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How Important is Financial Advising?

People work hard as soon as they are old enough to hold a job.  They do this to make enough money to stop working someday and enjoy the fruits of their labor.  Indeed, everybody wants to have a happy, fulfilled life.  Although money will never buy true happiness, it can however help people enjoy life more, which in turn, enhances their happiness.  Working hard from the start so one can enjoy the rest of it in relative comfort and happiness is the general idea of retirement.

With the effects of a worldwide economic slowdown raging on, more and more Australians are seeing the importance of getting financial advice from experts.  Since many Aussies have superannuation or other kinds of nest eggs for their eventual retirement, they are now lining up to get simple advice about their supers.  And, nowadays, these financial advices are as easy to find as instant payday loans over the internet.  Advices on supers can be affordable, for as low as $100 a consult, and sometimes even less.  These experts must have an Australian Financial Services Fund license to their name.  They know the in-and-outs of supers, including issues and concerns about investment options or super contributions that involve after-tax or salary-sacrifice ways.  Of course, these expert advices do not cover concerns outside a fund because these are tailor-made specifically for supers.  One example of issues not covered is whether to combine various funds or make a transition to retirement pension from a fund while still working.

However, a Queensland-based Suncorp Group, the Guardian Financial Planning, is asking the government to clear up the difference between financial advice as opposed to informed guidance.  According to the Guardian, it is asking the government to involve superannuation trustees to consider as part a verbal and written, or in black-and-white, warning to members of the boundaries or limitations of their informed guidance.  The Guardian added that the trustee should be required to explain in black and white the extent of the “full financial advice” given to them and where they could get this service.  The Guardian also stated, “Without that, the risk is that people will walk away believing they have received financial advice, while what they have received, in reality, is informed guidance restricted to one tax-effective investment structure called superannuation.”

According to financial experts, the term advice has an exact meaning that identifies a process that covers:

·         Several interviews with the client
·         Building the client’s risk profile
·         Taking into account the goals of the clients and their present financial situation
·         Possibly conveying a wide range of super and non-super strategies into the picture

People who want to optimize the financial advice they get should go to full service advisers and pay fees as high as $300 an hour.  They could take out a payday loan to pay for sound financial advice and it would be money well spent.

About the Author

Sean Teahan co-founder of
Cash Doctors,Australia’s preferred short term lender, shares his insights on money matters. Founded in 2005 Cash Doctors has helped thousands of Australians with their fast
cash loans but that’s just the short term solution. Cash Doctors also help people in the long run by providing budgeting tools, e-books and individually researched
articles on money matters and financial tips. The aim is to assist people in achieving instant and long term financial freedom.