It’s a common occurrence as a financial adviser when someone asks me what I do for a living, and when I tell them, the reply is “oh, I need to see one of those”. I like to ask what they are wanting to see an adviser about. Inevitably it is to build wealth, but often they haven’t explored what they want the wealth for.

A key step when engaging with a financial adviser is having an understanding of your present circumstances, and having ideas, maybe not definitive, of goals you want to achieve. Sounds easy?

Not everyone knows what they want to do, achieve or what might even be possible.  Depending on the stage of your life, your goals could range from buying a house, travel, retirement, debt reduction, or even estate planning and the priorities for each goal will continue to change over time. This is where your financial adviser can assist to work through your goals and objectives with you, establish a financial plan suited to your needs and help you on the way to success.

Sometimes we have a goal but can’t define it. When setting goals, we need to think S.M.A.R.T.

Is the goal;

  • specific,
  • measurable,
  • achievable,
  • relevant to you; and,
  • has a timeframe been set?

Having a S.M.A.R.T goal is shown to improve a client’s focus, whether it be saving money to travel around Australia next year, to paying debt off by retirement, knowing the ‘end game’ and what is important to you is essential.

A couple more ideas when setting your goals;

  • “Don’t be afraid to dream” – not everything will always be possible, but if you don’t aspire to a goal, then chances are you won’t make it.
  • In setting personal goals there is no right answer except the one that works for you.
  • “Share your goals” – discuss with your partner and family what you want to achieve. Working together on a family goal like saving for a pool at home is a great activity and can show the kids the value of budgeting.

Finally, everyone must have goals, dreams and ambitions. Even if you don’t know what you might want, discuss your ideas with your adviser who will be more than happy to assist you.

Please note this article provides general advice only and has not taken your personal, business or financial circumstances into consideration. If you would like more tailored advice, please contact us today.