fbpx

blog

One of the most common questions a financial advisor is asked, “why should I hire you when I could manage my own financial affairs?”. It is a very understandable question and many people want to know what they will get for their money.

In addition to all the mental and emotional support that ongoing financial advice provides, according to new research by Vanguard Investment Strategy Group, there is a quantifiable increase in wealth by working with a financial advisor. Vanguard’s research revealed financial advisors can add up to 3.0% p.a. in extra returns after their adviser fee. This is achieved by focusing on core financial management strategies, including asset allocation, behavioural coaching, tax minimisation, cost-effectiveness, as well as other relationship-oriented services.

So why not pay someone else to manage your money, if you receive a net better position on your wealth.

What is financial advisor?

A financial advisor is simply a person who provides their clients with a wide range of financial advice and services. Advisers have specific training and education qualifications dependent on their chosen areas of provided advice.

How a financial advisor can help you

Going it alone can be difficult and not having the experience or time to manage your money can hurt you financially. Financial advisors can be great when you are confused, emotional or simply unaware of the various financial management topics.

Areas that an advisor can help with include:

  • Cashflow management – Devising a plan to minimise your unnecessary expenses and maximize your hard-earnt income, will enable more efficient cash flow creating further opportunities for wealth.
  • Superannuation and retirement planning – Superannuation is a key aspect of the meeting most people’s retirement income needs. An advisor can help you devise the best customised strategies and techniques to meet your specific retirement.
  • Personal investments – Sound comprehensive advice on investing your money. An advisor can work with you to provide tailored advice to meet your goals and objectives for these funds.
  • Deb reduction strategies Most people have some debt. An advisor can assess and discuss strategies and techniques to reduce your debts faster and minimize unnecessary financing costs.
  • Taxation management – They can help you understand the tax laws that apply to your financial situation. Also, in combination with your accountant advise smart decisions on the best ways to minimise taxation.
  • Personal risk insurance – An advisor can tailor a personal risk insurances plan providing a financial safety net against many common unfortunate health events. This means whatever comes along in life, that you and your loved ones have a ‘plan B’ and will be financially protected.
  • Healthcare strategies – Whether you are retiring or thinking about it, it is vital to plan for your senior years, your income streams, and your living arrangements. A financial advisor can provide advice on maximising your social security proceeds and/or transitioning into aged care facilities.
  • Estate planning – Unfortunately, death is inevitable. Through a holistic approach, an advisor can work with yourself and estate planning professionals. When the time comes, a fully developed plan is in place with your wealth and possessions is being distributed to the right people, at the right time, in the right fashion.

Oracle can help you manage your money, across a range of financial planning areas covering both your personal and business needs.

Is hiring financial adviser for you?

Hiring an advisor is not for everyone. You might be the type who enjoys managing their own financial plan and has time to do so. However, you might prefer to spend your time elsewhere, then it might be worth considering hiring a professional.

Remember it’s not an all or nothing decision, you can still manage you own money in certain aspects, but you might need advisor help with others. The services and advice you receive is entirely up to you and will influence the costs involved.

Where do you start

If you have never met with a financial advisor, you may feel uncomfortable with revealing your personal information or not know what questions to ask. Don’t let that stop you from receiving professional assistance. Much like your doctor, advisers have privacy obligations and clients of all different personalities and circumstances are welcomed. Everyone is unique and is treated as such.

In order to find a financial advisor start by asking friends, family, and professionals for a few names of recommended experts. Ideally you want to hire someone who is experienced, trustworthy and right for you.

Why not explore and discover Oracle’s professional team of financial advisors team.

Here are some questions worth asking at the adviser at your first meeting:

  • How long have you been an advisor?

  • What is your educational background?

  • What services do you provide?

  • What is your favourite aspect of your job?

  • What different fee arrangements do you offer and how much are they?

  • When would my first fee occur?

  • What are the ongoing services I receive if I engage your advice?

Meeting with a financial advisor

When you do meet with an advisor it is vital to know what you want to get out from the meeting. A good adviser will take the time to get to know your circumstances properly and discuss what is important to you including your goals and objectives. When an advisor has all your details, they will then be able to put together a solid plan and provide advice tailored to your financial situation.

Once the plans are designed and in place, it is important to keep in contact with your adviser. Meet up regularly to ensure that your plan is kept up to date with your circumstances and latest goals.

Act

If you do not take control of your financial position now, then when? It all starts with you; it is all in your hands. It’s time to act.

Consider working with an Oracle Financial Advisor. They have the experience and expertise to design and implement a wealth plan tailored to your individual goals and circumstances.

Call us or book a free consultation today

Important information Advisory Group makes no representation or warranties as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. The information in this document is general information only and is not based on the objectives, financial situation or needs of any particular investor. An investor should, before making any investment decisions, consider the appropriateness of the information in this document, and seek their own professional advice. Past performance is not a reliable indicator of future performance. The information provided in the document is current as the time of publication.
Enquire today to see how Oracle can assist you!
Contact us

Subscribe to our Newsletter!

Stay up-to-date with latest industry updates and news

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Oracle Advisory Group will use the information you provide on this form to keep in touch with you and to provide industry updates and news.