{"id":11158,"date":"2023-09-25T12:57:59","date_gmt":"2023-09-25T03:27:59","guid":{"rendered":"https:\/\/jigsawprivatewealth.com.au\/?p=11158"},"modified":"2023-09-25T12:57:59","modified_gmt":"2023-09-25T03:27:59","slug":"unlocking-a-secure-retirement-your-guide-to-choosing-a-real-financial-planner","status":"publish","type":"post","link":"https:\/\/jigsawprivatewealth.com.au\/unlocking-a-secure-retirement-your-guide-to-choosing-a-real-financial-planner\/","title":{"rendered":"Unlocking a Secure Retirement: Your Guide to Choosing a Real Financial Planner"},"content":{"rendered":"
Imagine this:<\/strong> You\u2019ve worked diligently your entire life, saving and planning for your golden years. You\u2019ve heard the promises of financial freedom, comfortable retirements, and sunsets on the beach.<\/span><\/p>\n But as you stand on the brink of retirement, you realise that not all financial advisers are what they seem.<\/span><\/p>\n They may wear the title of \u201cfinancial adviser<\/strong>\u201d proudly. They might even have impressive designations after their names. But beneath the surface, some are not your trusted guides to financial security.<\/span><\/p>\n Instead, they are product peddlers, focused on selling you financial products, charging exorbitant fees, and leaving you with more questions than answers.<\/span><\/p>\n You might be wondering, \u201cAren\u2019t you a financial adviser too?<\/strong><\/em>\u201d<\/span><\/p>\n Well, my friend, let me clarify, I\u2019m not just any financial adviser. I\u2019m a Real Financial Planner<\/strong>, and my mission is to protect you from the pitfalls of bad advice.<\/span><\/p>\n In this post, we\u2019ll cover some of the warning signs that can help you avoid a disastrous financial planning experience.<\/span><\/p>\n We\u2019ll share real-life examples of common pitfalls and guide you on what to look for when choosing a financial planner who truly has your best interests at heart.<\/span><\/p>\n Because when it comes to retirement, clarity is your best ally, and a trustworthy financial planner can be your bridge to a secure and fulfilling retirement.<\/span><\/p>\n Here\u2019s where you\u2019ll encounter financial planners who seem more interested in their products and investments than your retirement.<\/span><\/p>\n They\u2019ll urge you to shift your hard-earned super into their proprietary products, promising returns that could inflate your retirement balance by six figures or more.<\/span><\/p>\n But before you are swayed by such promises, here\u2019s a reality check: Past returns are no crystal ball for the future. It\u2019s both unrealistic and, frankly, irresponsible.<\/span><\/p>\n In every case I\u2019ve seen, these advisers fail to answer the fundamental questions relating to one\u2019s retirement:<\/span><\/p>\n Sadly, after reading documents given to these people, the answer is no, nope and nada\u2026<\/span><\/p>\n What you receive is a recommendation to enter into complex, costly products you\u2019ve had no say in. This only benefits the adviser and their company much more than they benefit you.<\/span><\/p>\n In the end, you\u2019re left with lingering doubts about your retirement security.<\/span><\/p>\n If you\u2019ve worked with an adviser, you\u2019re probably aware that investments are part of the equation. However, there are advisers out there whose laser focus on investments neglects the other critical aspects of your retirement. Like your overall lifestyle and building in safety margins.<\/span><\/p>\n I recently worked with a client named Jan who had similar past experiences. She had worked with a financial adviser before, but she felt something was missing.<\/span><\/p>\n In her own words, \u201c<\/span>He was only interested in my investments.<\/i><\/b>\u201d<\/span><\/p>\n When I asked Jan about her previous adviser, she explained, \u201c<\/span>He provided investment advice but didn\u2019t offer much reassurance about my retirement as a whole.<\/i><\/b>\u201d<\/span><\/p>\n Jan approached us with caution, understandingly, given her past experiences. She was seeking clarity around her retirement and wanted advice that explored all her options and addressed her concerns.<\/span><\/p>\n As we guided Jan through her retirement possibilities, gaps, and potential paths, she remarked. \u201c<\/span>This is what I\u2019ve been looking for.\u00a0 I haven\u2019t seen anything like this before.<\/i><\/b>\u201d<\/span><\/p>\n So, here\u2019s a piece of advice: If an adviser is fixated on investments and money management in your initial meetings while overlooking your broader retirement goals. It\u2019s time to politely disengage and continue your search.<\/span><\/p>\n It\u2019s true that the financial advisory landscape has its share of disappointing advisers, but there are also exceptional ones who can be your guiding light in your journey towards retirement.<\/span><\/p>\n A top-tier adviser will do more than just provide investment advice. They\u2019ll be your guide in navigating the complexities of retirement. Ensuring that you can enjoy life without the constant fear of running out of money.<\/span><\/p>\n Research conducted by Colonial First State highlights the stark contrast between those who have received financial advice and those that haven\u2019t.<\/span><\/p>\n Three quarters of those without advice express concerns about their financial future, which isn\u2019t surprising given today\u2019s volatile economy and intricate retirement landscape.<\/span><\/p>\n The Vanguard Value Of Advice Research<\/strong> reaffirms the power of good advice. Vanguard estimates that advisers can add up to 2.5% of your assets in value<\/strong>. Primarily by helping avoid common pitfalls.<\/span><\/p>\n In essence, a significant portion of this value comes from sidestepping costly mistakes.<\/span><\/p>\n Recently I spoke with a couple who hadn\u2019t sought advice. Letting their emotion drive their decision to switch into more conservative investments in the middle of Covid.<\/span><\/p>\n A quick calculation, and we worked out that this has cost them a cool $200k over the last couple of years<\/strong>. Undressed, this will spiral out to $775k approx over the next 20 years.<\/span><\/p>\n This serves as a stark reminder of the potential pitfalls of navigating retirement without expert guidance.<\/span><\/p>\n #1 Trust Your Instincts<\/b><\/p>\n First and foremost, your gut feeling matters. You should feel at ease with the financial planner you choose. A skilled financial planner will invest time in comprehending your values and priorities.<\/span><\/p>\n #2 Look for a Framework<\/b><\/p>\nExample #1 Beware of Product Centric Planner<\/b><\/h3>\n
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Example #2 Beware the Investment-Only Adviser<\/b><\/h3>\n
Unlocking the Value of Good Advice<\/b><\/h3>\n
What to Look for When Choosing a Financial Planner?<\/b><\/h3>\n