financial planner

What Is a Financial Planner?

Many people want to know about advisers when they’re financially independent. A financial adviser is a professional to aid you in your decisions about your finances. However, sometimes you need to research to understand how getting financial advice might be convenient for you.

Here, you can see how an Australian advisor can have an ongoing relationship with you and guide you to make the best financial choices.

What Is the Difference Between a Financial Planner and a Financial Adviser?

Financial planners and financial advisers are not the same. Although some people might think they have the same responsibilities, they take care of different things.

Whereas advisers take a narrow view and mostly focus on investments, planners usually offer a long-term relationship because they want a more holistic approach. Therefore, a financial adviser often has a narrower perspective on a problem and can help you with specific solutions to that, without worrying about your performance in other areas.

Whether you need financial planning or other types of financial services, you have to make sure that you get the right professional. Therefore, knowing their duties is essential if you want to find the perfect person to help you.

If you hire a financial advisor, they can help you manage your investments, guide you through marketing decisions, and offer specific solutions. Hiring planners, on the other hand, allows you to work with them with a more personalized approach. They gather specific personal information and help you come up with the best plans possible.

An adviser can help you just as a planner can. Nonetheless, you need to know the specific type of financial advice you need. When you search for an expert, you have to be sure about the assistance you require, especially if you want someone from Geelong since there are many options.

Does a Planner Offer Financial Advice?

Most people have financial goals. Regardless of their interests, they want to ensure that they pay their debts and do everything they want with their money. However, not everyone has experience investing or making good marketing decisions.

That’s where the expert comes in. They help you make the best choices regarding money and offer comprehensive advice about a specific financial situation – with their license, they’re prepared to help you with precise financial advice that aids you in achieving what you want.

In many cases, people need help with their finances. They want an expert to guide them with life plans so they achieve their goals, resolve money-related issues, and make better choices in the future.

If you find the right financial assistance, the professional can provide advice and help you achieve everything you want. They have your best interests at heart, and they’re prepared to give you the advice you need depending on what you wish for your future.

How Much Does Financial Planning Cost?

Clients often wonder about the fees of financial services. However, the adviser’s costs depend on many factors.

For example, the services you ask for might have a specific price. If you need help with investment, that could be different from getting estate planning or a specific personal financial plan.

Although most helpers in Australia charge depending on the project, many of them charge $150 – $300 per hour. Even so, if you want to know all the details, you need to ask the expert for a services guide that includes complete information about their offers.

Is a Planner Worth It?

Getting financial advice is completely different from personal advice. An expert adviser is often one of the members of the Financial Planning Association of Australia, has a license, and can help you with specific goals for a fee.

Although you have to go through a process to find the correct expert, you can gain a lot from hiring someone to give you advice. It’s a particularly intelligent choice if you need assistance with your life insurance, super fund, business, superannuation, FPA, retirement process, risk assessment, or any other similar product.

Therefore, if you want to become a successful, independent adult that makes the best financial choices getting expert advice is the best thing you could do.

How to know which adviser to trust?

The key to knowing which adviser to trust is that your advisor has a licence. That is, they have a unique Australian Financial Services (AFS) licence. You can verify this on their website at If your advisor is listed here, you can trust their industry credentials.

Another key to trusting an advisor is that they fully explain the strategy to you. Like going to a doctor, you need to understand that is proposed. Ask questions until it makes sense to you. The easier you understand the proposed strategy, the easier it will be for you to trust your advisor.

Lastly, maintain control of your assets at all times. Make sure that your assets remain in your pocket/account. They should not be transferred to your advisor’s share accounts. Keeping your own accounts encourages accountability. If you have an online account, you can login and check your asset growth at any time.

Final Thoughts

Looking for a Financial Advisor is a process because you need to consider different factors. You have to think about what you want them for: do you need help with an investment decisions, retirement process, finance management, insurance, planning strategies, or tax-related things?

Once you decide how they can help you manage your assets, your duty as a client is to ask for the specific fee they charge. Then, you need to choose if you want an ongoing service or if you just need help with a one-time project.

The financial adviser must ensure they have a license to provide you with the best services, and then you can conclude your search. Even though it sounds like a lengthy process, getting expert advice is a great choice. You get a clearer plan with better long-term results.

Dean Vagnozzi: The 401k Scam and how the Government Tricks U.S. Taxpayers Into Higher Tax Rates

Dean Vagnozzi, the 46-year-old financial entrepreneur and President of A Better Financial Plan, LLC, believes in making your money work hard for you. Today. Waiting is not his style, and Vagnozzi believes if it’s locked up in retirement accounts or paid ahead, into your mortgage, it can’t be accessed until much later in life.

He is not your typical Financial Planner. He suggests you avoid your company’s 401k, not pay off your mortgage, and forego an IRA. With many new ideas, Vagnozzi will make you wealthier than you ever thought possible.

Needless to say, Vagnozzi is not a typical Financial Advisor – to learn more about him, see the article here. With energy and enthusiasm, he hits you with ideas you’ve never heard before—certainly not from a money manager. He suggests avoiding your company’s 401k plan. He advises against paying off your mortgage. He says to forego an IRA. And he will make you wealthier than you ever thought possible.

As a veteran financial planner, I’ve asked thousands of people attending hundreds of financial workshops over the past 10 years about the direction they believe taxes will move in the future. Everyone—and I mean everyone—answers that question the same way. Everyone thinks taxes are going to be higher.

This comes as no surprise, as American taxpayers are constantly reminded of rising national debts taken on the United States government, and the only means of revenue the government has at its disposal are taxes. Americans are typically (and rightfully so) interested in any opportunity to slide past Uncle Sam and keep more of their hard-earned wages in their own pockets, making the 401(k) and IRA popular financial vehicles allowing contributors to defer taxes until a later time.

The only problem with this strategy?

Those same tax-payers had just agreed that tax rates are expected to increase in the future.

In a traditional 401(k) account, a percentage of your (pre-tax) income is moved into an investment account until you are ready to collect your earnings at retirement. This is not a revelation, of course, and we all know this to be fact. But I can tell you from experience that hardly anyone ever mentally factors in what the bite out of his or her retirement income is going to look like when he or she becomes responsible for paying those taxes.

I would encourage all of my financial planning clients to seek out the 70-somethings in your life and ask them how they feel about the income tax that leaves their hands every time they draw on their qualified account. They’re not going to be smiling when they tell you the answer and I promise you, if they are honest, they are going to come clean with you that they hadn’t anticipated how much that tax bill would sting.

There is a cost to deferring your taxes; unfortunately, no one ever examines that cost for us to make a conscious decision over whether that cost is worth accepting.

Now, one of the first arguments people make against this fact goes something like this: “Yeah, but wait a minute—you’ve kept her in the same tax bracket. My accountant told me I will be in a lower tax bracket.” This particular response is why I look at my audience and I say, “If you are in a lower tax bracket when you retire, then it means you have FAILED FINANCIALLY!”

Who in their right minds would want a financial plan designed to be in a lower tax bracket when you retire? If you are in a lower tax bracket, it only means one of two things happened: either you didn’t save enough money, or the money you saved hasn’t performed well—both scenarios are not optimal.

Instead, it would make more financial sense for taxpayers to have a financial plan designed to be successful and lead to them retiring in a higher tax bracket than when they started saving. Putting a financial plan together assuming that you’ll be in a lower tax bracket is another way of you conceding that you are going to be a financial underachiever.

Why would you want to be that person?

How about you put a plan together based on your being successful and, as a result, being in a higher tax bracket?

When considering the perfect retirement scenario, we often think about having a comfortable house that has been paid off, grown children with families of their own, and a large enough sum of money in a retirement account that allows us to spend less time working and more time enjoying the pleasures of life with those we love most.

Unplanned expenses such as a deferred income tax are going to hurt—and, because our house is paid off and our kids are grown, the two biggest tax deductions we enjoyed our entire lives are gone when we need them most.

In the end, what did you get for this “perfect retirement?” Your money completely tied up and illiquid for 20 or 30 years?

This is why it’s so important for taxpayers to understand exactly where and how their hard-earned savings are being held.


Three Financial Tips For When You’re Going Through A Divorce

Divorce can be a traumatic experience and getting expert advice relating to finances before the settlement can be re-assuring during this trying time. It has become evident that men and women have different ways of managing their money. Therefore, in the unfortunate event of going through a divorce, what are the financial considerations for both parties?

Personal finances are a delicate subject and adding to the emotional pain of going through a divorce there are some key aspects of navigating. Couples who are separating are faced with the decision of having to split their homes, finances, etc. Collectively this is referred to as splitting the marital estate. Unfortunately, there are several financial implications during divorce proceedings that are often misunderstood, underestimated or overlooked by either one or both parties. That is why it is of elemental value to find expert assistance from a qualified financial adviser to help you with making the right choices when going through a divorce settlement.

Three financial considerations to take into account before the divorce order:

  1. Consult with a financial adviser

Make sure that you are consulting with a financial adviser before contacting your lawyer. Couples often make the mistake of liaising with financial planners after the legal divorce settlement was concluded. Having a financial expert to your disposal can give you a sense of financial stability when it feels like everything else is going sideways. With advance planning and a coherent strategy, you can immediately experience a sense of accomplishment that will positively impact everything else. There are usually post-divorce expenses before negotiating a settlement, and a financial adviser can adequately make a list of your liabilities and assets including your retirement funds and pension. They will be split according to the preferred marital regime, for example, marriage within the community of property, etc.

  1. Make sure you hire your own financial adviser

It is principal that both parties obtain the services of both their own financial adviser as well as a divorce lawyer. Two experts who specialize in divorce settlements can better handle such a case.
  1. Don’t steer away from the budget that your financial adviser has compiled

Spouses often don’t fully comprehend the serious financial implications of separation. Once the person knows what they need to give up or what assets they’ll receive as per the stipulations of the divorce order, their marital regime and maintenance commitments, they will have to work out a budget and re-organize their finances. This is where a financial planner can assist you with working out a cash-flow and budget. They can discuss the variety of scenarios to give you an insight into what the various settlement terms will entail in the future. This relates to scenarios where maintenance orders are not carried out post-settlement.

Going through a divorce can be highly unpleasant, and your financial situation is going to significantly change. But it is possible to bounce back onto your feet if you do things right from the beginning. Make sure you set up a budget and stick to it. Downscale where you can and set new financial goals for yourself and actively work on a strategy to work out the best way of meeting those goals.