Even if a person has a small asset base and no funds to invest, the help and guidance of a financial adviser can be valuable.

Accumulating wealth is a long-term process. It usually occurs parallel to a person's professional, private and family life. A good approach can be to have a few key strategies in place so that wealth can grow through life's journey.

It's perhaps more common to seek financial advice in the event of a financial windfall, such as an inheritance or redundancy payout. But another approach could be to set up a wealth creation plan that’s right for you. It might include things like salary sacrificing extra money into superannuation, shares, or an investment property – which are continual and ongoing, rather than reactive and one-off.

Many of us have a limited understanding of our finances. There are a lot of rules and regulations, plus a range of investment types for people to navigate their way through successfully. A second opinion can be helpful in avoiding certain mistakes, and instead, putting us on the right path.

Getting the most out of your hard work

Opinions and words of advice around finances can often come from friends and family. Financial advisers are licensed industry professionals regulated by the Australian Securities & Investments Commission (ASIC) who are also trained to assess a person's financial position. They will help a person understand the different options available so that they can make informed decisions about their finances.

Recent research by AMP involved speaking to clients of AMP Financial Planning practice, Advice First. Here's what one of them had to say. "I have so much confidence in the Advice First team. I am happy to just connect the dots and allow them to do the rest."

"I would say 'everyone who values informed decision making (financially) needs to have a financial adviser', because having one gives you incredible reserve to get the most out of your hard work."
Advice First client

Engaging with a financial adviser can help educate a person and improve their financial literacy and understanding. They can then begin to make their own decisions based on a better understanding of wealth creation. However, for some, the benefit lies in "someone managing my money better than I ever could be bothered to."

Cutting through the fog

It can sometimes be a struggle to balance complex and competing financial priorities such as:

  • saving for retirement
  • owning a home
  • having an emergency fund
  • putting aside money for children's education, plus
  • enjoying life with holidays and recreation.

People might find themselves trapped by unnecessary credit card debt or personal loans. Others find basic budgeting a struggle.

Solving these dilemmas, getting priorities in order and understanding how they fit together in delivering life's financial goals isn’t easy. But it can be made easier with professional financial advice.

Good results can come from an ongoing relationship with a financial adviser. One where people can build trust, enabling both the client and the adviser to work together to help the client achieve their best outcome.

Need some guidance to get on top of your money?

A financial adviser can help.

What you need to know

The opinions expressed by the individual quoted in this article are their own and don’t necessarily reflect those of AMP.

This information is provided by AWM Services Pty Ltd (ABN 15 139 353 496) and is general in nature only. It hasn’t taken your circumstances into account. Before deciding what’s right for you, it’s important to consider your particular circumstances and read the relevant product disclosure statement or terms and conditions available from AMP at amp.com.au or by calling 131 267.

All information on this website is subject to change without notice. You should not rely upon it and should seek professional advice before making any financial decision.

You can read our Financial Services Guide online for information about our services, including the fees and other benefits that AMP companies and their representatives may receive relating to products and services provided to you. You can also ask us for a hardcopy. AWM Services is a part of AMP group.