Do I need a financial adviser?

Some of the information in this article may be out of date. We are currently in the process of updating our content to reflect FY26 details.

It’s the question most working people have asked themselves at one point or another – do I need a financial adviser?

The good news is, there’s an easy test to find out the answer….

Q. How much is left over in your piggy bank after you’ve paid your bills each week?

A. If there’s money to spare, you could benefit from financial advice.

According to the Australian Institute of Family Studies, labour force participation has been climbing steadily over the last 40 years and more households than ever before are dual income.

Australian Bureau of Statistics Labour Force figures to June 2021 revealed:

• 24.4% of couple families in Australia with children aged 0-4 years have both parents working full-time and
• 73.7% of couple families in Australia with children under 15 have both parents employed.

This uptick in labour force participation has inevitably increased household income and more income means more opportunities to invest.

But let’s face it, most of us aren’t born with an inbuilt understanding of investment philosophy, and this is when a financial adviser steps in.

It is a knee-jerk reaction to seek out financial advice when your finances become too complex to manage on your own, but it would be prudent to appoint a financial adviser before you get to this level of potential confusion and stress.

A good catalyst for seeking out professional advice on how best to secure your financial future is experiencing a milestone life event such as;

• Marriage and the combining of finances with a partner
• Changing career or securing a raise at work
• The purchase of property or other assets or even
• The receipt of an inheritance sum.

This list is not exhaustive, but each of these milestone events will have an impact on your financial situation and may motivate you to think long-term about your financial future and the best way to build and manage your wealth.

Great financial advice is more than just investment advice and monitoring interest rates – it is strategic, bespoke and it takes into account every facet of your individual financial situation and your financial goals.

A good financial adviser will be in it for the long haul with their clients, working with them as they move through life’s milestones and strategising to account for inevitable change.

A financial adviser who partners with you to develop a tailor-made financial plan will assist you with:

Budgeting and cash flow

Covering off on how to manage your money in the day-to-day – from paying off debts to saving up to meet investment goals.

Good and bad debt

There are various types of debt, some of it is “good” and some of it is “bad” – your financial adviser can assist you to ensure your debt is structured in the right way from the start.

Types of debt you may have include:

• Credit card debt
• Mortgage debt
• Higher education debt
• Business debt

Ask your financial adviser how to eliminate the bad debt and use the good debt to your advantage.

Investing and financial goals

It’s hard to save money, but if you’ve achieved some notable savings you want to make sure they work hard for you! A financial adviser can take the guesswork out of deciding how to invest your hard-earned money to achieve your financial goals.

Keep pace with change in your life

It is crucial to update your financial structure when a life event changes your financial situation and this process is made much easier with the guidance of a qualified financial adviser.

Eliminate financial stress

The good times don’t last, but thankfully, nor do the bad, and the advice of a financial adviser can surely make it easier to weather some financial storms throughout your life.

Your financial adviser can not only keep you informed as to how the investment markets may impact your portfolio or superannuation, but also keep you up-to-date with how changes to legislation and regulations may affect your finances.

One of the main reasons why people seek the assistance of a financial adviser is to prepare for retirement.

Making smart choices about the correct time to invest for your retirement or transition to retirement is difficult to navigate on your own, but with strategic financial planning, the guesswork on how to support yourself during retirement can be eliminated.

Retirement has the potential to take up about one-third of your entire life, so it makes sense to start thinking about planning for retirement as early as possible.

Your financial adviser can work with you to plan how you can access your money when you need it most, how best to optimise your retirement income and continue to enjoy the lifestyle that you desire well into your golden years.

At First Financial, our boutique financial advisory services are all about YOU.

We offer clients an impressive suite of financial services in a client-centric and engaging manner.

We meet you where you are at and we help you get to where you want to be – that is the crux of sound financial advice.

If you’re unsure if you could benefit from financial advice at this stage of your life, give us a call for an obligation-free discussion.

Ask us about our unique investment philosophy and we’ll show you what we can do to build and manage your wealth.

Contact us today.