When and How to Use a Financial Adviser

Money is something that enables us to enjoy life and it follows that the better you take care of your money, the more enjoyment is likely to follow. Despite this, only a small minority of people seek professional financial advice. There are many success stories of people receiving life-changing advice, however the confidential nature of the advice process means that these stories are often not told publicly.

A financial adviser can help at all stages of life. Younger people use advisers when they are saving up for or buying their first home, paying off a mortgage, or protecting their families from the effects of death or serious illness. People in mid-life use advisers when looking at protecting their lifestyle, setting up investments, managing tax, dealing with inheritances and planning for retirement. Later in life, advice centres on retirement income and spending, managing investments, health care, estate planning and aged care planning.

At all stages of life, financial advisers can help with KiwiSaver, setting and achieving financial goals, money management, debt structuring and reduction, and protection of assets and income.

Finding a financial adviser is easy. The Companies Office has a Financial Services Providers Register and the Institute of Financial Advisers has a list of members. All advisers are required to provide you with a disclosure document free of charge on request that sets out the basic information you will need about their services. It is a good idea to call or meet with several to find out whether they have the skills you are looking for, how they can help you and how much it will cost. There should be no cost for an initial exploratory meeting.

Investing a few hours of your time in finding an adviser may be the best investment you ever make.