How long is it since your financial plan was updated?

How long is it since you reviewed your financial plan? Maybe it’s time to set up an appointment with your Lakeside financial adviser now?

Developing a financial strategy with which to achieve your financial and lifestyle goals is a critical step on the road to financial security and success. Congratulations if you have a plan. Now there are two additional steps to help ensure your plan becomes a future reality!

First, if you have not yet consulted with a professional financial adviser to develop your plan, it is time to do so. There are many ways in which an adviser can help.  An adviser can: 

  • Avoid costly mistakes, manage risk, save time, and improve your overall investment results.
  • Guide you through the maze of retirement options - and can put you on course to have the type of retirement you've always dreamed of.
  • Decrease your estate tax liability, thereby aiding the financial stability of your loved ones.
  • Determine the type and amount of insurance you need to protect yourself, your family, and your assets.
  • Minimize your taxes and plan to reduce future tax impact.
  • If you own a business, develop a strategy to manage your business finances, including cash management, financing, employee benefits, and corporate taxes.

But having established a plan is not enough:  it needs to remain relevant – and there are many reasons why it may no longer be so.  Many changes can impact your current plan. These can include:

  • The birth of a child
  • A change in employment
  • A change in your family situation
  • Health issues
  • Social security issues
  • New investment opportunities
  • Changes in legislation

Meeting with your financial adviser on a regular, periodic basis is important. The review meeting is a critical ingredient in maximising the likelihood that you will achieve – or exceed – your financial objectives. 

This meeting provides an opportunity to confirm that everything remains on track – or to modify or change the plan to suit new conditions. During the review process, your adviser will ask about your current circumstances – your family, employment and lifestyle. Your adviser will review your current financial plan in regard to:

  • your financial planning needs and objectives
  • your income and expenditure
  • your life insurance needs
  • deductible and non-deductible debt
  • the economic environment
  • investment and superannuation portfolio performance
  • your taxation position and any relevant changes in the current tax law
  • any opportunities to reduce your tax payable
  • any other legislative changes that may impact you and your family

While this is not a conclusive list, it gives you a glimpse of what can change. Ultimately, the review process is all about reaping the benefits of having a trusted financial adviser working with you over time to ensure that you are reaching your financial and life goals, and that you are doing it as efficiently and effectively as possible.

Working with a financial professional provides the emotional discipline required to make sure plans are acted upon. Your adviser provides guidance, reassurance, support and stability to help you stay on course and reach your long-term goals.

How long is it since you reviewed your financial plan? Maybe it’s time to set up an appointment with your financial adviser now?