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Need to hire a financial adviser
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Latest  /  Financial Planning

6 occasions when you need to hire a financial adviser

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Spending money on a financial adviser might feel like an extra burden on your bank balance. In reality it's really a luxury you cannot afford to be without in certain situations. You never know what life is going to throw at you, and not having a plan when life gets bumpy is only going to make a difficult situation worse.

It's best to have a plan before any of these 6 situations arise, but if you haven't already, here's when you really need to engage a financial adviser:

1. You are liable for a ruinous debt

A ruinous debt is the kind that alters your day to day life on a dramatic scale. It goes much deeper than an overdue credit card bill or an unpaid parking fine and for many it means facing bankruptcy. The ramifications of being declared bankrupt or failing to adequately deal with a large debt can last for years. An unfortunate irony in the situation of facing a debt of life-changing magnitude is that you will likely feel like freeing up any extra funds to seek financial advice is impossible. There are a number of free options available in this scenario that will provide basic budgeting advice, but an independent financial adviser in Brisbane will ensure your finances can be put back on track.

2. Career change

Making an appointment with a financial adviser is an important part of maintaining your financial health through times of change. Whether you have changed career for a higher paying opportunity or to improve your work-life balance, a financial adviser will be able to help you choose the most appropriate financial set up for your personal situation. A financial adviser will be able to discuss the best superannuation options, tax minimisation opportunities, income protection and any changes to your savings that may be required to ensure a healthy emergency fund. Whether you are at the beginning or nearing the end of your career, the benefits of engaging an independent financial adviser during this time will ensure a smoother transition into your new role.

3. Sudden wealth

How many stories have you heard of people's lives following a rapid downward spiral following a large lottery win? The sudden shower of money that can come with receiving an inheritance, divorce settlement, pension payout or other unexpected windfall might end up burning its way through your pocket if not planned for correctly. The temptation to splurge can rapidly finish off large amounts of money and proper financial planning in Australia will ensure that you will be able to make use of these funds for years to come.

4. Death in the family

Losing a loved one is one of the most emotionally trying times an individual can face, there is no reason to allow it to become a financially crippling time as well. A financial planner will guide you through the tax implications and estate planning throughout this time along with being able to provide assistance in all other financial aspects of an unexpected situation.

5. If you invest in stocks

If your investment portfolio includes ASX listed stocks, business advisers in Brisbane can be of great assistance in ensuring you have a concrete financial plan in place to ensure you can be better insulated from market volatilities. It is not until the stock market drops that many people consider engaging a financial adviser, often overlooking the pro-active investment strategies a good adviser will discuss with you in order to minimise losses before they happen. It is often a case of once bitten, twice shy for many investors; a large loss can prevent you from recognising growth opportunities in the future.

6. A growing family

Over time, whether it is through marriage or children, it is likely that your family will grow. As with any situations that can alter your financial situation; it is most prudent to plan for them well beforehand. Financial planners suggest that the cost of raising children must be planned around personal circumstances (making consideration for some curve-balls too) to avoid financial trouble down the track. Discussing things with an independent financial adviser in Brisbane like your life insurance, income protection insurance and savings strategies for your children will ensure you can spend less time worrying about your finances and more time enjoying life.

The recurring theme through these scenarios is that prevention is always better than a cure. Over time your personal and professional life will go through many changes and a financial adviser not only provides professional advice on financial matters, they actually free up more time and brain energy for you to focus on your day-to-day life knowing you have a plan in place to cushion you from any of life's bumps.