More Aussies are turning to financial planners for advice

More and more Australians are seeing the value in professional financial advice to make the most of what they have, and sure up their future.

By Julie Nipperess

Agent selling life insurance to senior couple

If Covid-19 taught us anything, it’s these two things:

Firstly, we can never ever be completely prepared for an unexpected crisis.

And secondly, having savings to fall back on definitely cushions the blow.

Many surveys have been conducted over the years about the value Australians perceive in getting professional advice, and the results are always mixed.

But the latest research from CoreData’s latest Trust in Financial Services research shows that a majority of Aussies believe financial advice is potentially more useful to them today than it was five years ago.

Beautiful young smiling couple holding a key of their new car

Faith in the profession

It’s an interesting finding, tempered of course by factors such as age and gender, and stage of life. The Royal Commission into Finance and Banking (2017-2019) decimated a lot of trust in the industry, as several horror stories emerged during the hearings.

But the Federal Government worked swiftly to implement safeguards to better protect consumers and restore faith in the profession, and this has paid off.

Covid-19 has also had a significant impact. When the world turned upside down and uncertainty reigned, those who had savings to fall back on, and good financial discipline, were vastly less stressed during 2020 than those who didn’t.

The fact is that most of us don’t grow up with a solid grounding in the complexities of the financial markets, and nor do we learn it at school, although this is changing.

Young couple consulting agent

How can a financial planner help?

I’m not just referring to managed funds, shares or investments, I’m referring to things like compound interest and how mortgages work, the concept and consequences of ‘high cost’ finance like credit cards, how superannuation can be maximised beyond standard employer contributions and how, with a little bit of nous, you can take control of your spending and build a decent nest egg.

We should also include in this list how insurances work, and why it’s important to seek personalised cover over ‘generic’ policies.

But you know what? Financial planners and money coaches live and breathe this stuff.

And, a financial planner can work with you to help you understand where you are, and what financial plans you need to put in place to achieve your dreams, whether it’s getting your debt under control, managing a growing family on one-income, committing to further study on a part-time income, funding ‘time-out’ of the workforce to change careers, saving to buy a home or invest in property, or planning for a happy, financially secure retirement. And a financial planner will keep you accountable.

Father sitting on the floor with baby and his wife sitting on the sofa using laptop

Take control of your finances

And the simple fact of the matter is that no matter where you are right now, there are strategies to move you forward.

Creating wealth is incremental. It rarely, if ever, happens overnight, unless you inherit a fortune, or are lucky enough to win lotto.

With the pandemic now under control and life starting to return to a sense of normalcy, it’s a great time to consider what you want your financial future to look like.

This is critical if you dipped into your super via the ‘Covid-19 early release scheme’.

Alternatively, you might just want to maximise what savings you have by investing in the market (which is returning more than the banks are right now), or considering saving more so that you have a secure ‘rainy day’ fund, or money on tap so you can get on the first flight available when international travel comes back online.

Whatever your goals are, we are here to help.

This is general advice and should not be treated as personal advice. Julie Nipperess is an authorised representative of Step Up Financial Group Pty Ltd ASFL No: 512509.

Need more information? Get in touch with Step Up Financial

    • 107 Moulder Street,
      Orange, NSW 2800

      PO Box 2499
      Orange, NSW 2800

    • (02) 6362 5445