Is it worth seeing a financial adviser?

The world of personal finance is becoming increasingly complex. Having a money mentor can be the key to making better choices with your money to enjoy a better life.

A recent white paper by Mortgage Choice and CoreData looked at the financial fitness of Australians. It found a variety of views are held about how a financial adviser can help.

As a guide, two out of five (38%) Australians would see a financial adviser if they suddenly came into a large sum of cash, either through an inheritance or a lotto win. One in four (28%) would speak with an adviser if they were in financial distress.

The thing is, a financial adviser can help across a variety of situations that don’t hinge on these sorts of extremes. And some of the common reasons for not speaking with an adviser simply don’t stack up.

I’m doing okay

On a day to day basis it can seem as though you’re managing your money well – after all, you’re keeping your head above water, right?

But simply ‘getting by’ is not enough. You deserve better.

Over eight out of ten (85%) Australians say financial stress is impacting their overall wellbeing, and rising living costs is the number one financial concern for the nation’s households.

An adviser can help you manage your money today while also planning for the future, helping to lower stress levels and bring considerable peace of mind.

My friends and family advise me

Family and friends can be a helpful sounding board. But when it comes to financial decisions, relying too much on the advice of those around you can be risky. It’s highly unlikely that what works for a friend will be right for you too.

That’s where an adviser makes a difference.

A professional adviser will take your whole financial picture into account – your income, lifestyle, and future goals, before making any recommendations. It’s this holistic approach that ensures you are given expert advice that truly reflects your unique circumstances, needs and aspirations.

Financial advice – helpful across multiple life stages

Back to the question of whether it’s worth seeing a financial adviser.

It’s easy to assume that financial advice is only relevant at key life stagessuch as planning for retirement or when life dishes up curve balls. Undoubtedly, financial advice can be critical to navigate challenging situations such as separation and divorce, managing the death of a family member, or charting a course for the future if you are unable to work due to illness or injury.

More broadly though, professional advice is about living the life you want to lead – not just at specific times or stages, but throughout your adult life.

From simple steps like managing your cashflow, through to making debt work for you (rather than against you), financial advice is relevant to every aspect of your daily life.

And if you’re thinking about switching to a new lifestyle, such as turning a hobby into a small business, your financial adviser can recommend strategies to help your vision become a reality.

How effective is financial advice?

It’s natural to question just how effective professional advice is. To answer this, a study of 3,000 ‘Sweet Spotters’ – defined as those who report being happier and more comfortable than other Australians – found that 95% partner with a financial adviser1.

Still not sure whether you should see an adviser? Discover the answer firsthand – call your local FinChoice Financial Adviser to know how you could benefit from having a mentor for your money.