“I’ll come and see you when I’ve got money to invest!”

I’ve lost count of the times I have heard “I’ll come and see you when I’ve got money to invest”. The common perception is that only people with money to invest need to see a planner.

I think everyone with a job, with kids or with a mortgage could benefit from basic financial planning. Most people in the workforce have superannuation, and I am sure everyone had concerns during the GFC. Those with kids and a mortgage have no doubt at some stage wondered what would happen if they were unable to work through sickness or accident.

These issues that may keep you awake at night are a planner’s bread and butter. Their role is to put into place strategies to ensure that these issues are dealt with.

What about costs? Impending legislation changes will make the cost of financial planning more transparent, but in any case, planners charge for their services in a number of ways. It is likely that they will have an option that suits you.

And finally some brief tips for selecting a financial planner;

  • Ask family and friends who they use. It’s much easier than picking one out of the phone book.
  • Take advantage of the first interview. Most planners offer a free, “no obligation” first appointment. I certainly do.
  • Remember, you are interviewing them. The planner will ask most of the questions, but you hold the power.
  • Ensure that the planner is interested in working with you, is caring and recognises your needs and concerns.

Plenty of people have their financial affairs in order without the use of a planner. For those of you who don’t, finding a financial adviser that you trust and discussing all your financial matters is important. It just might be one of the best decisions you make this year.

This website contains general advice which does not consider your particular circumstances. You should seek advice from Wakefield Partners who can consider if the general advice is right for you.