You should consider hiring a professional to provide financial advice in Australia if you are confused with what to do you with your money. Many individuals want to start investing or they simply want to invest more money. Others want to know how much they can save to be able to retire at 65. Others are interested on how much life insurance they need.
The fact is, there are financial decisions that do not require professional advice and which you can probably handle on your own. If you want to organize your entire financial picture and want to set up retirement savings, you will likely need a good financial planner. It also makes sense to hire a financial planner if you need to make big financial decisions like establishing a retirement savings plan and how to minimize taxes.
You do not have to be a sophisticated investor with stocks that are worth millions in the market to need a financial advisor. There are instances wherein you need advise on investment strategies like what stocks or funds to buy in or how you can manage your investments.
Financial advisor also includes financial planners or investment advisors. It is important to consider financial advisors who follow the fiduciary rule which means that they will always take into account their client’s best interests. In fee-only rule, the fees paid by the client are the only compensation they receive. They will not earn any commission if you invest in certain funds or buy financial products.
There are instances when a robo-advisor is a cheaper option. They can automatically rebalance the investment portfolio according to your specific goals and risk tolerance. Robo-advisors are suggested to individuals with a long term outlook for their investments. Robo-advisors can also provide access to human investment advisors and financial planners for an extra fee.
The concept of online financial advice in Australia is fairly new but while they do not have a physical office, they can provide high quality advice for a cheaper price. Online financial advisers are human; they are not robots. They have the necessary experience to provide valuable financial advice to people who want to protect their anonymity.