What is Financial Planning?

Advisor, Coach, Speaker - Smart Happy Money

When people think of financial planning they think about investment management. Where should I invest my money? Who will invest it for me?

While this plays a part of a financial plan, and any good financial advisor will recommend that you invest your money a certain way, it is only a small part of a full and holistic financial plan.

A financial advisor can help you to define your goals. Your financial goals such as being covered by appropriate levels of insurance, saving for retirement or starting an investment account but also your lifestyle goals.

This may sound strange, but most people don’t actually want dollars in the bank. When asked they may say ‘I want $1,000,000 in savings’ but that’s not what they are really looking for. They want whatever they think a $1,000,000 bank account gives them. Is it freedom of time? freedom from work? travel? etc. This is the actual goal.

Let’s imagine I offered you $50,000,000 but it had to sit in your account and you could never use or touch it. Or I offered you $100,000 per year that you could access. Which would you choose?

Money is the means not the goal.

A good financial advisor will help you to determine your lifestyle goals. This may involve you doing a little work as well, but that’s ok, the more you put in the more you will get out.

Financial Planning is like hiring a coach to get you to perform at your best. Someone to assist you to grow, help when things go bad and tell the truth in tricky situations.

I believe that financial planning is for everyone, after all, we all have to deal with money on some scale and we can always improve.

From the simple to the complex, we hope you will undertake a financial plan to improve your financial position.

 Smart Happy Money is located in Bayswater.

For more information please see www.smarthappymoney.com.au


smart.happy.money is a trading name of BGN Financial Management PTY LTD

Ben Graham-Nellor is a Sub Authorised Representative (291391) of BGN Financial Management PTY LTD (ABN 45 672 104 196) which is a corporate authorised representative (468796) of Professional Investment Services Pty Ltd (ABN 11 074 608 558) which is the holder of Australian Financial Services License No.234951.

This information has been provided as general advice. We have not considered your financial circumstances, needs or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication.

Professional Investment Services Pty Ltd | ABN 11 074 608 558 | AFSL No. 234951

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Advisor, Coach, Speaker - Smart Happy Money