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With the ups and downs of the COVID-19 pandemic largely behind us, now’s a great time to revisit your finances. So should you seek the help of a professional financial planner, or can you ‘do it yourself’? Read on to find out what a financial planner can do for you.
After a rollercoaster 18-months, the financial shocks of the COVID-19 pandemic are finally receding from view for many people. And, while we don’t know for sure what lies ahead, it’s a good time to take stock of your financial position and start planning for the future.
No matter how well you fared during the pandemic, working with a financial planner could be just the ticket to get on track with your finances in 2021. Here are five things a financial planner could help you with this year.
Recover from the COVID-19 pandemic
Are your finances in good shape after last year? Or do you need to make up some lost ground? If you lost income, or were forced to withdraw money early from your superannuation, it’s definitely worth speaking to a financial planner. They can review your personal situation and advise you on strategies to recover your position and reach your financial goals sooner.
You could do it yourself… but will you? While we all have the best intentions, life often gets in the way. Do you have the time (not to mention expertise) needed to evaluate your financial options and put a plan in place? And will you stick to it?
Working with a financial planner means having someone on your team who can do most of the heavy lifting for you. They’ll develop a financial plan alongside you, then actively manage your investments to help you reach your goals sooner. So if you’re short on time, or experience, working with a professional can really save you in the long run.
The COVID-19 pandemic is just one of many unexpected events you’re likely to experience in your lifetime. Without professional financial advice, can you be sure your investments and income are protected?
Working with a financial planner will help you weather any unforeseen ups and downs. Your planner will advise you on the right level of risk for your life stage, as well as any changes you need to make along the way, including how you respond to market disruptions. They can also help you put insurance in place to protect your assets, and loved ones, in case of the unexpected.
After the volatility of 2020, you might be wondering if you’re still on track to reach your retirement goals. Perhaps your super balance is lower than you expected, or your investments didn’t perform well. A financial planner can review your overall financial wellbeing and advise you on strategies to achieve the lifestyle you want in retirement.
For anyone nearing retirement age, it’s essential to get professional financial advice to assist with the transition to life after work. A financial planner can help you understand how to structure your investments to make the most of your retirement income (and ride out any market fluctuations).
For many people, the pandemic has brought forward major financial decisions, like retirement, a sea-change or selling your business. If so, seek financial advice before taking action. A financial planner can help you understand every aspect of your decision, including any implications you might not be aware of. They can also advise you on the best way to manage the funds involved, so that you can achieve your financial and life goals.
Whether you’re just starting out, nearing retirement, or somewhere in between, speaking to a financial planner has a range of benefits. Not only can they help assess your position and start building for the future, they’ll help you protect what’s yours in case of unforeseen circumstances – like a global pandemic. Now that’s got to be worth the investment.
If you’d like to get your finances on the right path this year, a CERTIFIED FINANCIAL PLANNING (CFP®) professional can help. You can find a CFP® professional near you using our Match My Planner tool.