by Ben Kemp.
As a financial planner, people often say to me “what can you make me?” Funnily enough, it’s often not about what I can make you but what I can save you from.
Being the third party, the external opinion, the “emotionally removed” seat at the table helps protect people from a wide range of threats to their wealth, and the power of emotions.
Through this period of uncertainty and volatility in the market and in a broader sense everyone’s lives I have found my ‘value’ at its peak. It’s time to roll the sleeves up and dig in with my clients.
For many of those that are fortunate enough to remain in steady employment – we may be considering a move into the market and trying to be greed, while the others fear to steal – a line from Warren Buffett.
For others, it’s about us tapping into emergency resources in times of unemployment or reduced income. While that might not be the sexy side of financial planning, when I sit down to present them with a portion their portfolio nestled away in a low interest term deposit or bond fund, they certainly find it a valuable investment now!
While some members of the community might feel they are unimpacted by the current pandemic, they (without realising it) would have had some impact – positive or negative! They might have found they are enjoying an amazingly low period of interest rates on their mortgage (fantastic!), but they might have suffered a capital depreciation of their super fund that they don’t even know the name of. While the uninformed might be fortunate enough to be applying the “ignorance is bliss” mantra – maybe they should be actually benefiting from this and investing into the market.
The key for everyone at this time is having a grasp on what you do and don’t have – and how that impacts you. The jargon and veils that enclose much of our financial world can be a layer too many fear to peel back, so don’t be afraid to ask someone who can!
This blog contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
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PB Financial Solutions Pty Ltd – trading as Burke Britton Financial Partners & Securelife Financial Solutions ABN 67 097 381 523 is an authorised representative and credit representative of AMP Financial Planning Pty Limited, Australian Financial Services Licensee and Australian Credit Licensee.