Why getting financial advice in retirement is so important?

While the royal commission into the financial planning industry smashed a lot of bad practices and greatly improved professional standards across the board, it still amazes me how suspicious some people still are.

So much so, that while few people would attempt to lodge their own tax return or write their own wills, many still attempt to look after their finances themselves or somehow muddle through thinking things will be alright.

Worse still many people seem to be swept along by so called fin-fluences. People without any experience or qualifications, who pop up on social media and try to tell you how you should manage your finances.

That’s fine for when influencers are telling you there is a new style of suits or that there is better skin care product on the market that you should try but do you really want to trust you precious and irreplaceable retirement savings to them.

Leaving aside the multitude of scammers out there, navigating financial services is hard and it can require experience and knowledge to be able to set up your finances in the best way possible.

More the rules are constantly changing and evolving and most people in the industry think it’s a full-time job to keep up with all the variations that are occurring on a monthly basis. And  the penalties for breaking these rules are substantial.

Investment portfolios like gardens need constant attention and care.  Not only do the actual investments in each portfolio need monitoring but the markets in which those investments are made need to be tracked.

There is an important dynamic that is achieved by having a dispassionate adviser manage your investments. They can bring both discipline and care to the situation and help avoid buyers or sellers’ regret.

Finally, I think anyone who has attempted their hand to home renovations will know some jobs are best left to the professionals. You might be able to do much the same job yourself but its will take ten times as long, will usually end with lots of mistakes being made and no matter how much you try, will never look quite right.

So, it is with employing a professional planner. Many people are often put off by the fact financial planners charge for their work and the simple fact is you need to see that they are earning their money.

Certainly, in my financial practice, we work hard to deliver excellent results first time every time and more to look into the future to see what might be coming up to ensure you are well advised before you need to make decisions.

Think it over. I truly believe appointing a financial adviser to help manage your finances is the best financial decision you will make.