Personal Wealth Advisors – 3 Reasons to Get One Now!

Managing your individual wealth can be complicated. Sure, you could learn as you go, but do you really want to gamble with your wealth? Finances can be scary, but they shouldn’t cause panic and no one should tackle them with guesswork. There’s a simple solution. In the finance world, your fitness coach is known as a Personal Wealth Advisor who manages your financial affairs for today and plans for a stable future.  

Everyone dreams of retiring one day to enjoy more life with less work. But giving up the daily grind often means giving up a traditional pay cheque too. Most people dream of retiring early, so it’s a valid question – why wait until 65? No matter what magic kick-back and relax age you have in mind, stepping out of the workforce means being able to live comfortably without a fortnightly bank deposit. So what’s the secret? Well, managing your finances with smart moves, saving, investing, and planning work together to determine your quality of retirement lifestyle.

The question we hear every day is: when should someone start planning? The answer is always: right now! A longer retirement runway offers more choice for how to reach the destination and also offers more choices of what the destination can look like. Sure, if you only have 15 years left at work, there’s still time to formulate your best game plan. But if you have more time, it’s always wise to start earlier. The earlier you start, the more comfortable you’ll be now and in the future. 

Managing wealth is really about optimising your position like a game of chess. A plan is good, accountability is better, and a trusted sounding board to avoid costly errors is part of the package when you select a Personal Wealth Advisor. After all, you work hard for your money and it should work hard for you – even after you stop working. The key to being set up for the best financial outcomes and long-term stability is knowing what’s possible with your Personal Wealth Advisor. Together you can explore your lifestyle goals and figure out how to achieve it all. Getting the most out of your money requires developing an effective strategy to suit your lifestyle needs for today and tomorrow. 

No surprise, but hope is not a strategy. Winning the lottery is also a nice idea, but a poor retirement strategy. So it comes down to what you earn and what you do with it that counts. Yet surprisingly only 27% of Australians have received financial advice – and that number is shrinking. If you’re curious as to whether or not it’s the right time for you to find a Personal Wealth Advisor, read on!

Where you’re at today shapes your retirement forecast

The retirement runway is flexible. And it’s always better the longer you have. Even if you’re 30 years out, it’s worth thinking about now. Here’s why. Planning early offers the greatest flexibility with outcomes and the age you can comfortably retire.

1. Early Bird: 25+ years left in the tank. Careers tend to blossom between the ages of 35 and 40 and income will often increase as employees take on more demanding roles and make the most of leadership opportunities. Growing individual net worth has a lot of moving parts and it takes careful planning and considered investment to build a healthy financial portfolio. Individuals in this bracket enjoy a variety of options like Self-Managed Super Funds (SMSF), access to a trust, or may even own a business. They’re coming into their own, earning a steady income, and have options to explore. 

2. Meet at the Midway: 15-25 years until retirement. Individuals in this group are often seasoned executives or directors. There’s usually a strong investment portfolio already in place focused on growth and maintenance of net worth. It can be complex to track all investments between owning multiple properties, investments, and a healthy super balance or SMSF. They are financially comfortable, earn an above-average salary, and often own a variety of income streams. 

3. Fast-Track Plan: 10 years until retirement. Life after 50 comes with active retirement planning. With a shorter runway and solid financial footing, there’s an obvious need to tackle the task of ensuring future financial security when people reduce or eliminate the nine-to-five. Equipped with a range of high-performing income streams and a variety of portfolio assets, these individuals are looking for strategies, plans, and advice to make their assets continue working for them long into their retirement.

It’s never too early or too late to start planning for retirement. While you should never take a cookie-cutter approach to personal wealth planning, there are some key strategies to consider.

A 3-pronged approach – and how a Personal Wealth Advisor matters

A qualified advisor is a sure-fire way to ensure a smooth transition into retirement. If you envision a comfortable non-working lifestyle and the thought of penny-pinching makes you shudder, partnering with an advisor is the simple solution to ensuring greater financial success. So what does working with an advisor look like? And what are the key elements covered? At Prime, we call it the Triple S approach.

1. Structure – Minimise tax and protect your wealth. How are you set up to keep more of your money? Reviewing your wealth management structure protects your assets and minimises tax. It’s a scary thought, but you could be giving away large sums of money and paying more tax than necessary without the right structure in place. 

If you earn north of $180,000/year and you’ve got assets in your personal name, your ability to create and sustain wealth meets serious limits and tax implications. A Personal Wealth Advisor can show you how to minimise your tax obligations by finding out where your wealth is best held and developing a financial plan to work those assets effectively. A financial assessment and advice report provides wealth direction across super funds, family trusts, your company or business, or through other members of your family. 

2. Strategy – The next steps for building wealth. Many advisors sell a standard set of strategies. At Prime, we offer more. With us, you can enjoy over 80 separate strategies that make up a unique wealth management structure – personalised just for you. It covers tax-deductible super contributions, positive and negative gearing, income protection insurance, and more for top wealth accumulation. After carefully reviewing your personal, employment, and superannuation landscape, your Personal Wealth Advisor can recommend a plan to manage and grow your wealth. 

3. Solutions – The right decisions for your financial future. With strategic wealth planning, your lifestyle while you continue to earn an annual salary can include everything you’ve dreamed of – from private school educations to owning mortgage-free residences. Using a balanced scorecard, today’s choices are carefully weighed against tomorrow’s goals so that you can make the right financial choices for the big picture. These include making the right investment decisions around asset classes, whether you decide to invest your money into Australian shares or thriving US tech companies, or even if you decide to back the emerging market. Key decisions around whether to invest in property versus bonds, or cash versus term deposits, are something an advisor will help talk you through and play an important role in driving growth and achieving your overall financial goals.  

Your perfect Personal Wealth Advisor is just a call away

No matter what your money goals look like, your best chance of achieving them is a trusted wealth expert in your corner. Don’t leave your financial security up to chance. Take back control with a Personal Wealth Advisor. At Prime, this is what we do for clients just like you. We make sense of your financial landscape today and create a roadmap for financial freedom. We help our clients build their wealth before retirement so they can truly enjoy it. 

Let’s see what’s possible together. What are you waiting for? Let’s get started today!

Drop us a line at [email protected] or let’s chat 02 9415 1511.