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people seek financial advice for all sorts of reasons

Nov, 9, 2012 | No Comments | news

Going in search of financial advice is something that many people have considered – but what are their motivations for doing so?

There are some common reasons why people like to have a financial plan in place, ranging from having a goal they would like to reach to wanting to feel secure.

Strategies will vary from person to person, making it important to seek individual advice tailored to your specific needs and situation.

Don't leave your financial future to chance

A popular reason for meeting with a financial planning advisor is because people don't like to think about leaving their finances to chance.

Although you might be tempted to just carry on through life without any worries, certain situations may arise that will put pressure on your wallet.

Knowing that a long-term financial plan is in place can alleviate this stress and provide a safety net should the worst ever happen.

Set yourself realistic goals

Whether your financial plan is aimed at the short or long term it doesn't matter – having a goal to aim towards will encourage your money to work harder.

It might be that you want to get on the property ladder or have enough money in the jar in case you need to be cared for in old age – these are both legitimate reasons for seeking advice.

Make your assets work harder

One major advantage of meeting a financial planner is that they will be able to give advice on how your assets can work best for you.

It is often the case that savings and investments are set up and then left to their own devices, which means they are not being fully taken advantage of.

Even if you're pretty sure that your investments are in the right place, getting a second opinion can still prove useful.

Protect what's important

Financial planning is about more than just making sure your money is doing as much as it can – it's also about protecting the people you care about.

Imagine if you suddenly needed a 24/7 care, would you be able to afford it?

Making provisions for the unexpected can not only give yourself peace of mind, but also your loved ones.

If they know that money has been set aside to pay for these unexpected costs, it will also help alleviate their worry later in life.

ipac is one of Australia's largest financial advisory firms and has offices based across the country. A wholly-owned subsidiary of the AMP Group, ipac specialises in research and financial advice that helps clients lead happier, more fulfilling lives.

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