to achieve them. Your financial planner will work with you to create a completely tailored and personal financial plan to help you achieve what you want in life.

Feeling like you already have all your ducks in a row? Well, are you sure? Checking your strategy with a good financial adviser can provide you that extra comfort and peace of mind that you’re on the right track, or show you where maybe there are better alternatives to your plan. In addition, some advisers will help you plan out goals beyond simply the measurable financial milestones, to better personal happiness. 

Is financial advice worth the cost?

IOOF recently conducted a huge study in conjunction with CoreData, where they surveyed 12,643 advised clients and non-advised individuals. The study revealed some great insights into the impact of financial advice on those who had sought it, including:

  • 90% of surveyed clients stated their adviser was a critical factor in their financial success;
  • 84% of the surveyed clients stated that the value of advice outweighs the fees paid; and
  • 93% would actually recommend their financial adviser to family, friends, or colleagues.

Pretty eye opening! The study also included what the participants thought were key benefits of receiving professional financial advice:

  • 93% of participants said their advisor provided clarity around goals and how to achieve them;
  • 91% of the participants agreed receiving advice helped them achieve financial goals;
  • 86% of participants agreed advice helped them achieve other personal goals; and
  • 82%  of participants stated that advice helps them to work towards and reach their goals.

And those without a financial adviser at the time of the study? According to the study almost half (46%) of them were open to the idea of seeking advice in the future, with 80% confirming it was likely they would seek advice if they had a specific financial need/goal identified in the future.

A whole 90% of the advised clients surveyed said that receiving sound financial advice has left them in a better position financially. According to the study: “advised clients say it also provides them with improved mental health (50%) less worry and stress (88%), and better relationships with family and friends (41%).”

Pretty cool right? So, what does a financial planner do? What does financial advice do?

What does a Financial Planner do?

Here are some of the key items that a financial adviser will help you with:

Soting out your overall financial journey

Think of your financial journey as a road trip. You wouldn;t start it without knowing where you’re going, how you’re getting there, and where to stop along the way, would you? Well it’s the same with your financial journey! A good financial planner will design your financial plan like a roadmap – with your end goal clearly in view, and with stops along the way to check your progress, and to celebrate your wins! Celebrating your wins is so important! Think of your financial advisor as someone in the passenger seat of your car, helping you to navigate the road towards your goals. Your financial wing-man or woman!

Help you with your budgeting

We know, not the most exciting of topics- but your budget is such an important part of your financial plan! Do you know how much you spend? What is your weekly expenditure? Having guidance on your budget will make creating a sustainable budget a lot less stressful. 

Plan your lifestyle expenses

Is traveling a priority in your life? Or do you want a fantastic home you can entertain in? A good financial planner will help you to prioritise your larger goals in life, and then will help you reach this dream lifestyle with sound advice, goal setting and a strategy. They’ll also be there to help along the way, if you fall of course- it happens to the best of us!

Investments & portfolio management

Have you taken that leap of faith and started investing? Good for you! Not yet investing, and not sure where to start? Your financial advisor’s got you! A sound financial advisor will help you work out your risk tolerance, your investment preferences, and help you set up, and manage your investments. A good financial plan will make sense of your portfolio and ensure that you have a sound strategy in place, all as part of a holistic financial strategy.

Superannuation & retirement

So many of us are guilty of not ever checking in on our Super. We get it, also not a super (ha) sexy topic- but it is very important. Is your super split over multiple accounts? You could be paying double or triple fees- and losing valuable retirement funds!  Get proactive about your super with your financial adviser- and watch your retirement nest egg grow! Here at Pursue Wealth we also specialise in aged care and planning your long term future.

Estate planning

Usually a topic very much avoided, estate planning is an important part of your financial plan. As morbid as it may seem, this topic does need to be addressed. A good financial planner will help make estate planning pain free- saving you and your family the stress of worrying about this.

Tax minimisation

Now this is a hot topic: who wants to pay more tax than necessary? Certainly not us! And we’d bet not you either… A good financial adviser will set you up with a strategy that will include ways to be as tax effective as possible while helping you achieve your goals.

Your personal protection (insurance)

Insurance seems unnecessary… until you need it! But how do you know which cover to get? A financial adviser will walk you through the best kinds of cover for your individual situation.

Education funding for young ones

We all know how expensive kids can be, but they’re so worth it! As parents you want to give them the best in life, and this includes education! A good financial planner will set you up with some great, long term, tax-effective ways to save up to give your kids the best of the best!

We all get caught up with day to day life sometimes, and it can be so easy to let our dreams and our financial plans fall by the wayside. We get it. But it’s super important to take some time to plan out your next financial moves, and to make them smart moves. Here at Pursue Wealth we can help you, every step of the way. As one of our members, we’ll help you to gain a complete understanding of your current financial situation, and then work with you to develop a roadmap to achieving your goals. We’re there on your journey, to advise, review your plan and celebrate when you have wins!

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174 CECIL ST
SOUTH MELBOURNE, VIC 3205
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PHONE: (03) 9686 1784

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