What is Financial Advice?
At its most basic level a Financial Adviser helps people to make better financial decisions whilst helping them to move forward towards a better future. How this takes place may be different for every client because every journey is unique.
Being a Financial Adviser is fantastic. We get to help people in a way that very few others are allowed to. We get to build meaningful relationship with our clients and see them through the best of times, and get them back on their feet in the worst of times. We do all of this through focusing on not only money, because that is important, but also on how we live with our money, how we spend it and how we protect ourselves when things go wrong.
Whilst there are many things we have learnt from our time working with our clients there are a few areas that we feel are so important to financial advice.
- Eliminate unnecessary costs - did you know that our role is not to tell people to budget. No, we help people to spend on the things that give them fulfillment. What is important to them. To do that we also help people get rid of the unnecessary. Like the gym membership that you used once, or getting you to review your bills (when was the last time you looked at your electricity contract?) By getting rid of the unnecessary, you can focus on the important spending, you know the one that actually means something to you. Oh yeah.... we also believe in balance.... you have to have now and later!
- Get the negatives in order. No one likes to think about the end result of our life. No one likes to think about the day they get sick, but it will happen. Don't start planning for the future until you protect the present. Get your estate documents done. You are not tempting fate by having a will (there's a 100% chance that you will use your will one day). If you can't live without your income, then protect it with insurance. You can't plan to spend tomorrow's money and time if you aren't sure it will be there. Yes it costs money, but the biggest reason banks repossess homes is not due to fire, or death. It is simply the inability to work due to a sickness or accident. Get some cover and reassess each year how much you need.
- Have a roadmap. Sure the road maybe windy, but you should at least lay out where you want to go. Have you ever gone on holidays without knowing where you will be going? Why do we live our life without a map and expect to get where we want to be. Some people call it goal setting, I see it as the finish post.
- Take the long term view when investing. Markets go up and down! The focus should always be on the long term and not the short. Noise dictates what markets do day to day, but the real magic happens when we let our assets grow over years.
- Get up and make it happen. Nothing happens by chance. If you want to get to that end point, that holiday, be debt free, guess what? You can do it if you want to. It will take some sacrifice (see point 2) but you can make a difference to your life if you want to.
So how do we help in all that. We are your guide, your confidante, your teacher. We help you set the path and then work with you to stay on it. And if something makes you come off that path, we stand beside you and assist you in getting back on it.