So, you think you can do it all yourself? Forget the financial adviser? That's great. Just to make sure, take a look at this checklist of 11 things and make sure you can say 'yes' to all of them. If so, then I will quietly walk away...
1. You've made sure that if you pass away prematurely, all your debt will be paid out and your partner and dependents won't suffer any financial hardship.
2. You have a proper plan. You know exactly when you'll have enough assets to be financially free.
3. You know that despite market crashes, you'll achieve your financial goals.
4. You're already optimising your tax position and definitely not paying any more tax than you need to.
5. Your retirement is sorted. For the rest of your life you'll have the level of income you need to do the things you enjoy or have always wanted to do.
6. You own only high quality investments based on proven fundamentals.
7. You know that you'll be debt free at retirement. You also know exactly how you'll pay out every cent of your non deductible debt before you retire.
8. Your superannuation is working really well for you and playing an important role in terms of saving for your retirement.
9. If you ever suffer cancer, a heart attack, a stroke, diabetes, dementia or are injured in an accident, you have enough funds to take time off, source proper treatment, keep up your debt repayments, pay your bills on time and won't have any major out-of-pocket expenses.
10. Your investments are not all in the same place. If there's a severe downturn, you won't lose all your money.
11. You're doing everything to maximise your wealth and avoid the mistakes that most investors make.
If you have all of the above covered, congratulations, you definitely don't need a financial adviser. In fact, you probably are a financial adviser!
For everyone else ... we should probably talk.
General Advice Warning - The information provided in this article has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of a qualified Financial Adviser before you make any decision regarding any information, strategies or products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither the author nor his related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.