David Batchelor
David Batchelor

Principal Financial Adviser


Talk to us about Financial advice today

Is it worth paying for a financial adviser?

Every day we receive calls from clients facing a change of life circumstances that significantly impacts their finances. It could be unexpected career change or redundancy, a serious health issue, divorce or separation, earlier than expected retirement, or supporting a loved one in the move to aged care.

These calls remind us of the value of good financial advice in times of uncertainty. Having your finances in the best possible shape going into a crisis, then knowing a professional has your back as things play out, is a great source of comfort and confidence. Clients tell us this all the time and research backs it up.

This article shows why the benefits of good financial advice are well worth the investment for people earning good professional incomes, home owners with $500,000 or more in assets and those who need to plan ahead to maximise their lifestyle in retirement.

If you're ready to meet with an expert adviser to secure your financial future, book a meeting with one of qualified financial advisers today. One thing I know for sure, is the sooner you get started, the sooner you'll experience the peace of mind that comes with having your finances on track.

Having a Financial Adviser = Better mental health

It may seem like a big claim – but research for Fidelity by Coredata studying Australians who have received financial advice puts Improved mental health among the top three benefits of financial advice, along with Living my desired lifestyle and Not having to worry about money.

So, while many people are more likely to turn to a dietician, life coach or personal trainer for help with their personal wellbeing, it turns out that seeing a financial adviser might be just as beneficial.

The Fidelity research into the value of financial advice clearly demonstrates that while people need to find the right trusted adviser for them, once they commit to an advice relationship, they generally reap the benefits.

I’m not surprised by these findings. Many years ago we adopted Health Wealth and Happiness as our mantra at FMD, because ultimately – that’s what we do.

We provide advice that improves our client’s health, wealth and happiness and we do that by taking away the money worry - so they can live the life they want. So they can enjoy true peace of mind, knowing that should something unexpected happen, they have contingencies in place and a trusted adviser to turn to.

When is the best time to see a financial adviser?

Unfortunately, the trust in a financial adviser that’s needed in a crisis can’t just be switched on. It comes from a deep and shared understanding of a client’s objectives and this needs to be built over time.

That's why it's important to put a plan in place in your peak earning years in your 40's or 50's. This enables you to protect your income and grow your wealth, so you're ready for the unexpected detours that life delivers.

So why don’t more people have a financial adviser?

The top three reasons are:

  • I feel I can’t afford it;
  • I don’t feel my circumstances justify it;
  • I can/would rather do it myself.

Personal financial advice is not cheap and it’s not for everyone, but if you're successful in your career and have a partner or family, your circumstances probably demand it and it's worth having an initial chat with an adviser to be sure. That's typically a free and confidential first meeting, so there's nothing to lose and often much to gain.

How can we prove the value of financial advice?

If you are sceptical that’s understandable, just about every one of our clients started off a bit sceptical about the value of advice. Initially the focus is on the tangible aspects – like investment performance, and as a respected advisory firm with a strong investment capability, we consistently deliver for our clients.

But over time it’s actually the intangible that is valued more - the certainty that comes from having a clear plan, confidence in retirement. It’s the peace of mind that comes from living without financial worry, without wondering if they should be doing something more, something better to manage their wealth.

The evidence for this is in our client satisfaction surveys. We see a real uptick in satisfaction and perceived value after clients have been with us for 2-3 years. The service doesn’t change, but the depth of relationship, peace of mind and associated mental health benefits seem to kick in then.

So, in the midst of life's pressures, people who have good financial advice like our clients, are likely to have better investment outcomes and better mental health, than those without an advice relationship.

I'd say that makes financial advice well worth the investment and more importantly, that's what our clients say.


* The Value of Advice: Helping Australians navigate towards a better financial future
**FMD Client Satisfaction Survey conducted by independent research partner, Business Health

General advice disclaimer: This article has been prepared by FMD Financial and is intended to be a general overview of the subject matter. The information in this article is not intended to be comprehensive and should not be relied upon as such. In preparing this article we have not taken into account the individual objectives or circumstances of any person. Legal, financial and other professional advice should be sought prior to applying the information contained on this article to particular circumstances. FMD Financial, its officers and employees will not be liable for any loss or damage sustained by any person acting in reliance on the information contained on this article. FMD Group Pty Ltd ABN 99 103 115 591 trading as FMD Financial is a Corporate Authorised Representative of FMD Advisory Services Pty Ltd AFSL 232977. The FMD advisers are Authorised Representatives of FMD Advisory Services Pty Ltd AFSL 232977. Rev Invest Pty Ltd is a Corporate Authorised Representative of FMD Advisory Services Pty Ltd AFSL 232977.