Myth busting the reasons why people don’t get financial advice

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According to a report by the Australian Securities and Investments Commission, only 27% Australians have sought financial advice.

That worries us.

We believe financial advice is about strengthening your financial position and helping you achieve your goals. And research shows that 90% of advised clients say that financial advice has left them in a better financial position.

The same research, conducted by IOOF, shows that:

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We’re going to bust some of the myths reported by IOOF on why people aren’t seeking advice.

MYTH 1: ADVICE IS JUST ABOUT GETTING RICHER AND GETTING HIGHER RETURNS

While building your wealth is one financial advice strategy, it is certainly not the only way financial advice can help you. Here’s the range of areas that we help our clients with:

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MYTH 2: FINANCIAL ADVICE IS ONLY FOR THE RICH OR THE OLD

Absolutely not, financial advice is for everyone. Whether you’re starting out and need help structuring your debt and protecting your family. Maybe you’re in the middle of your career and know that changes need to be made, you’re no longer struggling from pay to pay and wondering what the next financial step is or how to fund your kids’ education. Or perhaps retirement is on your mind, even though it’s not that close.

A financial adviser can help you through all of life’s ups and downs.

MYTH 3: FINANCIAL ADVICE WILL COST ME MORE THAN THE VALUE I WILL GET

Yes, there is a cost to financial advice. After all, you’re paying for a professional service. However, 90% of the participants in the study said that financial advice had left them in a better position. Myth 4 is going to address the costs.

Generally, the advice given will help you with making smarter, more efficient choices with your money. Financial advice could help you with tax effective solutions, savings on interest or fees and effective strategies for building your wealth.

MYTH 4: I CAN DO THIS MYSELF, SO I DO NOT NEED ADVICE

Educational requirements mean that a Financial Adviser needs to have a degree, a masters, complete at least 40 hours of professional development each year and belong to a professional association. You may be able to think you can manage your finances yourself, but with all that education and a full time focus on financial advice, perhaps a Financial Adviser can do it better?

This investment in initial and ongoing education, along with keeping up with trends, legislation and research and product updates comes at a cost. This research and the expertise required are reflected in what we charge. We believe our fees are competitive and also reflect the value of the service you are receiving.

MYTH 5: MY SITUATION ISN’T COMPLEX ENOUGH TO JUSTIFY GETTING ADVICE

Hopefully by now you’ve realised that financial advice is for everyone, regardless of the situation. Need more convincing? Financial advice can help by making sure you have the right super fund for your needs, that you have the right insurance to protect your family should something happen to you, help you fund a special event or children’s education, support your small business, help you with investment strategies, help you with retirement planning, help you with tax efficiencies and help you leave a legacy.

Whether you think your situation is complex or fairly simple, you may still benefit from financial advice.

CONCLUSION

Everyone has financial needs, some more complex than others. Getting financial advice regardless of your stage in life or your financial situation could make all the difference. We provide advice in a range of areas, all dedicated to strengthening your financial position and helping you accomplish your financial goals.

It is very important that you understand that the information above is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. It is also worth noting that the Australian financial and taxation system is ever changing, and the information above may no longer be relevant. Again, we suggest seeking professional advice from a financial adviser before proceeding.

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The information contained on this website is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where necessary, seek professional advice from a financial adviser.

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