What is financial planning?
Financial planning is instrumental in shaping your future and enhancing your overall financial well-being. It entails a personalized approach, examining your unique circumstances to tailor strategies that align with your aspirations.
Many individuals grapple with uncertainty regarding their desires and the feasibility of achieving them. Without a clear destination or a roadmap, progress can be elusive. This is where financial planning proves invaluable.
A skilled financial planner looks ahead, projecting your goals over the next 5, 10, or 20 years. By clearly defining these milestones, they can collaborate with you, offering education and guidance to chart potential pathways toward your objectives.
Why should I use a financial planner?
Many individuals recognize the potential for optimizing their financial situation. However, the array of options within the financial services market can be overwhelming or appear overly complex, deterring them from taking the initial step. A financial planner not only offers the guidance necessary to navigate these choices but also ensures compliance with the latest rules and regulations.
It is important to note that a financial planner assesses your specific circumstances, leveraging their knowledge, skills, and experience to tailor recommendations to your requirements.
Moreover, there is a common misconception that financial planning is exclusively for those with substantial savings, numerous assets, or a background in the financial industry. In reality, financial planning benefits anyone seeking to enhance their financial well-being and establish a secure foundation for the future.
Do I need savings to get started?
No, savings are not a prerequisite for beginning financial planning. It's not solely about investments, nor does it necessitate having substantial funds in the bank to start working towards a secure future. A financial planner will commence by evaluating your current financial status, analyzing your cash flow, and recommending adjustments or additions that will positively impact your future, laying a robust foundation for achieving your financial objectives.
However, having a clear understanding of your goals and current financial position is essential.
It is helpful to prepare a summary including:
-Your assets: home, bank accounts, superannuation, vehicle, shares, and other investments
-Your liabilities: debts including mortgages, investment loans, and outstanding credit card balances
-Your income and expenses
-Your insurance coverage (e.g., life insurance)
-Whether you have an up-to-date will
How do I get started?
You can get started today by preparing a summary of your financial position as outlined above. Then spend some time thinking about what you would like to achieve over the next 5 years, 10 years, by retirement age etc. The greater clarity you have in these key areas, the more value you are likely to get out of financial advice.
Once you have done this, contact us to arrange your initial complimentary consultation.
When should I start thinking about retirement planning and what does this involve?
There's no need to wait until your 40s or 50s to start considering retirement. In fact, as a general guideline, the earlier you begin planning, the better, as you'll have more working years ahead to invest and accumulate wealth. The sooner your strategies are in place, the more likely you'll reach your goals.
Retirement planning encompasses various strategies, all aimed at building sufficient wealth to sustain your desired lifestyle after your active employment income ends.
If you are between 45 and 50 and have not yet focused on retirement planning, please contact us today.
What can I do if I have a complaint about the advice ?
Aspen Wealth is committed to providing quality financial services in an efficient and honest manner. We take all complaints seriously. If you do have a complaint:
Please contact us directly to discuss the issue and seek a resolution.
If the complaint cannot be resolved by talking to us, please contact Advice Assist Australia Head Office directly, by writing to:
The Complaints Officer
Advice Assist Australia Pty Ltd
29-33 Palmerston Crescent
South Melbourne Vic 3205
Tel: 1300 782 822
If Advice Assist Australia Pty Ltd is not able to resolve your complaint to your satisfaction, you can lodge a complaint with the Financial Ombudsman Service, a dispute resolution service for the financial planning industry.
Australian Financial Complaints Authority
GPO Box 3
Melbourne VIC 3001
Tel: 1800 931 678
Website: www.afca.org.au