How do you know whether to invest into a trust or superannuation? Is it better to pay off some loans or invest that inheritance? How will you ensure you have enough when you retire? Will your assets be protected if you die?

These are just some of the questions that a financial adviser will be able to help you with. But good financial advice is not only about answering questions, it’s about defining your goals, both immediate and long term, and recommending solutions that fit your personal circumstances to achieve those goals.

The following points are some of the benefits that financial advice may provide you:

1. It gives you direction and control - can you imagine jumping into the car to drive across town to a street and suburb you’ve never been to before without a street directory? How would you know if you were heading in the right direction? Financial advice provides you with a roadmap. Your financial adviser will prepare a personalised plan detailing your current position and recommend solutions to reach your destination and goals

2. Advice can help make your money work harder - recommending solutions that take advantage of tax concessions or investment options that have a higher return potential for the same level of risk means that your money may grow more

3. You may avoid making expensive mistakes - many people make investment decisions that are influenced by emotions. Let’s face it, money can be a very emotional issue. A financial adviser can provide impartial advice which focuses on and encourages successful investment behaviour without emotional ties

4. Reduce debt - you may learn how to reduce debt and start a wealth creation plan

5. Retirement income - the amount of money you need to have accumulated to provide for the standard of living you want in retirement. How to maximise your retirement savings with both social security and tax laws

6. Protecting your estate - how to plan and manage the transition of your estate should you die or become incapacitated to such an extent that you can no longer make the necessary decisions regarding your investments

7. Protection of your assets - protection of your assets and goals for you and your dependents through the use of insurance can be a vital part of your financial plan

8. Setting a budget - setting a budget to ensure your immediate needs are being serviced as well as establishing groundwork for the future

9. A wealth check up - remember your circumstances change. Marriage, divorce, buying a house, a new child, children’s education, redundancy, retirement and getting an inheritance all have an effect on your lifestyle. These events can also require changes to your investment strategies and goals

But the simple fact of aging changes your plans. Long-term plans soon become medium-term plans, medium-term plans soon become short-term plans. Remember when you started a medium-term plan 10 years ago – an investment for your child’s education? Well, their graduation last year has changed your plan.

Remember how you couldn’t sleep the first few weeks after you took out that 20 year mortgage thinking, "When am I ever going to repay this?" And thought "hope I’ve got enough superannuation then, I’ll worry about that later!" It’s never too late to get advice and check that you are on track.

More information

For more information, please contact James Cavanough on (07) 3002 2690 or email jamesc@lanternadvisory.com.au.