When is the right time to get advice?

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When is the right time to get advice?

There’s no bad time to seek financial advice. But here are five situations where it’s more important than ever.

If you think financial advice is just about helping you save more for your retirement, think again. No matter where you are in life, getting good financial advice can help put you in the right direction to achieve your life dreams, and protect you if things don’t go to plan.

Here’s how a financial adviser can help you through some of life’s big events.

1. Moving in with your partner

Starting a new relationship can be an exciting time – and it can be easy to get carried away. As you start your life together, a financial adviser can help you plan a new budget, so you can start saving for mutual goals.

An adviser can also make sure you’re both protected with adequate insurance – something that’s particularly important if children are involved.

2. Setting up house

These days, buying your first home is harder than ever, with property prices at record highs in most Australian cities. An adviser can help you create a realistic plan to save for a deposit, helping you get your start in the property market.

3. Ending a relationship

Not every relationship lasts, and break ups can be painful – and often financially detrimental.

An adviser can help you work out how you and your ex-partner can split your shared assets (once you have reached an agreement with your ex-partner), including super and the family home. They can also help you get your finances back on track, with a budget to suit your new situation and lifestyle.

4. Changing direction

It’s unlikely that you’ll stay with the same job for your entire lifetime. So if you’re thinking of changing your workplace or embarking on a new career, it’s time to sit down with your adviser. They can help you understand the financial implications of working less, or help you make the most of a higher income or overseas promotion.

If you’re nearing retirement, you may want to discuss a transition to retirement strategy, so you can spend less time in the office and more time at home. Or if you want to be your own boss, make sure you talk to your adviser about making tax-effective contributions to your super, so you don’t retire without a nest egg.

5. Taking time out

There may be times in your life when commitments like parenting, taking care of elderly parents, studying or travelling will take priority over full time work.

If you’re planning on taking a break from work, we can help you understand your financial options for funding this time off. Remember that while you’re not working you won’t receive any employer contributions to your super. So it’s important to talk to your us to help make sure your retirement savings don’t fall behind.


This information may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product.

DISCLAIMER

This article has been prepared by Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) based on its understanding of current regulatory requirements and laws as at 22 October 2015. It may include general advice but does not take into account your individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement available from Colonial First State carefully and assess whether the information is appropriate for you and consider talking to a financial adviser before making an investment decision. Information taken from sources other than Colonial First State is believed to be accurate. No member of the Commonwealth Bank of Australia Group, its employees or directors, provides any warranty of accuracy or reliability in relation to the information or accepts any liability to any person who relies on it.