Beyond Numbers: The Role of a Financial Adviser

By Jenny Brown – CEO

Throughout life’s various transitions, there are critical moments when having a financial adviser in your corner can really benefit you. There is a misconception that financial advisers are all about the numbers and not about what’s important to you.

Consider these life transitions:

Preparing for retirement

You are preparing for retirement, and there is a lot to think about:

  • How much money will you need to live your dream life?
  • What are your goals, and how do you plan to spend your time in retirement?
  • Do you need lump sums of money to make that special purchase for a caravan, car, holiday, or renovation?

Having a plan to achieve these things is about more than just the numbers. It is knowing what the future holds, both financially and physically and start planning early with a good financial adviser.

Together with your financial adviser, you can make the most of your super by knowing where all your super accounts are and ensuring that it is well diversified in quality assets. With personal financial advice, you can make the most of your contribution limits to superannuation and optimise your money in and out of super to minimise your tax position.

Going into retirement

You have your financial plan and have been working on refining it for several years. With your financial adviser, they can help you work towards that date in time for you to transition from working life to retirement life. But what will you do with your time once you’ve arrived?

Over the years, we’ve had many conversations with clients about how they will spend their days. Going from a busy working life to how I fill my time can be confronting; after all, there is only so much golf you can play.  Consider getting involved with a local charity to volunteer an afternoon or morning once or twice a week.  Some clients love spending time with their grandchildren regularly, and others have taken up a new hobby or activity.  Having a routine is important, knowing that you have something that provides a sense of a purpose. All of these things can be taken into consideration in your retirement plan.

It’s time to downsize

You’ve been retired for a considerable period, and you are considering transitioning to the next stage. What does this look like for you?

Whether it might be downsizing your home or looking at sourcing more support via an aged care solution, finding the right solution can be discussed with your financial adviser.

When downsizing, it might mean that you can receive more funds into super and is worth investigating ahead of time to ensure that you take this into consideration with any plans.

We find that so many of our client’s parents really struggle with knowing what can be done and if there is any flexibility with aged care facilities. It helps to seek good advice, so you know your options.  Working through the complexities can be daunting, recently we supported a client and their family in a difficult situation transitioning into aged care. With our help, we were able to save $70,000 in a RAD that they would otherwise have paid interest on if we hadn’t questioned why the contract had changed and negotiated for the original amount proposed.

The key to all of life’s transitions is planning, thinking ahead, and knowing the importance of seeking financial advice. As we often say, “you’re never too young or never too old to start thinking about your retirement”. We work with clients daily to help them achieve their retirement dreams; it is always about the people we work with and never just about the numbers.

Our team here at JBS are available to speak with you about what you should be doing now and into the future.

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