We talk to our friends about the restaurants they love, the movies they’ve seen, and the schools their kids attend. But superannuation and financial advisers and how their investments are travelling? Maybe not so much.

Finances tend to be a taboo subject, even for really close friends. Often that’s because a lot of our emotions are tied up in money. It’s a very large part of our lives. We begin by dropping coins into a piggy bank, then opening our first bank account. Pretty soon we develop a need to understand credit. Then we start thinking about the future, mortgages, investments, and all the big stuff. But often, we’re not comfortable discussing financial matters with friends.

Keeping our cards close to our chest is understandable, but it may not be advisable. If you’re not talking about finances, you could be missing out on tips about where they get their information from, or their thoughts on how to save for a holiday, a house or school fees.

Talking finances doesn’t have to be dull, either. Sharing dreams of what your friends want to do with their Super when they don’t want to work anymore is a guaranteed feel-good subject around the fire pit of a Sunday night!

Do you trust their recommendations?

How was that hotel recommendation they gave you when you travelled to Europe? And how about that physio when you hurt your back? If they’re good friends, and you have lots in common, their recommendations are probably going to be close to the mark. At the very least, they’ll be a good starting point.

You should feel comfortable asking a friend or family member to recommend a reliable professional. Someone who’s helped them. Recommendations and introductions account for a large percentage of Elston’s new client enquiries.

Is it okay to share the same financial adviser?

Everyone’s position is different. A good financial adviser will assess the situation and provide a customised solution to meet the personal needs and goals of the client. However, in circumstances where family planning is the goal – for example working out how best to assist children and ensure that wealth is passed on to future generations – sharing a financial adviser may be beneficial.

What you might like to ask:

  • Does your friend have a Professional Adviser and are they happy with them?
  • Has their Financial Adviser tailored a plan to their circumstances?
  • Are they happy with the included services? A good financial plan will typically cover Wealth Planning, Retirement and Superannuation, Investing and Wealth Protection. If a business is involved it could include Business Processes, Banking Advisory Services or Financial Quality Management Systems.

Why is this important?

In this day and age, it can be hard to know who to trust when it comes to finances, so sharing your experiences and recommendations with friends and family could prove to be invaluable.

At Elston, we can work with you to tailor a financial plan to your circumstances and requirements, professionally and expertly from the start.

If you would like more information please call 1300 ELSTON or contact us to speak to one of our advisers.