Advice – Charting a course through the storm

In her recent SMH Money article – “The boom and the gloom” – Nicole Pederson-McKinnon again draws our attention to Australia’s two-speed economy.  If you’re not riding the mining boom, she says, you’re probably finding the financial landscape rather gloomy.  The number of full-time jobs has dropped, wage rises aren’t keeping up with climbing costs of living, and economists are predicting that interest rates will soon increase.

Even if all the other factors influencing peoples’ financial lives were stable, complexities like these would make it very difficult for them to chart the course of their financial futures.  Of course, very few of the factors influencing peoples’ financial landscapes are stable.  Legislation, markets, and availability of financial products (e.g. investments, loans, insurance policies) and financial services also change continuously.  We live in an ever-changing world.  Our own needs also change over time, as we have children, put them through school, change jobs, build businesses, move house, travel and retire. 

Within this kaleidoscopic whirlwind of change, how could one specific financial product – or one single instance of advice, or even a lone financial strategy – possibly provide a solution to all of anyone’s financial security requirements and provide them with the confidence and certainty they seek?

The answer is that there is no panacea.

People need ongoing, professional, quality advice to maximize their chances of achieving their financial goals and securing their financial futures.

These are the best of times to be building great advice firms.

Image: Salvatore Vuono /

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