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Updated: Jul 24, 2023

If you think financial planning is reserved for those on the BRW Rich List, you’re mistaken.

On the contrary, taking control of finances and building a strategy is one of the best decisions anyone can make, regardless of their wealth (or lack thereof) and life stage. Many of our clients are singles in their 20s, young families and elderly Australians in their retirement.

The best time to start financial planning is now, no matter how much money is in the bank (or anywhere else). Here we catch up with an ActOn client, Henny, to better understand her motivation and experience. But before our chat, let’s start by breaking down the basic concept of a financial plan to show how accessible it is and how fundamental it is to growing anyone’s wealth.

What is financial planning?

Here in Australia, responsible and legal financial planning can only be undertaken by a trained and accredited professional financial advisor. The service delivers a roadmap to achieving the client’s short and long-term lifestyle and financial goals. It empowers the client to take control of their cash flow budget and explore various ways to grow their wealth.

Why have a financial plan?

For most people, the primary purpose of a financial plan is to improve their finances. However, there are other compelling reasons to get in the driving seat.

  • Improving financial literacy - many clients come to us and say they’re not numerate or they don’t have a head for figures. We couldn’t disagree more. Everyone has it in them - it’s just a matter of understanding the basics and going from there.

  • Knowledge is power. The more you learn, the more you understand how, where and why to grow your wealth in certain ways.

  • Safeguarding those you love. If you have dependents, then you should have a financial plan. It’s that simple. If anything were to happen to you, the last thing you want is to leave those you love vulnerable.

  • It’s addictive. No, seriously! You don’t believe us now but trust us, it really is. Clients who never thought they liked numbers suddenly find themselves watching their savings plan evolve, their bank balance grow, reviewing the stock market, looking for the best real estate opportunities. When those numbers start rising, it can fire up something inside. It certainly does for us!

What does financial planning involve?

When you create a financial plan, you don’t suddenly lose all life’s pleasures. The basic building blocks are understanding and better-controlling budget and cash flow. After that, things can go in many directions.

Exploring health or life insurance policies and superannuation and retirement planning can be an opportunity to save money. As the saying goes, saving money is making money! Investment advice, property advice, estate planning and more are also part of holistic financial advice.

Is it worth paying for a financial advisor in Australia?

We’re not going to say no, are we? You might think we’re biased, so why not find out by reading our 5-star client testimonials? Money spent with us is money saved and made. There are many reasons to appoint professional financial advisors like ActOn.

  • We know the market inside and out - all the products, services and fine print. We can save you an excessive amount of research time.

  • Tertiary educated - indeed, we’ve made financial planning sound easy as pie here. And to a degree, much of it is. But once you get into the details, you want a professional by your side. We make highly complex matters easy to understand.

  • Forensic research - we are fastidious fact-checkers and quality assurance controllers. We go through all your policies, mortgages, agreements etc. Often this process can reveal major shortcomings that lead to life-changing savings once addressed.

  • Working with other professionals - we’re happy to work alongside your accountant, tax planning specialist, lawyer etc., to ensure all your life plans are working for - not against - one another.

OK, now we have a good understanding of the why and how, let’s meet Henny, a real-life ActOn client, and learn more about her financial journey.

Why was it important for you to seek financial advice?

To ensure financial stability and growth.

How has your financial knowledge changed since you first met with your Financial Planner to now?

Better understanding of my overall financial situation.

What is the most important thing you have learned through the financial planning process?

Actually understanding my financial situation.

What is the #1 financial objective you plan to achieve in the next 10 years?

Have enough money available to travel the world and make memories with my kids.

If you could provide some financial advice to your younger self, what would it be?

Go and find yourself a certified financial planner!

Contact a financial planner in Melbourne today

If you’re interested in speaking to a financial adviser in Melbourne (we also serve interstate clients), reach out to our team today. We’d be delighted to help!

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