While proactively engaged in their financial affairs, they recognise they have complex financial needs that requires time to manage and often specialised knowledge for creating wealth opportunities.
This article explores, the value of financial advice for busy professionals, especially in the middle years of life when family and career often collide…
According to recent survey conducted by Netwealth* Australia’s emerging affluent is highly qualified, working in professional, executive and senior management roles and earning high incomes.
While adept in understanding financial principles, they are less confident with actual financial decision making and recognise the value of engaging qualified advice.
I know, perhaps better than most the mindset of professionals, executives and senior managers who are busy in their professional AND personal life. I’m in my 40s with ‘lived’ experience as I juggle my own life as a husband, father, financial services professional and business owner.
In my experience, busy professionals have clear and future-focussed goals that generally revolve around their personal and family life, property and investing and of course, their careers.
However, it’s the frequent and often disruptive life events that can add an additional layer of financial complexity.
Getting married, growing a family, job promotions, redundancy, ill health and interest rates all impact financial and life planning.
While one in 10 emerging affluent people surveyed indicated they prefer to manage their own finances, a very significant two thirds (66.4%) believe a financial adviser would invest and manage their investments wisely.
Netwealth also revealed roughly a third (34.5%) indicated they worried about their finances as often as weekly.
Generally speaking, financially resilient people set goals, have good incomes, saving plans as well as spending plans, invest for the longer term, have personal insurances, Wills and estate plans in place and consider tax and legal ramifications. The Netwealth report confirmed those who are financially resilient value professional advice.
Further, it’s widely recognised that the highly educated and technologically savvy nature of this group enables them to understand complex financial principles, but they were less confident with financial decision making.
Intergenerational wealth transfer, access to novel investments and retirement planning amongst a raft of other matters that require specialised advice indicated a desire for busy professionals to seek financial advice.
I know in my own interactions with busy professionals, they usually know what they want but they appreciate the opportunity to have a qualified sounding board able to provide both technical explanation and perspective, especially in matters that may be sensitive or emotional.
Financial principles aside, it’s often a financial adviser’s broader knowledge that adds additional value and that contributes to better overall financial outcomes.
For busy professionals, informed holistic financial advice and consulting with other professionals on their behalf in aligned matters including tax and legal structures, business and property, lending, debt management, asset protection and personal insurances, amongst other benefits, alleviates time pressure.
At Moiler Wealth I apply a 7-step Early Retirement Framework, which as the name suggests provides a methodology for using wealth and wealth opportunities to help busy professionals retire early or at a time that’s right for them.
This approach is linked to my mantra that suggests if you can afford to work less, you probably should and make financial decisions that will allow you to spend more time doing what you want to do with those you love. Ultimately, it’s about financial planning to ‘live life, your way’.
If you’d like to know more, please contact me.
Moiler Wealth helps high net wealth individuals and family groups, professionals, business owners and pre-retirees to live life, your way!
Learn more about Adam here.
This document contains general advice. It does not take account of your objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.