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Financial planners /
financial advisers try to ensure the
appropriate management of your finances to meet your life goals. This
could be achieved by adopting a strategy to maximize government
benefits, minimize tax, increase your employment package, buy that
property, go overseas, or even save for the longest holiday of all –
retirement. Traditionally, practitioners have come from various
professions, but mainly from insurance, banking, and accountancy.
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Your Protection ....
 The financial advice industry
is becoming more and more complex and is heavily regulated by
government to help ensure the maximum protection for the public in any
financial dealing. The Australian Securities and Investment Commission
(ASIC) has the task of ensuring the compliance by any company or
individual operating in that industry who provide general or personal
financial advice. They must be licensed or be an authorized
representative of a Licensee to practice.
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Managing
Life Goals
Different financial
products may be required to manage your life goals. For example, you
may wish to supplement your employer funded super, protect the
family from unforeseen life risk, ensure enough cash is available
for higher education, or save for a house deposit. Once your
personal goals and circumstances have been thoroughly established, a
strategy to be adopted may include the use of financial services
products. Managed funds or direct shares and gearing may be used to
save for the future, while life and trauma insurance, as well as
income protection may be recommended to protect against life risks,
and salary sacrifice may be utilized to increase potential
superannuation benefits.
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