The Value In Advice
Jamie McIntyre - November 3, 2016
Last week, I was announced a finalist in the AMP financial planning awards for the category ‘Value of Advice’. I am obviously very humbled to be considered as a finalist, and it has led me to think about what the value in advice is.
In financial terms, value refers to both short-term and long-term. It is the same for advice; what short-term actions can we take now, to create long-term results?
Value also comes from experience. With over 20 years of providing personalised, professional advice, I understand the role and the importance of the financial advice profession. It is through both my knowledge and passion to help people financially, that I best provide value.
When I am considering my client's financial situation, I review the whole picture. For example what are their spending patterns? What kind of home-loan do they have? Where are they up to with superannuation?
We look at the small things each day that adds up to long-term value.
From here we can distinguish what quick, short-term actions can be taken to create long-term security and deliver optimal results. These actions often include creating an achievable spending plan, refinancing to generate greater cash flow, and adjusting insurance as a starting point.
Once a healthy cash flow is created, we can look at ways to increase investment opportunities. Investment opportunities include investing in shares, managed funds or creating tax efficient income streams through investing in property.
Getting rich quick is not a long-term plan. A long-term plan takes consideration and a series of small steps to be achieved. Early, regular savings today create opportunities for long-term investing.
Top five small steps to consider today, to create long-term growth:
- Create an achievable spending plan.
- Assess the status of your home loan. Many times lenders have renegotiated rates with me that improve client’s cash flow substantially.
- Review your insurance needs. Adequate protection is important and there are different policies available from a variety of providers.
- Maximise the advantages offered by the government for superannuation.
- Break down your financial goals between short, medium and long term. Achieving the small things today will add up to value in future.