Financial planning is not just about saving and investing. It allows people to create both short and long term life goals, by taking a step back to look at the bigger picture. When a financial plan is in place, setting and meeting financial goals is simplified.

What is financial planning?

A financial plan is an evaluation of an individuals current and future financial state. Future projections are  made based on of cash flows, and asset values, meaning that financial planning is crucial in building wealth in the future. Essentially, the role of financial planning is to provide guidance to ensure you can reach your money goals.

Why do you need it?

Financial planning is crucial in creating wealth and preparing for retirement, however that doesn’t mean you shouldn’t avoid thinking about it until your 50s. Financial planning can help with different investment strategies for an array of circumstances, whether that be with insurance, estate planning, tax management, purchasing a home, investing, maximising superannuation opportunities, or planning finances when you’re in between jobs.

Identifying your goals.

Whether you are just starting out on your financial planning journey, have strong financial foundations, are seeking to create wealth, are preparing for retirement, or are in retirement, you are bound to have a number of short and long term money goals. Short term goals are those that are achievable in one or two years, saving to purchase a new car or a down payment for a new home. When identifying what your financial goals are you must first assess your finances, and adjust your spending habits. In setting up your financial plan, advisors will not only help you narrow down your money goals and assess your financial situation, but also find you the best investments to suit your needs.

The ATB Chartered Accountants difference.

ATB Chartered Accountants are proactive, forward-looking business accountants. But the ATB difference is that we are fully qualified financial planners, in addition to holding accounting degrees and CPA qualifications. Traditional financial planners only hold a financial planning certificate and are not therefore qualified to advise on tax. Tax planning is essential in financial planning, and we are able to identify opportunities that sit behind our tax advice because we understand the implications.

Using your accountant as your financial planner ensures that all aspects of your wealth management are monitored and maximised. It makes sense to use a trusted financial adviser who already has a deep understanding of your tax and business finances, and a proven track record of wealth management. A holistic view can make the most of every opportunity. We can advise on self managed super funds (SMSFs), mortgages, life insurance, income protection and trauma insurances, and we work with expert partners in all areas to offer strategic advice at the highest level.

If you’re ready to save on time, save on fees, and think more strategically about your future, talk to us about financial planning, we’re happy to help.