How to get the best value out of your adviser relationship

Every one of you will have a different expectation for your relationship with your adviser, but the overriding thread will be that you are wanting to achieve a goal. The goal will of course be different for everyone – buy your first home, save for your children’s future, protect your family, save for retirement. (Unfortunately, one common theme that has been missing this year is travel!) Even if you have not consciously given thought to these goals, they are there under the surface.

When we meet, there will be discussions around goals and trying to form these into ‘smart’ goals - specific, measurable, attainable, realistic and time limited. One of my favourite parts of advising is learning more about clients, their lives, families, and their aspirations.

The changes this year mean that some goals may have changed, priorities may have changed, or new goals may have popped up. Some of our clients have this year ticked off major goals, despite the challenges that have been thrown up, and this is so satisfying and inspiring for me to be a part of.

My role as your adviser is to help connect your goals with the strategies, products and people that will help you achieve them, while helping you navigate the complexities that come with such a highly regulated area, both for clients and advisers.

While on the surface a financial strategy may seem simple, there is great depth under the surface. Changes behind the scenes to products or laws, or changes to your circumstances, even if they seem insignificant, can fuel the need to adjust a strategy. This is the reason we arrange regular meetings - to keep goals and strategies aligned and on track. While you may think nothing has changed in your circumstances or your goals, this does not mean adjustments are not required to your strategy.

·       Have you had a salary increase – you may not be able to contribute as much to super by salary sacrifice without going over your contribution cap and your long-term contribution strategy might need updating.

·       Your kids are a year older and a year closer to moving out of home – you may not need as much personal insurance as you will not be supporting them for as long

·       There have been changes to tax thresholds – tax components of your strategy may need updating

·       You haven’t been able to travel due to COVID-19 – what are you doing with the money you normally spend on travel and are you making the most of this.

We know that ‘work life balance’ is hard, and it can be difficult to find the time for a meeting. One of the silver linings of COVID-19 has been the uptake of technology – an online meeting means you can cut out the travel time and fit a meeting in during your lunch break.

I have been amazed at everyone’s ability to adapt to the changes that this year has thrown our way and I feel it has made it easier for us to adjust, knowing that we are all facing the same challenges.

I would like to thank all of you for your support this year, particularly during those early months of COVID-19 where things were very fluid, and we all had to adapt to ‘the new normal’ of online meetings and electronic signatures. Thankfully, things seem to be getting back to ‘the old normal’ for the most part now.

I am looking forward to seeing you next year to hopefully mark off some goals achieved and set some new ones.