Do i need financial advice?
Global Financial Consultants
Some think that to need or benefit from the advice of a financial planner you need to be among the uber rich with complex portfolios and assets. The reality is, that everyone no matter how much money they have in the bank have goals for the future, or fundamental financial needs along their journey. I have outlined 10 points a financial advisor can help with that EVERYBODY needs to consider.
Life insurance, critical illness cover, total personal disability cover and health care are the first port of call when assessing client’s needs. There is an overwhelming number of products advertised on the market, all claiming to be the best policy available. Everybody needs protection in place and a financial advisor can both assess the right amount of cover you require and also recommend the best value for money policies to fit your needs.
The short-term goals
Whether you want to buy a car, build a pot of money to make a down payment on a property, education funding for kids or a mix of all these things, it is important to maximise the amounts you can realistically save and understand exactly how to go from A to B. A financial plan, regardless of amounts is absolutely key to reaching your goals.
The long-term goals
A financial plan will often be able to cover your short-term objectives, but what about the future? A financial adviser will not only be able to outline what you need to have in place to live comfortably and a strategy to make sure you do not fall short, but they will also take into account things like, where you plan to retire, how much your money will be worth when you do stop working, are you structured in a way that is suitable for the country you wish to move to and how you may be affected from a tax perspective.
Beneficiary planning
Inheritance laws can be complicated and estate tax can be enormous. If you find yourself with certain assets in certain countries, regardless of you living there or not, you can in some cases find yourself with a liability you did not even consider. Beneficiary planning needs to be factored in to your plan and a financial advisor will be able to show you how not only to streamline your position but more often than not, show you how to reduce your estates exposure.
Meeting them goals
As you go through life, usually you would see your assets and income rise, as this happens, you may wish to add new goals, do you really need to wait until 65 to retire, what about paying that mortgage off early? A relationship with a financial advisor means that they will be with you as you encounter these new possibilities and let you know what is realistically possible and how to get there.
Reactive strategy
Investment strategy not only needs to factor in protecting your money from drops in the market, but also to maximise opportunities for growth. In a complicated market that is ever changing and expanding, the right choice is sometimes hard to judge. Expert advice is of course the way to go to give you results and peace of mind.
Impartial and tailored advice
The next best thing in terms of investment products seem to be advertised constantly, mass marketing of such products can potentially be disastrous for some investors, what works for one person does not necessarily mean it will work for the next. An objective and impartial view of the many options available is the logical approach.
Making savings
Investment strategy is one thing, but tax is another. Reducing your tax liabilities can be complicated, offsetting this loss against that gain, making the most of tax relieved products as much as possible are all things that need to be incorporated into a financial strategy to yield the maximum results overall.
Staying focused
Even after everything is set up, it is easy to lose sight of the end game occasionally, regular reviews with your advisor help you to remain focused throughout your financial journey.
Sleeping easy
Volatile markets, changing legislation, changing plans are all things that need to reacted to as and when they occur. Having a dedicated advisor keeping up to date with all of this is gives you the peace of mind you need to not worry about how your hard-earned money is being affected.
David Plumpton is a Singapore-trained and qualified Financial Adviser with Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to international and local professionals in Singapore.
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*Please note that David Plumpton is not a tax specialist or accountant and that none of the content outlined here should be taken as personal advice. You should consult your tax specialist and financial adviser to review your current financial situation and futures goals to consider whether this strategy is appropriate for you. I expressly disclaim all and any liability to any person or organisation, in respect of anything, and of the consequences of anything done or omitted to be done by any such person in reliance, whether whole or in part, upon the whole or any part of the contents of this article.