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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the subdued April price growth and how prices are predicted to move for the remainder of the year.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about the Biden climate summit and impacts on the Australian sharemarket, as well as the possibility of a carbon border tax and what it means.

And lastly, tax and super guru Timothy Munro gives his thoughts on the overhaul of the superannuation performance test and the upcoming budget.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Why it might be worth seeking out a financial adviser

By Grace Ormsby

July 28 2020
Share

Invest

Why it might be worth seeking out a financial adviser

By Grace Ormsby
July 28 2020

Good financial planning is about doing the small things consistently over time, a private wealth adviser has outlined while touting the benefits of good financial advice.

Why it might be worth seeking out a financial adviser

By Grace Ormsby

July 28 2020
Share

Good financial planning is about doing the small things consistently over time, a private wealth adviser has outlined while touting the benefits of good financial advice.

In conversation with nestegg, Stanford Brown’s Kirsten Lynn has shared the most common mistake she sees people make when it comes to their money – making short-term ad hoc decisions about their finances without having articulated the overall goals and strategy.

This would not necessarily be an issue, except for the fact that one of her most commonly received questions from clients is, “Am I on track? Will I have enough?”

This is when it’s important to go back to your objectives, she considered.

This requires reflection of “both what they want to achieve for themselves and what they want to leave as a legacy for children or other family members.”

One of the under-appreciated benefits of working with a financial adviser, according to Ms Lynn, is “working together to understand and articulate their objectives”.

With that in mind, Ms Lynn said her response to her clients would be to discuss how much the individual or couple wants to keep spending and how this will impact on capital.

This is where financial projections can come in handy. “I often use simple financial projections to show the impact of different spending levels to illustrate the trade-offs,” she flagged.

But while capital can be a big issue, “financial advice is not always just about achieving the optimal financial outcome when there are people involved”.

She recommends seeking out a professional “who will work with you to understand what you are looking to achieve, explain the trade-offs and assist you to make an informed decision”.

“The family dynamics and non-financial objectives matter,” the wealth adviser added.

“Another benefit that people may not realise is the peace of mind of having a trusted adviser who understands and coordinates your financial world and can assist you and your loved ones if anything happens to you,” she continued.

This is especially important in the area of intergenerational wealth transfer, where Ms Lyn said “it’s common to find someone has significant wealth and complex structures but has not updated their will or considered how control of that wealth will be transitioned to the next generation”.

“There is an important role for financial advisers, accountants and estate planners to work together in this area,” she said.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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