It is often assumed that the “best” financial advice is suitable for everyone.  People’s circumstances are unique and therefore a generic approach will not be suitable for everyone.

We live in a digital age where social media is extremely popular with many self-proclaimed experts giving advice on various topics.  Even in the field of financial and investment planning, we see a lot of opinions given by people who do not necessarily have the skill, qualifications, or experience to give financial advice.  Even though they say “this is not financial advice” due to regulations prohibiting an individual not accredited to give financial advice, they still have their followers hanging on to their teachings.

Not only may the advice be wrong, but it might also be too generic that will not suit every person’s personal circumstances.  It is only by gathering the necessary information from a client that one will be able to give the right advice.  Only when considering income, expenses, assets, liabilities, dependents, etc. will one be able to start giving effective financial advice.

Although the numbers are important, the most important aspect to consider is considering the client’s goals, dreams, fears, and ambitions.   The financial planner is the middleman that can connect the client to the solution that will enable him/her to achieve those financial goals or dreams.  Something that a generic one size fits all approach can’t do.

I want you to imagine that you are financially secure, that you have enough money to take care of your needs, now and in the future. How would you live your life? What would you do with the money? Would you change anything?

You visit your doctor who tells you that you have five to ten years left to live. The good part is that you won’t ever feel sick. The bad news is that you will have no notice of the moment of your death. What will you do in the time you have remaining to live? Will you change your life, and how will you do it?

By asking these types of questions you might realise that there are important financial processes that need to be set in place.  By imagining a time in the future and looking back at your life you might discover things about your life that you never would have thought about and do something about.  Make the change before it is too late or you might regret not getting to it.

Enlist a qualified financial professional that will ask you the right questions and guide you to make them a reality.