INSIGHTS WITH EVALESCO

Why it’s crucial to regularly review your finances.
by Kate Ferraro | 26 August 2020

TOPICS DISCUSSED

Markets are moving fast
Personal circumstances are changes
Scenario planning

For some, checking in with finances is part of a weekly – or even daily – routine. For others, it’s more a case of ‘set and forget’. Whatever your usual habits, the current pace of change merits a more regular review of your finances.

Markets are moving fast

Whether your investment portfolio is based in Australia or includes a mix of overseas assets, it will certainly have been affected by the turbulence of COVID-19. As markets move, it’s important to keep up-to-date with what this means for your investments. Depending on the impact on your specific portfolio, you might need to reconsider your investment horizon or risk appetite to ensure you get the most from your money. It’s not about changing your investment strategy on a monthly basis, but about making sure the impacts of turbulent markets are reflected in your long-term investment horizon and financial plans.

Personal circumstances are changing

Let alone the impact on the global markets, families across Australia are feeling the effects of COVID on a personal, individual basis. Unemployment, changes to property markets, and different levels of lockdown have impacted financial goals, objectives, and priorities. It’s important to review your finances in line with your current circumstances, and redesign your short- and long-term goals. Regular reviews will keep you accountable, and make sure you’re communicating about your circumstances to loved ones.

Scenario planning

A regular review of your finances means you can be ready to face ongoing uncertainty or unusual circumstances with confidence. As you review, try to look ahead to the next few months and consider what you would do in certain situations. It’s prudent to have an emergency fund just in case the worst should happen. You might also take the opportunity to review your insurance to make sure you’re covered for unforeseen eventualities.

Keep your finger on the pulse

Staying up-to-date with the world at the moment can feel totally overwhelming, but having a good awareness of what’s going on both in Australia and overseas will help as you decide on your next financial move. Try to absorb the information in the easiest way for you, whether that’s by reading the newspaper, listening to podcasts, or consulting with experts.

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We believe the true value of financial advice isn’t found in dollars and cents (although this is important too!) but in the peace of mind a financial plan can provide. It’s knowing where you want to go and how to get there, with a dedicated team behind you every step of the way.

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“How do I know Evalesco is the right fit for me?”

We know the impact of good holistic financial advice can make and we have the life experience, technical capability and quality support team that can make that difference for you. We’ve empowered over 1000 families through the delivery of great financial advice, to be healthy, wealthy and happy.

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“How do I know how much money I will need to retire?”

The amount of super you’ll need when you retire depends on your big costs in retirement and the lifestyle you want. The Associate of Superannuation Funds of Australia (ASFA) estimates for a single $44,224 a year and for couples $62,562 a year is how much you may need. This is only an indicator and our advisers assess everyone’s individual circumstances.

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The fees we charge for financial advice is only a fraction of the value we derive for our clients, meaning our clients are always better off after seeing us. Rarely do we encounter a new client invested appropriately for their needs, with adequate risk protection, structuring and estate planning provisions in place. Even small tweaks to a financial plan over a long period of time can result in drastically better outcomes for our clients which eclipses the fees of the financial advice. Additionally, you can opt-out of an ongoing fee arrangement at any time.

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After our initial phone call to discuss why you are seeking a financial adviser, we arrange a discovery meeting that outlines what is important to you, your current position, our areas of advice, our approach. We then present a Statement of Advice (SoA) to discuss your goals and our recommendations and go through the steps of how to proceed to the implementation stage. After signing the SoA, we discuss your questions, get you to sign the authority to proceed and complete any application forms before implementing the recommendations detailed in the SoA.

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“Should I pay more off my mortgage or put more money into super?”

One thing to consider is the interest rate on your home loan in comparison to the rate of return on your super fund. Before making a decision, it’s also important to weigh up your stage in life, particularly your age and your appetite for risk. Whatever strategy you choose you’ll need to regularly review your options if you’re making regular voluntary super contributions or extra mortgage repayments. As bank interest rates move and markets fluctuate, the strategy you choose today may be different from the one that is right for you in the future

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