How do I know I need professional financial planning advice?

financial advisor

The pros of having a knowledgeable, well-informed financial planner are known by many. But if you're yet to experience the benefits of having an expert advise you on your financial decisions, it may not be clear when exactly you need to consult one.

What follows is only a brief list of the kinds of situations that may require some kind of professional financial planning advice.

You've started a business

Running a company and raising it from humble beginnings to success is tough and stressful enough. The last thing you need is to deal with complex financial situations when you should be spending the lion's share of your focus on making sure your business thrives.

  • Only some of the financial issues you may encounter as a business owner are:
  • What will happen to your business in case of your death, disability or illness?
  • What will happen to your superannuation, and how will you save for retirement? What about that of your employees?
  • How do you minimise your tax burden?

A financial planner can help with all of these questions.

You've received a sudden burst of wealth

It could be that you've just become the recipient of a significant inheritance, or maybe - against all odds - you've won the lottery. Whatever the case, if you want to turn this short-term windfall into continued long-term wealth, seeing a financial adviser would be useful.

A financial adviser can counsel you on how you can best put that money to use in order to maximise your earnings.

You've got regular money-troubles

Financial advisers aren't only useful in extraordinary situations. Even those trying to balance their spending with their weekly pay cheque and save for retirement can benefit from some sage, professional advice.

A financial adviser can help you reduce your debt, minimise your tax burden and improve your household budget, as well as acquaint you with various super contribution strategies - all of which is necessary for long-term financial security.