Financial Planning

Financial Planning – The Simple Guide to Growing Your Wealth and Protecting Your Assets

What are your goals and financial aspirations in life? And how do you plan to reach them? Two simple, but powerful, questions. 

We all have different needs and wants in life. For some, the priority is building wealth and planning for a comfortable retirement. For others, it is making their money work harder for them in the short term, so they can achieve a better work/life balance in the medium term. For others again, it is ensuring they have enough set aside to offer their children private school education. 

Financial planning is the key to helping you achieve your financial goals. Engaging a professional financial planner and member of the Financial Advice Association Australia can provide peace of mind. Financial advice can help as you seek to manage your money, grow your wealth and protect your assets.

To discuss your personal financial situation, book an appointment with a financial adviser at MBA Financial Strategists today. Advisers at our financial planning practice are focused on financially empowering their clients in a transparent and professional manner. 

Learn more about our seven-step financial planning process, which has helped hundreds of South Australians find financial freedom. 

Give us a call or book an appointment online to receive financial advice today.

What is Financial Planning?

Financial planning is the process of determining your short and long-term goals. You will then develop a financial and investment strategy to meet those goals.

A financial planner can help you do this.

Think of a financial planner as a personal trainer for your money. He or she can bring the right knowledge, expertise and guidance to help you identify your individual goals – and provide the blueprint for you to achieve them.

In today’s complex and ever-changing fiscal world, it’s never been more important to seek qualified guidance. Experienced guidance can help you secure a successful financial future.

A financial planner with a sound understanding of investment, taxation and government rules and regulations can work with you to develop an individualised tailored plan to suit your age, your income, your stage of life and what you are trying to achieve.

Maximising Your Wealth

Maximising your wealth is based around a three-step strategy:

1. First, you need to set your goals – and adjust your spending to align with them.
2. The next step is growing your asset base. A diversified asset base that balances growth with risk is a highly efficient strategy.
3. Finally, you need to prepare for the unexpected, so that you protect your investments and assets.

What are the Factors Affecting Financial Planning?

There are a number of factors that can affect financial planning.

The key factors include:

• Your spending behaviour. Your financial ‘fitness’ will depend on aligning your spending behaviour to your goals.
• Goals and expectations. Identify your goals in details and know what they will cost.
• Risk tolerance. How much risk do you want – or can afford – to take? Common risks include economic, interest rate or securities market risk.
• Having professional advice. A professional financial planner with objective professional skills will design a personalised and tailored plan. They will develop a roadmap and keep you on track.

Do I Need a Financial Planner?

There’s an old-fashioned notion that only wealthy people need a financial planner.

We challenge that notion.

Instead, we believe there is value in receiving the right financial advice at every stage of your life. This is because tomorrow’s financial success depends on making wise financial choices today.

With the right financial advice, you can confidently take advantage of financial opportunities when they present themselves.

Importantly, you can also guard yourself against events that could prevent your goals from being achieved.

Fast fact: A Queensland University of Technology study found that 83% of financial planning clients report having a sense of security (83%), financial well-being (82%), sense of control (78%) and peace of mind (77%).

A financial planner will work with you to design a personalised and tailored plan, develop a roadmap and keep you on track.

Having a financial plan in place can:

• Help you clarify your financial and life goals
• Boost your savings
• Grow your wealth in a sustainable way
• Give you peace of mind, knowing that your plan protects you against adverse events that could affect your goals
• Ensure you can retire comfortably, without money worries
• Protect your most important assets – you and your family
• Ensure you reap the benefits of superannuation
• Avoid costly financial mistakes
• Plan how you want your estate handled
• Make your money – and not you – work harder!

Speak to a financial adviser today.

When Will I Need Financial Advice?

A financial plan can help you at every stage in your life:

Financial Planning for 20 years to 39 years

This is a time of growth and establishment. You’re building your career, perhaps starting a family, buying your first home or establishing a new enterprise. This is the time to establish sound financial practices in your life. You should keep debt under control and protect your most important assets (you and your family) and start building your wealth.

Financial Planning for 40 years to 49 years

This is the time to start consolidating all you’ve worked for to date. But it is also a time of financial pressure – as you juggle your career with family life and the expenses that go along with it.

A sound financial plan can help you build your wealth while protecting you and your family – and your financial goals – in the event of an adverse event. Your financial plan can guide you in investing, building wealth, reducing debt, self-managed superannuation funds, managing taxes and preparing for retirement.

Financial Planning for 50 years to 65 years

You’re still working, but retirement is on your radar. By now, your priorities will be focussed on reducing debt, maximising your super, continuing to grow your wealth and protecting your assets.

Financial Planning for 65 years to 75 years

This is a period of rest and relaxation, but it doesn’t mean your finances need to rest! Now is the time to put into action your plans for retirement living, gifting to your family and estate planning.

Strategies to Achieve Your Financial Goals

Your financial planner will use a wide range of financial planning strategies and models to help you achieve your financial and life goals. These may include:

• Employer and Personal Superannuation
• SMSF – Self Managed Super Funds
• Borrowing to invest
• Arranging for listed securities, shares and debentures to be bought or sold via a broker
• Financial Planning
• Investment planning
• Personal insurance(all forms including death, TPD, TSC, income protection)
• Portfolio reviews
• Retirement Planning(Allocated pensions etc.)
• Salary packaging
• Wealth Creation
• Debt Advice and Mortgages
• Property Investment
• Estate Planning
• Redundancy
• Budgeting and Debt Management
• Centrelink and Government Benefits
• Aged Care

Put simply, financial planning can provide a blueprint to financial security and allow you to make financial decisions with confidence.

Why Choose MBA Financial Strategists?

We are a member of the Financial Planning Association of Australia. Every year, we help thousands of South Australians grow their wealth in a sound and sustainable way.

Why are we different? Because we are passionate about financial empowerment for our clients and ensuring they are in control and understand their personal finances.

We provide:

• Recommendations on tax-effective investments that will reap you financial rewards
• Personalised strategies to balance your investment risk and return.
• Ongoing portfolio review and management with a view to a long term client relationship.

Take the first step to taking control of your financial future and achieving your financial goal. Contact the team at MBA Financial Strategists today.

MBA Financial Strategists Pty Ltd ABN 13 008 285 756 is an Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited, Australian Financial Services Licensee and Australian Credit Licensee. This article contains information that is general in nature.  It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.