A financial planner can be hugely beneficial when managing your money and achieving your financial goals. Financial planners have varied roles, but you can expect help with goal setting, financial analysis, investment advice, and insurance planning, to name a few. Financial planners are used by a wide range of people, whether you are looking to grow your investments or manage your current assets, they can be helpful. But what are the benefits of working with one? That’s what we are here to tell you!
Benefits Of Using A Financial Planner
Using a financial planner has several benefits, including helping you preserve your legacy or reduce any financial stress you might have. The benefits will vary depending on why you choose to use a financial planner, but we have detailed the main benefits below to see if it is the right choice for you.
They Provide Experienced Advice
One benefit of working with a financial planner is that they provide experienced advice. Financial planners are experts who can help you get the most out of your money in the long term.
Actions like switching to tax-efficient products can help you save nearly 40% on your tax bill, help you to get more out of your money, and set you up for the next stages in your life.
They Create Tailored Plans For You
A financial planner can also help create a tailored plan for you, instead of providing generic advice that is difficult to adapt to your situation. They will look at your finances and needs and get to know you to ensure your plan benefits you. A financial planner will also regularly review your plan and make adjustments to protect your assets.
They Can Reduce Stress
Managing your finances and other assets can be stressful, especially if you are trying to grow your assets and manage full-time employment or caring for your family. Financial planners can alleviate this stress, taking over your financial planning and ensuring your estate is well managed.
They can help with investment planning, estate management, and tax bills to ensure your finances are in order without surprise tax bills.
They can also help you with any changes to your finances or tax laws and plan for any economic challenges that could hinder your investments.
They Help Preserve A Legacy
Inheritance tax can be challenging to understand, especially if you have several properties or assets you want to pass on to your family. A financial planner can help here, preserving your legacy, without leaving your family saddled with hefty inheritance tax bills. Financial planners can create the best way to pass your assets to your family and even help you discuss your death and money with them.
Financial planners can help you understand gifting and tax planning to ensure your legacy is preserved, and you pay the appropriate amount of inheritance tax.
They Help You Make The Most Out Of Retirement
Financial planners can also help you with your retirement goals, ensuring you have the right plan to meet your financial goals. Your financial planner will consider any roadblocks that might impact your ability to meet your retirement goals. They will also help you overcome these potential issues, directing you through any changes to your situation too, like changes in employment or an influx of cash.
Financial planners will help you manage your assets, ensuring you are utilising them correctly to benefit your pension. As you approach retirement, your savings and finances might change from saving to utilising your pension, ISA, and other bonds. Financial planners know when to draw your income at the right time to avoid any hefty tax bills and ensure you get the most out of your interest rates.
What Are The Potential Drawbacks Of Using A Financial Planner?
Alongside the benefits of using a financial planner, there are a few potential drawbacks that you should consider before hiring one. Most people will have a positive experience working with a financial planner, but others have experienced the following issues:
- Financial planners might not have your best interests at heart when it comes to where your money is invested
- Financial planners can be expensive, depending on the prices they charge for their services
When hiring a financial planner, make sure you do your research to find a planner that you can trust with your assets without worrying about conflicts of interest.
Find Your Financial Planner In Brisbane Today
Financial planners in Brisbane come with many benefits, helping you to get the most out of your money and reduce tax bills. When finding your financial planner, utilise teams like Solace Financial. Their expert financial planners in Brisbane have years of experience and can help care for your finances and protect your assets. Reach out to financial planners at Solace Financial to see what they can do for you.
