The Benefits of Working With A Personal Financial Advisor 

Everyone has financial goals of some description. Whether it be to get out of debt, buy a house or an investment property or save for the future, financial goals can be achieved with hard work and dedication. A personal financial advisor can make things far easier in this regard; by planning your budget, allocating your income to various expenses and helping you to save. Pillar Financial is a Melbourne-based personal financial advisory firm that can help you to make your financial dreams come true, no matter what they are. In this article we outline the benefits of working with a personal financial advisor and emphasise why it’s a good idea. 

Expertise and Guidance 

Having a knowledgeable financial advisor can be incredibly beneficial when you would otherwise be tackling your financial situation alone. By sharing the details of your personal financial situation and goals with a professional, you give them knowledge of where your money needs to go to achieve your dreams. In this way, a personal financial advisor helps you to allocate your income into expenses, investments, and savings. This will help you to achieve your financial aspirations. 

Goal Setting and Financial Planning 

As mentioned above, everybody has financial goals of some description. Even if these goals are initially unclear to you, by employing a personal financial advisor you gain the opportunity to clarify what your goals are and plan in order to achieve them. Setting realistic goals is part of this process. A financial advisor will evaluate your situation and provide insight into what you can achieve with your income and assets. They will help you to plan your future and can even map out your financial growth in different areas. 

Investment and Portfolio Management 

A financial advisor can help you manage your investment portfolio: by helping you to balance repayments and capital gains and diversify your assets. By staying up to date with repayments you ensure your asset is paid off in a way that minimises interest. By staying knowledgeable of tax laws, a personal financial advisor can also help you minimise the amount you are liable to pay at the end of each financial year – on any capital gains your portfolio enjoys. Finally, by diversifying your portfolio, a financial advisory service will maximise your overall return on investment. 

Tax Optimisation 

Tax-efficient financial strategies are a key component of successful financial planning. If you have assets that make you money, you may be required to pay excessive amounts of tax at the end of each financial year. By remaining up-to-date about deductions available to you and different ways to claim your personal tax refund, a personal financial advisor helps you to stay on top of things and even receive a larger refund than you would receive without using such a service. 

Retirement Planning 

Planning for retirement is a crucial part of a successful financial strategy. Setting aside superannuation and savings for your golden years is fundamentally important to maintaining a high quality of life when you enter your retirement. A financial advisor can help you to calculate the amount you need to live comfortably in retirement, help you to acquire passive income sources and manage any outstanding debts you have as you enter retirement. 

Seek Professional Advice  

If you need assistance with any of the elements of financial planning outlined above, please contact Pillar Financial to discuss your personal situation and how we can help you achieve your financial dreams.