Financial planners are professions that can assist you with a range of aspects when it comes to your financial journey. Whether you’re just starting out or looking to refine your financial strategy, a financial planner can help you map out a plan of your goals. Their expertise is in the areas of superannuation, tax planning, insurance, estate planning, succession planning, and the creation of a comprehensive financial plan that encompasses all these elements.

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How do Financial Planners Work?

Financial planners work by assessing your financial situation through asking a specific set of questions. This is done to understand your risk parameters, what your end goals are, and how they can work to meet them. It is important to run the right checks when it comes to ensuring your financial representation is licensed and fully accredited. This can be undertaken through MoneySmart; https://moneysmart.gov.au/

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Do Financial Planners vary?

Financial planners can vary in their specialisations and approach. It is important to understand that your financial planners align with your specific requirements and financial goals. Since financial planners have specialties and niches, selecting one whose expertise matches your needs can make a significant difference. It is equally important to ensure that you have a personal connection with your financial planners. This professional might work with you for many years, thus establishing a trusting and easy relationship is essential.

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Downsides of Financial Planners

While financial planners can be valuable, they can be costly. While fees vary, some may be incorporated into your superannuation, but it is essential to ask about these costs. It is also important to ask your planner if you are in a position to benefit from their services at this point in your financial journey.

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Alternatives to Financial Planners

If you prefer a more hands-on approach, self-education and self-investing are feasible alternatives. There are various online resources and tools to help you mange your finances effectively. However, if you are prone to delaying this process or feeling overwhelmed, it may be worth starting with a planner to learn the basics.