How to Assess Your Financial Goals with a Qualified Financial Adviser
Staying on top of your personal finances is an essential part of being a responsible adult, but it’s not exactly easy. Navigating your opportunities while ensuring your bills, taxes and other obligations are paid can be a challenge. Luckily, help is available - a financial adviser can provide you with the expertise and personalised services you need to handle your finances confidently.
To make the most of their help, you’ll want to stay efficient and smart when working with your NZ financial adviser. What should you do when discussing your finances with them?
What To Do When Working With Your Financial Adviser
Whether you need help with financial planning, managing your portfolio or maximising cash flow, there are plenty of ways a financial manager can help you. Of course, you’ll need to work together with your adviser so that you can maximise your chances of financial stability and success.
Consider these tips when choosing or collaborating with your qualified financial adviser:
Understand Your Current Financial Situation. First, look into your financial situation to have a clear picture of what you’re dealing with. Gather relevant documents that you want to share, such as bank statements, investment portfolios and retirement accounts. Understand your assets, liabilities, income and expenses so that you and your financial adviser can stay on the same page when working together.
Identify Your Financial Goals. When managing your finances, it can be helpful to have goals to help you guide your actions. Why do you want help from a financial adviser? A few common goals for New Zealanders are:
Saving for retirement.
Buying a home.
Funding a child’s education.
Paying off debt.
Think about both short-term and long-term goals, and be sure you know which ones are more important to you and your family than others.
Prepare Questions To Ask Your Financial Adviser. To make the most of your meeting, think about what you want to ask your adviser and prepare a list of questions for them. These questions can help you quickly understand their approach and ensure that they’re a great fit for you and your needs.
A few questions you can ask them are:
What is your approach to financial planning?
How do you assess and manage risk?
What strategies do you recommend for my particular financial goals?
How much do you charge for your services?
When developing your questions, keep your specific goals and needs in mind. For example, if you prefer to always have an open line of communication, ask about the best way to reach them if you have concerns.
Be Honest And Transparent. A financial adviser can only work with the information you give them, so it’s always best to be as honest and transparent as possible. If your financial adviser has falsified or exaggerated information, then their advice won’t work as well as you’d hope. Although discussing finances may be stressful, remember that they’re there to help.
Stay Realistic. Financial planning is a long-term process, and setting your expectations too high can quickly lead to disappointment. Stay realistic and understand that reaching your goals isn’t going to happen overnight. Discuss timelines and potential obstacles with your adviser so you can set goals and milestones that are achievable.
Furthermore, understand that roadblocks can happen when you’re reaching your goals. Unexpected expenses can set you back, but you can always take steps to get back on track. Stay realistic, but also stay positive and patient.
Discuss Risk Tolerance. Understanding your risk tolerance is a very important part of financial planning. Your adviser will likely ask you about your comfort level with various types of investments, such as stocks, bonds and property.
Ask about their experience with risk management services and how they could help you.
Review And Update Your Plan Regularly. Once you’ve created a stable financial plan with your qualified financial adviser, your work doesn’t end there - make sure you regularly review and adjust your plan with your adviser. Financial needs can change over time, so what works today may not work in a year or two. These routine adjustments can help you stay on track, even when your goals evolve.
Seek A Long-Term Relationship. Building a long-term relationship with your financial adviser can provide continuity and a better understanding of your financial goals. Look for an NZ adviser who is committed to working with you over the long term. This way, you can continue working with a trusted adviser who understands you rather than continuously explaining your situation to new advisers.
Finding The Financial Planning Services That Work For You
Are you interested in creating a solid foundation for a stable financial future? At Future Wealth, we specialise in helping our clients with our financial services, including personalised financial planning that takes your specific goals and obstacles into account.
Whether you need help with financial planning, risk management, KiwiSaver, retirement planning or another aspect of your finances, we’ll be happy to help. To get in touch, call us on 027 628 8010 or use our contact page.
Plan for your future and enjoy a better tomorrow with Future Wealth.