How much better off could you be with a financial adviser?

I love being a financial adviser, it is honestly something I could do every day for the rest of my working life and be content with that (you know, as long as I have sweet holidays every year).

I fell into it almost by accident over 11 years ago now and I’m glad I did but before that, I actually had no idea what a financial adviser did.

Unfortunately so many people still don’t know what we do. I can’t really blame them to be honest. There are so many different kinds of financial advisers out there.

Some advisers do everything, some advisers just look after one segment such as insurance only, some have degrees, and others don’t. It is very confusing to say the least.

Typically however, if you get a financial adviser who focuses on financial planning and strategy they will help you with managing your money, sort out your personal life insurances, look after your superannuation and get you on the road to investing.

If you are going to engage a financial adviser, it really comes down to whether they will help to get you into a better position than you were before you saw them. Ultimately, how much more money will they make for you?

Research from the Financial Services Council back in 2011 shows that a 30 year old would have an additional $91,000 in their superannuation fund by the time they retired if they had engaged a financial adviser at age 30. By taking the advice and guidance from a financial adviser from early on, they were on average able to increase their retirement balance by nearly $100k.

If you chose to engage a financial adviser at age 45, you would be expected to have an additional $80,000 in your super fund by the time you retired verses those who chose not to engage an adviser at 45.

A 60 year old would expect to have $29,000 more within their super after engaging an adviser at the later stages in life.

These aren’t small sums of money and we are only talking about superannuation in this instance. If your adviser could get you on the right track with managing your money and then got you investing sooner rather than later, all of a sudden you are building your wealth in more ways than one.

At the end of the day money isn’t everything, I don’t live for money, I actually live for lifestyle. Money facilitates lifestyle so having enough of it and ensuring that it is working for you is pretty important to make sure you can do all the things you want to do.

That is how you should think of a financial adviser. If you get the right one who understands your life and your goals, they should act as your coach. They will have the know-how to get you where you want to go quicker and with more money!

This post is from Cara Brett. Check out our details in the About Us page.

Posted in: Ben BrettFinancial Planning, superannuation and Investments

About the author: Cara Brett

Cara Brett proudly heads up Bounce Financial - founded in 2014 after a successful, decade-long career in the financial services industry. Cara’s experience encompasses both the financial product and financial advice sides. This gives her a comprehensive and holistic knowledge of all facets of financial planning.