Are you curious about what a financial planner does? You aren’t alone! The role of a financial planner and the services they provide can be tricky to understand, but we have broken it down for you so that you can see if it’s a service you require.
What does a financial planner do?
A financial planner offers advice and helps you manage your money to ensure that you meet your financial goals. They will create a tailored financial plan and ensure it is updated regularly to help you achieve your goals and make any changes in line with changes to the stock market, economy, or tax laws. What a financial planner does can vary, but you can expect them to do the following:
- Financial analysis – to assess your financial health and offer support on how to improve this
- Goal setting – to help you find your short-term and long-term financial goals, including buying a home or saving for retirement
- Insurance planning – to help you understand how much insurance you need
- Investment advice – to ensure that your money goes further and is protected when it is invested
- Tax optimisation – to help you maximise deductions, manage your investments wisely, and learn about the tax implications of your financial decisions
What services does a financial planner offer?
Financial planners offer a variety of services designed to help with your investments, support retirement, and manage your wealth. The services on offer can vary, depending on the financial planner that you choose. Solace Financial has a committed team of financial planners, all with dedicated areas of expertise and services, to ensure that you and your listeners are well cared for. After checking out the services on offer, visit Solace Financial to see what services their financial planners could offer you.
High net worth investment
High net worth investment portfolios come with a very different set of challenges, so financial planners opt to have a dedicated service that helps you manage any high net worth investments. It’s worth noting that the definition of high net worth varies, depending on the financial planner and the economy, so make sure you speak to financial planners to see if your investments are considered high net worth and what service is right for you.
A financial planner will create a tailored financial plan and strategy that helps you build your wealth while focusing on conserving your assets and adjusting the plan when needed in line with economic changes.
Investment advice
A financial planner is an essential person to speak to if you are looking to create an investment portfolio or already have investments. A financial planner will offer you financial advice here, help you navigate investing, and provide plenty of appropriate and worthwhile investment opportunities that help you achieve your goals. They will typically work with the following types of portfolios:
- Australian equities
- Cash
- Fixed interest
- International equities
- Property and infrastructure
Financial planners will use a variety of approaches to portfolios, too. The approach they take will vary depending on the services they offer and which approach best suits your portfolio and its needs. You can expect to discuss the following portfolio options with your financial planner:
- Conservative portfolio
- Defensive portfolio
- Diversified portfolio
- Growth portfolio
- High growth portfolio
- Moderate portfolio
Pre-retirees
As retirement and planning for it is such an important part of our lives, financial planners offer a dedicated service that helps you to prepare for it. Retirement is a huge transition, not just financially but emotionally, and financial planners will help you focus on distributing your wealth to ensure that your future is protected.
Most retirees rely on pensions, a super fund, personal savings, and government benefits to support their retirement. With the help of a financial planner, you can explore other options like investments that will help you to build your wealth before retirement.
Retirement planning
It is important that everyone plans for retirement, and a financial planner can help you do this. Financial planners will set retirement goals and create a tailored plan that helps you to achieve these goals. Retirement planning varies for everyone, depending on the funds you already have and the contributions you make to your pension, but you can expect your financial planner to offer some of the following:
- Centrelink benefits planning
- Debt management
- Healthcare and aged care planning
- Insurance and risk management
- Investment strategy and advice
- Retirement income planning
- Retirement goal setting and cash flow management
- Superannuation advice
- Tax planning
Superannuation advice
Superannuation advice is also offered to help you plan for your future. Superannuation is responsible for the majority of people’s retirement funds, so it is important that you understand not only it but also how to improve it. Superannuation can be tricky, but a financial planner will be an expert and can look at the following areas to boost your superannuation:
- Contribution strategies
- Investment strategy advice
- Insurance with super
- Retirement planning
- Transition to retirement strategies
- Taxation planning
Wealth management
A financial planner can also help with wealth management, ensuring that your future is secure. They will help you to manage and grow your assets, with varied services involved to make this possible. The services your financial planner uses for wealth management can vary, but they might use the following:
- Investment advice
- Personal insurance
- Retirement planning
- Superannuation advice
- Tax structuring
Find your financial planner today
Financial planners play an important role in helping you to get the most out of your investments or prepare for your retirement. Reach out to a financial planner today to see what services and support they can offer you.
