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New Year, New Financial Plan: The Importance of Accountability and Specifics
As the new year begins, many of us make resolutions to improve our physical and mental well-being.
We commit to exercising more, eating healthier, and reducing stress. However, one resolution that is often overlooked is financial well-being. Just like our physical health, our financial health requires regular attention and a plan of action.
One of the key benefits of a financial plan is accountability. Having a plan in place holds us accountable for our financial decisions and progress. It’s easy to procrastinate or put off difficult financial decisions, but a plan forces us to confront our finances head-on. With a plan in place, we can track our progress and make adjustments as needed to stay on track.
What Is A Financial Plan?
To get your finances under control and reach your long-term goals, you need to make a financial plan. No matter how old or rich you are, you should have a plan for your money. It helps you figure out what steps you need to take and what you should avoid to reach your goals.
A financial plan is based on looking at your income and expenses, figuring out the best level of risk, setting financial goals, and figuring out how to reach them. Part of making a financial plan is figuring out how much debt you have, how big of an emergency fund you are comfortable with, and how much of your income should be spent versus saved. Preparing for retirement by keeping an eye out for investment opportunities that fit each person’s needs is often another part of financial plans.
Having a good understanding of every part of your personal finances will help you form good habits that will make it easier to reach your long-term goals.
Engaging A Financial Planner
Engaging a Financial Planner makes you more likely to achieve your financial goals in several ways. Firstly, expert advice is tailored to your specific goals and objectives, ensuring that the plan is centred around these goals and providing the best opportunity to achieve them. Additionally, ongoing service ensures that the plan is actually implemented and clients are kept accountable and on track, much like a personal trainer.
Financial planners can also identify areas that the client may not be aware of to enhance their position. They also consider what is realistic vs unrealistic and what the compromises are to ensure that goals are achievable.
What To Expect From A Financial Planner
As part of working with a financial planner, accountability is ensured through several measures. Financial planners implement the plan on behalf of the client and make the process as easy as possible, handling paperwork on their behalf.
Regular catch-ups and reviews are conducted to ensure clients are on track and the plan can be adjusted as circumstances change or the economic/legislative environment demands.
Reports, transparency, and regular tracking against goals keep clients motivated and the financial planner acts as a financial coach, encouraging clients to involve them in any financial matter.
In a typical year, clients would have 1 or 2 comprehensive meetings with their financial planner, depending on the complexity of their financial situation. However, there would be at least six touchpoints on average for most clients, such as phone calls, emails, and market updates.
Of course, it is important to be proactive when it comes to engaging with your financial planner.
Wealth Architects always encourage our clients to reach out through the course of the year for any financial matter, and we encourage our clients to ensure we are the first port of call for any big financial decision.
This is because we like to be involved in any major financial decision our clients make and want to be sure that we have provided any pertinent advice that will lead them to the best financial decision for their circumstances.
Contact Wealth Architects for a Financial Plan Fit For 2023
While making a financial plan may not be as exciting as a new workout routine or a diet plan, it’s just as important for your overall well-being. A financial plan provides accountability and specificity, two key components to achieving financial success.
So, make a resolution to create a financial plan this year and take control of your financial future by working with a professional financial planner from Wealth Architects!
Wealth Architects operate from the following locations:
Wealth Architects provide quality trusted financial advice to over 1,500 clients, nationally. Regardless of what stage in life you are at, our qualified and experienced Financial Planners are able to provide you with advice and guidance to help you achieve your goals. We ensure we take the time to listen to you to understand what’s important in your life. Every individual is different, which requires a plan and strategy that is uniquely designed to suit you. This is how the name Wealth Architects was born. With decades of combined experience our approach is holistic, ethical and thorough. We leave no stone unturned in our process and we sweat the small things, so you don’t have to.
Who we help:
A Wealth Architects Adviser can ensure you are extracting sufficient funds from your business into your personal life. This will ensure your hard work is achieving your personal goals – not just your business objectives.
If you are looking for strategies to increase your net wealth, Wealth Architects advisers are experts in accelerating your financial position via proven strategies.
Having a road map before you decide to retire is extremely important. Ensuring your ducks are in a row will put you in the best position to ensure you have sufficient capital when you decide to retire. capital when you decide to retire.
Wealth Architects advisers will ensure your assets are well balanced & structured right for your ongoing income stream.
How we can assist:
Strategy Analysis – Everything we do boils down to giving you the highest probability of achieving the life that you want to live. That’s why we spend a lot of time researching, analysing and preparing financial projections before we put pen to paper.
Cashflow & Budgeting – Cashflow is the lifeblood of any financial plan and we use a very simple structure to maximise your ability to save.
Debt Management – There is good debt and bad debt. We work to accelerate the repayment of bad debt and use good debt where it’s appropriate to increase the probability of achieving your goals.
Tax Planning – Tax is inevitable; however, it can be reduced by effectively structuring your assets and income.
Investment Management – We are unbiased to property, shares or even cash in the bank. All have their place, but what we care about is implementing an investment strategy that you understand, are comfortable with and is aligned with your goals.
Superannuation – It’s generally the most tax effective vehicle to store and accumulate your wealth, and hence it is a fundamental part of our strategy. Choosing the right fund is not just about fees and performance, it’s about understanding your objectives and how much control you would like.
Retirement Planning – Retirement is a significant financial milestone and getting clarity around your retirement goals is just as important as getting the strategy right. In this process we will answer 3 simple questions: How much money do you need? Where will your money come from? How long will this last?
Planning for the Unexpected – Things don’t always go according to plan and when they don’t, it pays to have a safety net. We put a protection strategy in place that you can depend on in the event you, your spouse or your key staff are unable to work due to injury, illness or death.
Estate Planning – It’s important to ensure that your wealth is transferred effectively and in accordance with your wishes, and not anyone else’s. It’s also important that you have someone you trust to make decisions for you if you can’t make them yourself.
Social Security – You have paid tax your whole life, so we work hard to review and maximise your entitlements with Centrelink.
Aged Care Strategies – Planning the move into aged care can be stressful whether it’s for you or your family members. We can minimise this stress by helping you make informed decisions based on sound advice.
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Planning for your later years can be a daunting task, especially when it comes to deciphering the differences between retirement living, aged care, and the in-between options.
Recently, the Australian Prudential Regulation Authority (APRA) carried out its annual performance assessment on superannuation products. The results disclosed that certain funds are significantly underperforming.
End of Financial Year (EOFY) is a pivotal time for Australians to reassess their finances and look for opportunities to maximise their financial security. With key changes in superannuation laws and the indexation of the Total Super Balance (TSB) cap to $1.9 million, there are unique opportunities and challenges ahead. Let Wealth Architects guide you through these complexities with personalised financial advice designed to optimise your financial future.