The true value of financial advice

Money and Life
(Financial Planning Association of Australia)

Does investing in a financial planner really pay off? According to the latest research from Sunsuper you could be thousands of dollars better off when you make choices based on professional financial advice. Plus you’ll take more family holidays, have greater peace of mind and more confidence in your financial decisions.

Teaming up with research experts, Core Data, Sunsuper have released The Value of Advice Report. Insights include financial forecasts for three couples at different life stages and the lift in living standards and retirement expectations they’re enjoying as a result of seeking advice. In all three cases it’s very clear that financial advice has a real and immediate impact on their lifestyle, and creates opportunities to achieve important personal goals.

1. Building a bright future for a young family

Adam and Mara’s goals for their family of four aren’t out of the ordinary. Paying for private education and taking regular holidays are things that many families might prioritise but struggle to achieve when they’re paying off a home loan and juggling work and family commitments.

Thanks to advice from a financial planner, Adam and Mara have settled personal debt, made appropriate investments to provide extra income for holidays and school fees, and arranged suitable insurances to make sure they’re secure in the event of injury or illness.

Expected financial benefits from implementing their plan include:

  • Cover private school fees starting from primary school (instead of high school only)
  • 32 family holidays before retirement
  • An additional $54,720 in assets held at retirement

2. More time to travel in their prime

Heading down the home straight towards retirement, Amanda and John love to travel. They’re currently focused on their careers, but keen to be living a good life, now and in the future. Having enough to provide for their children in their will is also an important goal.

Following financial advice has allowed Amanda and John to manage their debt more effectively and ensure they’re covered by insurance in case of illness or injury. Their new strategy would also see them put more income into a holiday fund and their super savings.

Expected financial benefits from implementing their plan include:

  • Savings of $5k pa into a holiday fund for an extra 17 trips in their lifetime
  • Increased life and TPD insurance cover to match debt and income needs
  • An additional $78,720 in assets held at life expectancy that will benefit their children

3. Staying comfortable and independent in retirement

Having recently reached retirement, Jocelyn and Lou want to ensure they can continue to meet living and medical expenses and enjoy their senior years without financial stress. Not becoming a burden to their children is important to them and they’d like to retain assets to pass on to the next generation instead of having to sell them to generate more income.

With a new financial plan to guide them, Jocelyn and Lou can e