Money Matters - Getting A Financial Plan In Place

You need to have a financial plan before you think about financial products. Simon Parfitt of Pyrmont Wealth Management explains why.

- Simon Parfitt

GETTING A PLAN IN PLACE

A big misconception about financial advisors is that people engage them for their exclusive access to the best financial products or their special ability to know which stock or investment will go up.

That may have been how some advisors claimed to add value in the past. But the profession has come a long way since.

When it comes to proper financial planning, the best professionals will not recommend financial products from the outset. Nor will they claim that they know where investment returns will come from in the future.

This article looks at the importance of having a plan in place before you even consider financial products.

Your life

We notice with new clients that they often want to jump straight into the numbers, financials and solutions. But, if we don’t know what you’re setting out to achieve in life, focusing only on money lacks context. After all, your money is merely an enabler to do what you want to in life.