Wealth Oct 30, 2017

Why it pays to have a financial planner

5 min read

Financial Planner Julia Bull from BKM Wealth explains why it pays to invest in a good financial planner, and how they can help you get ahead.


Getting your finances in order and building wealth is a goal most of us have, however some people are hesitant to share their finances with other people. Primarily talking about money can be a bit of no-go topic, but if you want to be kept on target and create a genuine wealth strategy it pays to open up.

Financial planning has moved into a world of high educational and compliance standards and we have seen the value of having a financial planner significantly improve as a result.


Overall, we’re spending more

Good planners make you accountable, they sit down and look at the dark truths that we all hide. It’s common knowledge that millennials are spending double the amount on gourmet food than earlier generations, and that’s before you get to craft beers, a sneaky wine, activewear and travel.

This is taking a toll savings and more often than not our “want it now” mentality means that such purchases are going on credit. The average credit card debt is $4,077 which is attracting $700 in interest per annum. Get off that wagon sooner than later and start planning now. I challenge you.

Little steps help, but more so it is choosing the right asset allocation, borrowing to build wealth (good debt), effectively structuring investments and building a professional team that will work collaboratively, and who will help you get your financial plans sorted.


Should you DIY or speak with a financial planner?

In a world of technology, Acorns and the Barefoot Investor there is the mentality that it’s easy to do it yourself. It’s not. The difficult part is actually managing and adapting the strategy – and this takes time and expertise that you don’t necessarily have to do it alone.

In the FPA’s recent ‘Live the Dream’ report having enough time was the second most common obstacle preventing the us reaching our goals.

The benefit of engaging in a relationship with a planner is that you start to understand and enjoy the relationship. It becomes a familiar and a comfortable agenda and trust develops. A planner will know how close you are to purchasing that new home, that you have enough for school fees, and what your capacity is to put that little extra into super. They will also be aware of strategic and legislative opportunities as they arise.

People who have used a financial planner in the last 12 months typically feel better about their financial wellbeing and are more likely to stay on track and pass that ‘sleep at night’ test. Wealth creation doesn’t happen passively, you have to be actively involved. If you aren’t actively involved, then outsource and establish a good professional relationship now!

By Julia Bull – 2017 National Finalist Securitor Technical Excellence Award
Benjamin King Money Wealth