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Positive results from research into the value of financial advice.

A recent study shows that Australians who have an active relationship with a financial planner are not only better off financially than unadvised Australians – they also have a better quality of life.

On average, advised Australians rate their overall life satisfaction at 7.3 out of 10, which is significantly higher than the 6.4 rating from the unadvised.

Based on the study, the top 10 key benefits advised Australians receive from a financial planner are:

1.     Greater confidence in having a comfortable retirement (47%)

2.     Improved financial wellbeing (40%)

3.     Improved financial decision making (37%)

4.     Improved money management (33%)

5.     Improved general wellbeing (e.g. peace of mind, health and social aspects) (32%)

6.     Improved ability to achieve desired standard of living (32%)

7.     Helped you achieve your financial goals (30%)

8.     Greater financial control (28%)

9.     Greater wealth growth (28%)

10.  Improved financial freedom (27%)

Other finding:

  • Advised Australians are also significantly more likely to feel financially secure than those who are unadvised (85% vs 62%), and are more likely to feel very or completely satisfied with their current level of wealth (35% vs 18%).
     
  • The study found that there is twice as much confidence among advised pre-retirees that they will have enough money for retirement (52%) compared to unadvised pre-retirees (26%).
     
  • Similarly, with advised early retirees, there is significantly greater confidence in having enough money for the rest of their retirement than those who are unadvised (63% vs 40%).
     
  • The research found that pre-retirees who have received financial advice are nearly twice as likely as those who have not, to expect at least a comfortable standard of living in retirement compared to those who are unadvised (41% vs 23%).
     
  • Two-in-three early retirees who have been advised say they are living a comfortable or lavish lifestyle compared to only 1 in 3 of those unadvised (67% vs 33%).
     
  • With the cost of financial advice looming large for many Australians, the research found those who received financial advice thought it was worth every cent.

 

Study conducted by the research consultancy MYMAVINS.

An online quantitative survey was conducted from the 9th September to the 20th September.

The final sample composed of 1,051 individuals consisting of Australians 40 and over:

·       406 were advised

·       645 were unadvised

 

 

 

Peter Graham
Tuesday 4th October
Plannerweb

Louise Laing

Louise founded Salus Private Wealth to offer high quality personal advice to clients who want to work closely with an adviser for the long term. Her philosophy that understanding each individual and their motivations and needs is key to an enduring and successful financial planning relationship is at the heart of the business.

She first engaged the services of a financial adviser herself when she was in her early 20s (long before becoming one) and believes the non-judgemental support and education about her position and options provided at this early stage has allowed her to make confident decisions in different aspects of life since then.

This confidence and positivity in making choices, financial or not, is what she wants to give to her clients.

Superannuation & Retirement

Superannuation is one of the largest and longest duration investments most people in Australia have, making it a critical part of long-term planning even if retirement feels like a distant objective. For those in the lead into retirement, we design strategies so you have peace of mind that when you start to draw on your retirement savings, you have liquidity and stability to support that.

Legislation and rules are changed regularly, so advice can help you take advantage of opportunities to build for the future. We are authorised to provide advice on and to SMSFs.

Contact us today to discuss how we can work together: (02) 8044 3057 or email us at info@saluspw.com.au

Insurance

Protecting your wealth, lifestyle and family is high on the priority list for many clients and this is an area of advice need that can change very quickly. Ensuring you have the cover you need can give peace of mind that what’s important is taken care of in the event of illness, injury and death, but we also make sure over time you are not paying for cover you no longer need.

Contact us today to discuss how we can work together: (02) 8044 3057 or email us at info@saluspw.com.au

Estate Planning

While talking about death doesn’t seem like a particularly appealing prospect, it’s a topic we see as a vital part of financial planning. Importantly, it’s a topic for every adult, regardless of their stage in life. Without a proper estate plan assets may not be passed where you’d like them to go, family conflict can ensue, and in the event you lose capacity there may not be an authority in place for the person you would choose to make those decisions for you to do so. While it can be an uncomfortable subject, we are experienced in facilitating these conversations as part of our advice process.

Contact us today to discuss how we can work together: (02) 8044 3057 or email us at info@saluspw.com.au

Strategic Debt & Cashflow

Managing debt efficiently can have a material impact on your financial wellbeing and lifestyle. Having a solid plan to understand where your money goes and manage cashflow and debt can eliminate stress and set you on a positive path toward achieving your goals.

Contact us today to discuss how we can work together: (02) 8044 3057 or email us at info@saluspw.com.au

Investments

Once we have a clear understanding of what we are aiming for and how you feel about taking on investment risk, we can help direct your funds into appropriate investments to meet your goals. This includes recommending the investment structure, consideration of tax implications, asset types, and putting together a suitable blend for you. You will have transparency of and access to view your investments, providing security.

Contact us today to discuss how we can work together: (02) 8044 3057 or email us at info@saluspw.com.au

Aged Care

Aged care needs can arise suddenly. The complexity of managing this can be a significant challenge at a time when your focus should be on the person requiring care. We can assess the alternative funding options to ensure you make an informed choice in the best interests of the person requiring care.

Contact us today to discuss how we can work together: (02) 8044 3057 or email us at info@saluspw.com.au

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The Trustee for Laing Weaver Family Trust T/A Salus Private Wealth (Corporate Authorised Representative No. 1305571) and all our advisers are Authorised Representatives of Sambe Investments Pty Ltd T/A Finchley & Kent, Australian Financial Services Licence No. 478766, ABN 67 078 995 856, and has its registered office at Three International Towers, Level 24, Tower 3, 300 Barangaroo Avenue.

Sambe Investments Pty Ltd Australian Financial Services Licence applies to financial products only. Please note that Property Investment, Tax & Accounting, Mortgages & Finance are not considered to be financial products.

Disclaimer: The information contained within the website is of a general nature only. Whilst every care has been taken to ensure the accuracy of the material, The Trustee for Laing Weaver Family Trust T/A Salus Private Wealth and Sambe Investments Pty Ltd T/A Finchley & Kent will not bear responsibility or liability for any action taken by any person, persons or organisation on the purported basis of information contained herein. Without limiting the generality of the foregoing, no person, persons or organisation should invest monies or take action on reliance of the material contained herein but instead should satisfy themselves independently of the appropriateness of such action.