Thankfully, financial literacy is on the rise. Families and business owners have access to digital financial management tools and a library of financial information at their fingertips. Still, we continue to see many Australians turn to us for the wrong reason. The family or the business is in debt from poorly informed or poorly executed financial strategies that, on paper, looked sound but hit potholes that could have been avoided with professional guidance.
The biggest pitfalls we see are inconsistent and reactive decisions driven by emotion rather than long-term strategic positioning.
The pitfalls of going it alone can hurt your retirement
Independence is worth the journey; however, independently planning your financial future can work against you. A financial advisor is your money mentor. Our goal is to help you achieve that elusive financial independence.
My team and I are experts at helping you set clear, realistic goals. We examine the short, medium, and long-term objectives. Those who decide to go it alone often don’t set milestones and easily lose focus on the bigger picture. They can fall into the trap of spending more than necessary and avoid important decisions like investing or paying down bad debt.
Another issue is emotion-driven investing. Markets fluctuate, and inexperienced investors can make emotive decisions that derail the strategy. Selling during a downturn or chasing losses without decoding the risk is common and can quickly escalate into bigger concerns.
Missed opportunities can haunt even the most educated. Without expert advice, tax-saving strategies or government superannuation incentives can be overlooked. These misses add up over time. It does pay to have professional advisors working for you and unlocking opportunities that pay off in the long run.
Insurance is another pitfall. It is not a charismatic thing to think about, but having adequate insurance is essential. Illness, injury, and income loss are real, and do happen. Your family, business, and a financially healthy retirement are highly vulnerable without proper coverage. A financial planner will dot the I’s and cross the T’s to ensure you are adequately and properly insured. You don’t need it, until you do.
The number one issue we see as financial planners is people underestimating how much they need in retirement. A financial planner will assess your needs and your current and expected lifestyle in retirement and balance a workable, accountable plan that ensures you stay on track and don’t fall short. You can’t make up for lost time.
Why professional financial planning is better than winging it
As I mentioned, a financial planner is your money mentor. We focus our careers on ensuring our clients access the most professional and tailored financial advice for their circumstances. We offer clients more than peace of mind. We provide clarity around goals and a sound strategic pathway to achieve them.
We remove emotion from financial decisions, and with structure, comes focus. Our team is an expert on tax-saving strategies and optimising superannuation for a larger nest egg in retirement. We provide sound investment strategies that suit your risk profile, goals, and timelines, not guesswork but data-driven domestic and global research.
We can advise on insurance policies that are fit for purpose, protecting you, your family, your business, and, most importantly, your future. We also have the experience to make course corrections if needed. Life changes and regular reviews ensure we keep you on track.
We offer expertise, objectivity, and experience. We believe in long-term relationships that benefit you. Before you go it alone, weigh the pros and cons and speak to one of our financial planners first. It will make a significant difference to your best years.
We can help
Step Up Financial Group, now AFPG, is a team of qualified financial specialists. Every year, we help hundreds of Australians create financial stability and resilience while building toward a confident retirement.
Contact us today for experienced, compassionate, and professional financial planning advice.