Paul Benson

speaker

378 appearances 1 recordings 1 series first heard Mar 2021 last heard Mar 2021

Paul Benson’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · When & where to get financial advice (key questions to ask) · 15 Mar 2021 podcast

I mean, our financial autonomy program is $4,400.

So we're bang in the middle of that, right?

You know, that's a significant investment.

And so it's got to be a sense that the benefit you gain from obtaining that advice is going to outweigh the cost.

Otherwise, it's not worth doing it.

Now, it may not outweigh the cost in the first month or something.

Maybe it pays itself off over a couple of years.

But nevertheless, it doesn't work if it takes 10 years to pay it off either.

So in terms of when to see an advisor, I guess it's at the point where there's enough opportunity that having obtained the advice, it's going to more than pay for itself.

And so, you know, as much as it would be nice to be able to give advice to perhaps someone early in their career and in some cases, I mean, sometimes we do that, you know, children of clients and that sort of stuff.

But it's probably going to be more once you've been in your career for a little while, you

and your income's maybe into the six-figure level or getting close at least, and so therefore you're starting to pay a bit of tax and maybe there's some debts and there's a bit going on and there's some complexity, that's when you start to get to the point where, all right, there's enough value that can be potentially delivered here to warrant the cost.

Spot on.

Yeah, exactly right.

Okay, so starting point, as I touched on, financial planning is about achieving objectives.

So a good starting point is determining your goals and actually a lot of the, I don't know if you mentioned it, but anyway, there's a book and Kate, you were generous enough, a book of mine, you were generous enough to put an endorsement on it, which is awesome.

And a lot of people have given me feedback, the section there around the objectives and particularly the prioritization of the objectives is the bit that they found the most useful.

So that's certainly something that working with a planner can often help people with.

An interesting element of that is particularly with couples, often people come in and they just, for whatever reason, haven't been able to have that discussion because, I don't know, it just feels awkward to them.

But

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