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7th November 2022 - Private Wealth
What people think a financial adviser does, and what they really do, are often two very different things.
At Elston we call this the adviceberg effect. At the tip of the adviceberg, people might see just one aspect of our work, e.g. investments. But below the surface, there’s so much more.
A Financial Adviser can be there to guide you through your personal or family goal setting. An Adviser can help you manage your cashflow. They can help provide structure to reduce tax. An Adviser can help you picture the impact of different scenarios, so it’s easier to weigh up big decisions. They can be a sounding board through tough times. They can help you to protect your assets, prepare for the day you sell your business, create a legacy for future generations. And yes, they can help you to invest and accumulate wealth too.
All of these things add up to the most important thing an adviser can provide, and that’s peace of mind.
A good financial adviser is a trusted partner who not only helps to guide you, but also works with other professionals you look to. For example, your accountant may be looking at ways to minimise your tax. Your financial adviser can dovetail with that goal by pursuing not just returns on your investments, but tax-effective returns.
Elston advisers work collaboratively with lawyers too. This can really help when there’s an estate dispute or a separation negotiation that needs to be resolved. When people are anchored to emotional arguments and perceptions of fairness that they can’t seem to budge from, an adviser can help to shift the focus away from asset spilts and onto personal outcomes. This is often achieved through financial modelling and data visualisation that projects income for many years ahead and into retirement.
The financial adviser’s role is definitely not two dimensional. And it’s not the same for everyone. It’s different depending on where are you now, where you want to be, how you feel about risk and what’s really important to you in life.
It’s not just about stashing money away for the day you hang up your boots. Sure, that’s important. You want to have a clear goal and a strategy that can get you there. You want to maximise your contributions and minimise retirement stress. But retirement isn’t the be all and end all.
What about all the other major moments in your life? Buying a house. Selling a business. Putting the kids through school. All of these things can become a lot less challenging when you and your adviser have anticipated the bumps in the road (and the opportunities) and planned for them.
If you’re young or you’re old, if you’re starting out or well on your way, advisers really do have a lot to offer. You’ve just got to look below the surface.
If you would like more information please call 1300 ELSTON or contact us to speak to one of our advisers.
This material has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this material is General Advice and does not take into account any person’s individual investment objectives, financial situation or needs. Before making an investment decision based on this advice you should consider whether it is appropriate to your particular circumstances, alternatively seek professional advice. Where the General Advice relates to the acquisition or possible acquisition of a financial product, you should obtain a Product Disclosure Statement (“PDS”) relating to the product and consider the PDS before making any decision about whether to acquire the product. You will find further details of the service we provide and any cost to you within the Financial Services Guide. Any references to past investment performance are not an indication of future investment returns. Prepared by EP Financial Service Pty Ltd ABN 52 130 772 495 AFSL 325 252 (“Elston”). Although every effort has been made to verify the accuracy of the information contained in this material, Elston, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this material or any loss or damage suffered by any person directly or indirectly through relying on this information.
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