Financial Planning In Mornington Peninsula

Retirement planning is a key part of financial planning, as it ensures you have enough money saved up to support yourself in retirement. It also involves making sure that your investments are properly diversified so that they can provide you with an income in retirement.

Yes, a financial planner can provide investment advice. However, it's important to note that not all financial planners are investment advisers. Some financial planners may only provide general advice, while others may be licensed to provide personalised investment advice.

Asset protection is a strategy that can be used to protect your assets from creditors, bankruptcies and other legal claims. It involves transferring your assets into trusts or holding them in offshore accounts.

When setting financial goals, it's important to think about what's important to you and what you want to achieve. Do you want to buy a house? Save for retirement? Send your kids to private school? There's no one-size-fits-all approach—what works for one person may not work for another. That's why it's important to seek out a professional financial planner who can tailor a plan to your specific needs.

Freedom Wealth Solutions is a Corporate Authorised Representative of RI Advice Group Pty Ltd, a firm providing valuable financial advice since 1979. Our presence spans various regions, including Melbourne, Gippsland, Frankston, Rosebud and throughout the Mornington Peninsula. We offer a range of services that cover multiple areas of financial planning, including retirement planning, superannuation advice, personal insurance and wealth creation. Reach out to us to learn more.

Financial planning is about more than just managing money; it's about strategically harnessing your resources to realise your aspirations and maintain financial independence throughout your life. It can help you:

• Achieve your goals: Whether it's buying a home, investing in your child's education or planning a comfortable retirement, each financial goal calls for a unique strategy. A financial plan serves as a roadmap, guiding your financial decisions to align with these goals.
• Secure your future: Life is unpredictable, and financial planning can prepare you for the unexpected, such as job loss, illness or economic downturns. It includes strategies for savings, insurance and investments that provide security in uncertain times.
• Maximise wealth: Proper financial planning allows you to grow your wealth by identifying investment opportunities and optimising your income and expenditures.
• Mitigate risks: Financial planning involves understanding your risk tolerance and crafting a suitable investment portfolio to manage potential financial risks.

A financial planner provides guidance on your financial journey. They employ their skills and knowledge to help you navigate the intricacies of personal finance:

• Understand your financial situation: They begin by thoroughly assessing your current financial state, including your assets, liabilities, income and expenditures.
• Identify your goals: They discuss your short and long-term financial objectives, helping you articulate your aspirations.
• Create a tailored financial plan: They develop a comprehensive financial plan that aligns with your goals, risk tolerance and timeline. This may involve strategies for saving, investing, insurance, tax planning and retirement.
• Implement the plan: They assist in executing the recommended financial strategies, which could involve setting up investment accounts, transferring assets or adjusting your budget.
• Monitor and adjust the plan: As your circumstances change over time, your financial planner reviews your plan and makes necessary adjustments to keep you on track towards your goals.

While investment advice is a component of financial planning, they are not the same. Investment advice focuses specifically on advising clients about where and how to invest their money. Financial planning, on the other hand, takes a more comprehensive approach, looking at your entire financial situation. In addition to investment advice, financial planning can include advice on budgeting, retirement planning, insurance, tax planning and estate planning. The goal of financial planning is to help you manage your finances in a way that helps you achieve your overall financial goals.

Progress on your financial plan can be tracked by setting specific financial goals and regularly reviewing them. This might involve tracking your savings and investment balances, keeping an eye on your debt levels or measuring progress towards other financial goals, such as saving for a home deposit or retirement. A financial planner will provide you with regular updates and reports to help you understand how well your plan is working.

It's recommended that you review your financial plan at least once a year. However, it's also important to revisit the plan after any significant life changes, such as marriage, the birth of a child, a new job, retirement or a substantial change in income. These events could greatly impact your financial goals and strategies.