6 Services a Financial Planner Offers That Could Transform Your Finances

Are you looking to transform your finances but don’t know where to start? A financial planner could be the perfect answer for you! Financial planners can help you overhaul your finances, creating tailored plans that suit your needs and goals. But what services do they offer? That’s what we are here to tell you! Today, we outline the 6 main services most financial planners provide and how they can transform your finances today.

What is a financial planner?

A financial planner is a professional who can help manage your finances and create personalised plans to achieve your financial objectives. These personalised plans will be updated regularly in line with changes to tax rules, the stock market, and the economy, ensuring you maximise the benefits of your finances. Financial planners can have varied roles, but typically, they will carry out the following:

●       Financial analysis - assessing your financial health and supporting you to improve this

●       Goal setting - identifying your short-term and long-term financial goals, which can be anything from buying your first home to planning for retirement

●       Insurance planning - helping you understand how much insurance you need for your personal or professional life

●       Investment advice - ensuring your money goes further and is protected in wise investments that have a long-term benefit to you and your goals

●       Tax optimisation - allowing you to maximise deductions and manage your investments wisely, along with learning about the tax implications of any financial decisions you make

Some financial planners will choose to focus on one specific area, offering expert services in wealth management or tax. Others will offer a more general service, allowing you to address multiple financial concerns or goals simultaneously.

6 financial planning services to consider

The services financial planners offer will vary, depending on the planner you choose and whether they have specialised in one particular area. Some planners will offer one or two services, while others will offer a huge range, especially if they are part of a larger financial planning company.

When you are looking to transform your finances, we recommend looking for the following services:

1.    High-net-worth investment

Many financial planners offer dedicated services for high-net-worth individuals, helping to manage your portfolio and grow or maintain it as you see fit. The definition of high net worth does vary depending on the financial planner and the economy, so it's best to speak to financial planners directly to see if you would be considered a high net worth individual.

When working with high-net-worth individuals, financial planners create tailored financial plans and strategies that help you build or conserve your wealth, depending on your preferences. They will review your plan regularly, adjusting it if needed to protect your investments or achieve your goals.

2.    Investment advice

Regardless of your investment experience, an invaluable service is investment advice provided by a financial planner. Financial planners can help you navigate investing, provide financial advice, and find investment opportunities for you to consider. Usually, financial planners will work with the following portfolios:

●       Australian equities

●       Cash

●       Fixed interest

●       International equities

●       Property and infrastructure

Financial planners can also adopt a range of portfolio approaches. They will usually discuss these with you, providing advice as to which portfolio approach is best for you and your goals, including:

●       Conservative portfolio

●       Defensive portfolio

●       Diversified income portfolio

●       Growth portfolio

●       High growth portfolio

●       Moderate portfolio

3.    Pre-retirees

As retirement approaches, we recommend seeing a financial planner to help you prepare. Retirement is a transition for many people, where you shift from accumulating wealth to distributing it. A financial planner can help here, with their pre-retiree services that ensure you are prepared for the next chapter in your life.

Many retirees rely on personal savings, a super fund, pensions, and government benefits for their retirement; however, there are other options available. A financial planner can help you explore these options, including investments and stocks, to help you see which is right for you. They will create a tailored strategy for pre-retirees that enables you to build wealth to prepare for the next stage of your life.

4.    Retirement planning

Retirement planning is a vital service offered by financial planners, helping you to prepare for the next chapter of your life and achieve your financial goals. Retirement planning looks different for everyone, but a financial planner can help you with the following:

●       Centrelink benefits planning

●       Debt management

●       Healthcare and aged care planning

●       Insurance and risk management

●       Investment strategy and advice

●       Retirement income planning

●       Retirement goal setting and cash flow management

●       Superannuation advice

●       Tax planning

5.    Superannuation advice

Superannuation will comprise the majority of people's retirement funds, making it a vital component of your financial plans and goals. Superannuation can be tricky to understand, and it becomes even more challenging when you are trying to improve your savings balance. Financial planners take the stress out of superannuation and can look at the following to improve your finances:

●       Contribution strategies

●       Insurance with super

●       Investment strategy advice

●       Retirement planning

●       Transition to retirement strategies

●       Taxation planning

6.    Wealth management

Wealth management is another vital service financial planners offer, helping to manage your assets and protect your financial future. Financial planners can help to grow your wealth, protect it, and provide other services, including:

●       Investment advice

●       Personal insurance

●       Retirement planning 

●       Retirement planning

●       Superannuation advice

●       Tax structuring

Find your financial planner in Brisbane today

Whichever of the services you choose, a financial planner can help to overhaul your finances, offering tailored advice that allows you to grow or protect your wealth with ease. When searching for a financial planner, we recommend consulting Solace Financial. Their team of financial planners offer a variety of services to ensure your finances get the care and protection they need. Contact them to learn more about their financial planning services in Brisbane today.