Money & Life contributors draw on their diverse range of experience to present you with insights and guidance that will help you manage your financial wellbeing, achieve your lifestyle goals and plan for your financial future.
Want the best for your future together as a couple? Find out why a CERTIFIED FINANCIAL PLANNER® professional is the expert you need for a Pronup that’s perfectly suited to your relationship. You’ll also discover how much of a difference a financial plan can make to your relationship outcome and future wealth.
Keeping money matters on the back burner won’t spell doom for every relationship, but it can certainly rock the love boat. A survey from ME bankshows couples who don’t check in with each other regularly to discuss their finances are far more likely to fight about them than couples who are comfortable to just get money out in the open. And with money troubles being the number one cause of divorce in Australia, why would you leave your relationship to chance by letting money matters slide?
Instead of winging it with your finances and hoping for the best, meeting with a CFP® professional to arrange a Pronup is an important investment in a stronger future together. Here are three reasons why working with a CFP® professional on your financial plan is the perfect way to achieve your goals and protect your relationship:
1. Work with an expert
A CFP® professional is internationally recognised for having the highest education and ethical standards in financial planning. A CFP® professional will help you understand your financial situation, give you guidance and develop a personalised strategy to meet your unique goals and needs. In order to become a CFP® professional, a financial planner must take on additional ongoing education and training to meet advanced standards in their professional and ethical conduct. This means they’re committed to offering advice that’s always in your best interests. As a couple looking to safeguard the future of your finances and relationship, you can rely on a CFP® professional to deliver the experience, approach and skills you need to support you at any stage on your money journey.
2. Make space for important conversations
Putting your partner, kids or home at risk is something you’d want to avoid at all costs. But it’s often time, as much as money, that’s the problem. Putting together a will, organisng personal insurance and figuring out how to start saving and investing for the future are all things you might have on your agenda already. Speaking with a planner can help you turn this laundry list of money management into an achievable, well-researched, step-by-step plan. And if you don’t have any assets to protect now, CFP® professional client Christina suggests it won’t be long before you do. “Life moves very fast and before you know it you do have assets that are valuable – a family, a home, a business,” she says. “If you have any of these things in your life already, you can benefit from financial advice.”
3. Worth more than it costs
To come up with some hard figures for how financial advice adds up, Core Data and Sunsuper joined forces in 2017 to bring us their Value of Advice report. As well as real-life examples of improvements in the lifestyle and wealth of three couples thanks to financial advice, the report also includes results from a survey of more than 1000 Australians about their financial planning experiences. Of those who received advice, 80% said they felt more confident making financial decisions as a result and the same proportion believe advice has brought them more peace of mind. And 75% take a view that financial advice is worth more than it costs.
This has certainly been the experience of Susan and Callum who were guided through their Pronup by Chris Giaouris CFP®, Partner and Principal Adviser at Chronos Private. “It’s really important to be clear about what our goals are and understand the consequences of not planning for them,” says Susan. “We’re two hardworking people on good salaries. But without a plan to follow, we’d be facing a retirement that could put considerable strain on our finances, forcing us to choose between helping our kids or living out our own dreams for the future. So working with Chris has been an important way of protecting what we value most – our children and our relationship.”