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Expert financial advice still recommended – especially in uncertain times

05 October 2020 Liberty

There's plenty of evidence to prove that a Financial Adviser in your life dramatically increases your ability to manage your finances, especially in challenging circumstances.

According to the research company, Columinate, 70% of people using an adviser are more confident about their financial situation.

Having an expert adviser is more than just moving money around, it's about making a realistic plan when unexpected events threaten your well-being, a financial adviser helps you create strategies for eliminating financial risk and building and protecting wealth over the long term.

"Expert Financial Advisers can help you prioritise what's important and find ways to be more efficient with money. Against the backdrop of COVID-19, and an economic downturn, where most people have suffered some kind of financial shock, an expert adviser can help stretch whatever income you have. They can also help protect your insurance or investment products by using the relief options available," says Johan Minnie, Group Sales Director at Liberty.

Backed by organisations whose business is to understand what happens if your income takes a knock – expert advisers can offer invaluable opinions and guidance in times of uncertainty.
Minnie says that everyone finds themselves in some uncertainty during this time.

"This pandemic has proven that our financial security is more fragile than we thought. Fortunately, expert advisers have trained for such times; and Liberty advisers have been further empowered with digital tools that allow them to guide South Africans needing financial advice," he says.

While the economic and health uncertainty brought about by this pandemic will linger for a while, working on your finances need not wait. A conversation with an adviser can address practical issues such as:

1. Reviewing your monthly budget
2. Working out a plan for your survival if you have had a financial shift
3. Prioritising what you really need
4. Getting you the help, you need
5. Setting new goals or reviewing current ones

Anyone can also use the Liberty Quick Connect tool – a smart holistic assessment that evaluates your whole context, from how you're holding up mentally during the COVID-19 pandemic to a quick online financial wellness test to see how well you're managing your budget, emergency savings and retirement, plus how vulnerable your finances are to disruptions such as a critical illness or disability.

Working out a financial plan with the assistance of an expert financial adviser is the first step on your road to financial freedom, where dreams become practical and achievable goals. The research shows that this is especially true in times of uncertainty.

 

Quick Polls

QUESTION

Which of the following business models do you favour to achieve a sustainable succession outcome in your financial advice practice?

ANSWER

[a] I will find an independent financial planner to buy my business
[b] I will sell a portion of my advice practice to a large corporate
[c] I will join a large firm and give up my independence
[d] I will invite another independent financial planner to join me
[e] I will partner with a large firm
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