(07) 3512 8800 wealth@msitaylor.com.au

You might be surprised to learn that 8 in 10 Australians have never sought financial advice from a professional. While the majority of people wouldn’t hesitate to get expert advice when there’s something wrong with their car or their plumbing, for some reason many people would rather turn to friends or relatives when it comes to making important financial decisions. Some of the reasons people give for not getting professional financial advice include:

  • The perception that it’s too expense
  • A lack of financial literacy
  • Stories of people losing their ‘life savings’ due to bad advice
  • A perceived lack of independence within the financial planning industry.

While these concerns are understandable, not getting appropriate advice can cost more than you think.

Australians tend to be underinsured, especially when it comes to personal insurances such as income protection and Total & Permanent Disability (TPD). Yet we’re more than happy to pay to insure for our motor vehicles or our houses. But have you considered what might happen should something unfortunate occur and there’s a sudden loss of income? How would your family cope with having to cover all the usual bills such as mortgage or school costs? Getting advice from a financial planner will ensure you get the right amount of coverage for the right price. Plus, as your needs change, they can ensure you have all of the appropriate insurances in place.

Financial planners can also advise you on making the most tax effective and suitable investment strategies for your circumstances. Each individual has different goals and tolerance for risk when it comes to growing their wealth so a financial adviser will tailor each solution to suit. Plus, they are able to help you prepare for when you are no longer working and ready to retire by providing advice around transition to retirement strategies, superannuation, pensions and even moving into aged care.

Proper financial advice is an investment into your and your family’s future. You will receive not only the benefit of receiving strategies specifically designed to suit your circumstances, you also have the assurance that your most important assets are being protected. Not convinced? See how we’ve helped some of our clients better manage their finances.