Many people in their 30s and 40s are already concerned with their ability to save, achieve financial goals and adequately grow their superannuation for the future. For them, financial planning is not something that begins when approaching retirement, but upon starting their professional journey or family. Yet barriers remain for time-poor professionals seeking advice. Most commonly, it comes down to the lack of a quality referral or simply no time to participate in the planning process.
Now an innovative new solution is helping bridge the gap between time-poor professionals and traditional advisory firms. FMD Financial's new online financial profiling tool to provide professionals in the intensive income earning years with a quick, convenient way to understand their net worth and start implementing strategies to build wealth.
The rise of robo-advice
In recent times US firms like Vanguard and Schwab have responded to a growing demand for cost-effective financial advice among digital generations and launched ‘robo-advice’ offers.
Behind the hype however is a very limited scope of ‘advice’, essentially focused on the construction of an index based, asset-allocated portfolio predicated on the investor’s time horizon, with ongoing rebalancing of the portfolio guided by pre-set criteria.
The trade off
By definition, these platforms exchange interaction for algorithm. People become known by number, rather than name.
They cannot replace the nuanced, agile advice of an experienced adviser who considers investments as part of a holistic, tax-effective financial strategy. They won’t account for weddings, travel plans or career changes. They won’t be there to offer advice when someone buys their first home, starts a family or takes a job overseas.
The solution: a marriage of innovation and tradition
The digital disruption sweeping through many industries presents a challenge for traditional advisory firms to innovate and incorporate digital technology into a largely high-touch professional service. FMD’s online profiler marries the benefits of time-saving technology with the accountability and trust of face-to-face advice. In as little as 10 minutes, you can get a free snapshot of their current position across our six pillars of Health, Wealth and Happiness.
For more comprehensive insights and advice you can meet with an FMD adviser and see a detailed report which includes a personal balance sheet showing your net worth, as well as your projected lifestyle in retirement based on current super balances.
CEO Lee Wapling says this could be a game changer for busy professionals to get a handle on their financial situation but don’t have a referral to a respected financial planner or aren’t ready to commit to the planning process.
“This is an easy way for people to take the first step and gain some valuable insights into their financial picture. In your 30’s and 40’s it’s all about earning and there’s not a big focus on planning. When professionals come to us in their 50s they commonly say, ‘I wished we’d started earlier!’. The health, wealth and happiness profiler is our way of helping people get that early start which sets up a better lifestyle later on.”
Take the first step. Complete our quick and easy online financial health check or book a free 1 hour consultation with a qualified adviser.
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.