Who needs a financial planner?

I’m often asked this question, and the best way for me to answer is to ask you some questions first!

Of course, no two clients are the same, but broadly speaking, here are some of the questions I tend to ask.

Do you know when you want to retire, where your income is going to come from and how you’re going to get there?
You can be asking yourself these questions at any age. In fact, the earlier you start thinking about this, the better. If you have a specific age in mind then I suggest you calculate how many years away that is, and how much money you will have in your investments. If you find that might not be enough to live the lifestyle you’re dreaming of, it might be worth looking into some strategies to increase your investments.

Will you know how to manage if you or your partner are unable to work due to death, disability or illness?
I know, it’s not exactly a fun topic, but we can take on the burden of helping you to figure it out. You may be surprised at the options available. For example, some superannuation funds have loss of income insurance included in their products. It may not cover your needs, but it may help! Outside of this, we can help you think about other insurance options to ensure you have what you need when the unthinkable happens.

Do you have a plan for managing your home loan?
Are you simply paying your minimum instalments each month? We can talk you through renegotiating a better rate, a payment schedule and frequency of repayments to ultimately reduce the amount of interest you pay overall on your home loan. There are many strategies available to help you own your home sooner.

Are you expecting to receive an inheritance and you’re not sure how to best manage it?
If you’re anticipating coming into a lump sum payment through inheritance or other means and you’d like to make smart decisions to invest in your future, we can help you find some options that best suit you. There are multiple investment strategies available which can make your finances go further.

If any of these questions relate to you and your personal circumstances, then my response is “you are someone who could benefit from a financial planner.” To get in touch, please feel free to contact us.

This information has been produced by Jack McNamara, an Authorised Representative of Personal Financial Services Limited (ABN 26 098 725 145), of Level 10, 88 Philip Street Sydney NSW 2000, AFS Licence no. 234459. Any advice in this document is general advice only and does not take into account the objectives, financial situation or needs of any particular person. It does not represent legal, tax, or personal advice and should not be relied on as such. You should obtain financial advice relevant to your circumstances before making investment decisions. West Carr & Harvey Financial Planning is a registered tax (financial) adviser and any reference to tax advice contained in this document is incidental to the general financial advice it may contain. You should seek specialist advice from a tax professional to confirm the impact of this advice on your overall tax position. Whilst every care has been taken in the preparation of this information, it may not remain current after the date of publication and PFS and its related bodies make no representation as to its accuracy or completeness. Published: September 2023 © Copyright 2023