welcome to r j s & associates
welcome to r j s & associates
By Katrina Pulbrook, Executive Planner, RJS Wealth Management
Many people believe they need to reach a certain point before speaking with a financial adviser.
They want to earn more, reduce their debt, organise their paperwork or understand their finances better before making an appointment.
The intention makes sense.
But waiting until everything feels under control can mean waiting for years.
You do not need to have all the answers before seeking financial advice. The unanswered questions are often the reason to start the conversation.
You do not need to feel ready. You need a reason to begin.
There is rarely one reason.
Some people have also had a difficult financial experience or feel uncomfortable discussing money.
Others rely on a partner, family member or friend to make decisions or explain what they should do.
Delay does not mean someone is careless.
It often means the subject feels too large to start without knowing where the conversation will lead.
Financial advice is sometimes viewed as a service only for people who already hold significant assets.
But advice is not only about managing an established investment portfolio.
Depending on your needs, a financial conversation may consider:
The value of advice is not determined only by the amount of money you currently hold.
It may also come from deciding what to prioritise, identifying gaps and avoiding decisions that do not suit your position.
Someone at the beginning of their financial journey will require a different conversation from someone preparing to retire.
Both may benefit from understanding what their next step should be.
People often postpone advice because their financial records are spread across different accounts, inboxes and filing systems.
You may not know every balance.
You may have several superannuation accounts, an old insurance policy or investments you have not reviewed recently.
That is not unusual.
A first meeting is not an examination of how well you have managed your paperwork.
It is an opportunity to explain:
The adviser can then explain which documents may be needed and which questions should be addressed first.
You can begin with an approximate picture.
The details can be gathered as the scope of the advice becomes clearer.
A simple starting point is enough.
One reason people avoid advice is the fear that they will be told to cut every enjoyable expense.
They imagine the conversation will focus on what they are doing wrong or what they need to give up.
Good financial planning should begin with what matters to you.
That includes the life you want now, not only the balance you want later.
Your plan may need to account for:
There may be trade-offs.
Most households cannot direct every dollar towards every goal at the same time.
But the purpose of advice is not to impose someone else’s version of a good life.
It is to help you understand your choices and the likely effect of each option.
Many people wait for confidence before making a financial decision.
In practice, confidence often comes after you understand the decision, not before.
You do not need certainty before the meeting.
The conversation should help you work out which issues require attention and which can wait.
Financial decisions are often easier when there is time to consider them.
A person planning for retirement ten years ahead may have more options than someone making the same decisions several months before finishing work.
A business owner preparing early for a sale may have more time to review their personal position, business structure and retirement plans.
A family discussing an inheritance before it occurs may be better prepared for the responsibilities that come with it.
Starting earlier does not guarantee a particular financial outcome.
It can provide more time to:
It can also allow time to coordinate financial, accounting and legal advice and prepare for tax or cash-flow consequences.
The aim is not to predict every future event.
It is to reduce the number of decisions that must be made under pressure.
Financial delay often moves from one milestone to another.
You wait until after the holiday.
Then until the mortgage is lower.
Then until work settles down.
Then until the children are older.
Then retirement begins to feel close, and the decisions become more urgent.
There will usually be another expense, deadline or family responsibility competing for your attention.
That is why “when life becomes less busy” is not a reliable financial strategy.
A better starting point may be one defined question.
One clear question can begin a much more useful conversation.
There is no single age, income or account balance at which advice becomes necessary.
A first conversation should help establish whether advice is appropriate and what it may need to cover.
You may discuss:
You should also have the opportunity to ask questions about the adviser.
You should feel comfortable asking for clarification.
Financial advice should be explained in language you understand.
A productive advice relationship depends on more than qualifications and technical knowledge.
You need to feel that the adviser understands what you are trying to achieve and can explain your options clearly.
The adviser should ask about your circumstances before discussing recommendations.
They should also explain:
You are not required to proceed simply because you attended an initial meeting.
The first conversation can help you decide whether the adviser, service and timing are right for you.
You do not need a detailed strategy before asking for advice.
You do not need every statement printed, every account reconciled or every goal reduced to a number.
You need a reason to begin.
That reason may be a major life event.
It may also be a quieter concern that something has been overlooked.
Better financial decisions do not always start with confidence.
Sometimes they start with admitting:
“I am not sure what I should be doing next.”
That is enough for a first conversation.
✓Use the Money Confidence ChecklistReview cash flow, superannuation, protection, family arrangements and life changes before deciding what needs attention.Continue the Money Confidence with Katrina series.
Where you would like to talk through your answers, an RJS Wealth Management Strategic Planner can help you understand what may need attention and whether personal advice is appropriate for your circumstances.
You can begin with the information you already have, even when some questions remain unanswered.
Book a conversationThis article has been prepared by RJS Wealth Management Pty Ltd and contains general information only. It does not consider your personal objectives, financial situation or needs and is not intended to represent personal financial, accounting, taxation, insurance, credit or legal advice.
Before acting on any information contained in this article, consider obtaining professional advice appropriate to your circumstances.
This blog has been prepared by RJS Wealth Management Pty. Ltd. ABN 24 156 207 126. RJS Wealth Management Pty. Ltd. is a Corporate Authorised Representative (No. 438158) of Modoras Pty. Ltd. ABN 86 068 034 908 an Australian Financial Services and Credit Licensee (Number 233209). The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individual's personal circumstances have been taken into consideration for the preparation of this material. Any individual making a decision to buy, sell or hold any particular financial product should make their own assessment taking into account their own particular circumstances. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Pty Ltd recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication.
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Accounting, taxation, business advisory and consulting services are offered through RJ Sanderson & Associates Pty Ltd ABN 71 060 299 783. Credit services are offered through a professional referral service with RJS Loan Solutions Pty Ltd ABN 25 123 033 116, Australian Credit Licence No. 393942. Wealth management, financial services, and insurance services are offered through a professional referral service with RJS Wealth Management Pty Ltd ABN 24 156 207 126, a corporate authorised representative (No. 438158) of Modoras Pty Ltd. Modoras Pty Ltd ABN 86 068 034 908, Australian Financial Services and Credit Licence No. 233209 is located at Level 3, 50-56 Sanders St, Upper Mt Gravatt Q 4122