Planning for retirement is one of the most important steps you'll take in your financial journey. 

For many Australians, superannuation forms an enormous part of that plan. 

But knowing how to navigate super, and choosing the right advisor to guide you, can feel overwhelming.

Let’s explore how you can make the right decisions about maximising your super and selecting the perfect financial advisor in Australia.

Understanding Superannuation

Superannuation is a retirement savings plan where your money is invested and allowed to grow until you are ready to retire. It’s much more than just a savings account, though—it’s an ongoing, living investment for your future. 

Super funds invest in various areas on your behalf, such as shares, property, and bonds, allowing your money to grow over time. The better your investments perform, the bigger your retirement nest egg will be.

Key Benefits of Super:

• Tax Advantages: Super is taxed at a lower rate (usually around 15%), so it’s a more tax-efficient way to save than other investment accounts.
• Compulsory Contributions: Your employer contributes a portion of your salary to your super, and these payments are invested on your behalf.
• Voluntary Contributions: You can also boost your super by adding extra funds whenever you can, either through salary sacrifice or lump sums.

What Does a Financial Advisor Do for Your Super?

A good independent financial advisor can help you navigate the complexities of superannuation and ensure you’re on track for a comfortable retirement. They can provide insights into your investment options, tax strategies, and how much you need to save to meet your retirement goals.

They will also regularly review your super and adjust your investments so you can take advantage of market changes and maximise your returns. However, the real value comes from their personalised advice based on your unique situation, risk tolerance, and retirement timeline.

How Can They Help?

• Customised Investment Advice: They will help tailor your investment strategy to suit your goals and risk preferences, whether you prefer a growth-focused or more conservative approach.
• Tax Savings: Advisors can recommend strategies like salary sacrificing, reducing your tax burden and increasing your super balance.
• Estate Planning: Advisors can also guide you through superannuation death benefits, ensuring your super goes to the right beneficiaries tax-efficiently.

Maximising Your Superannuation

To make the most of your superannuation, use strategies that can boost your retirement savings over time. Experienced wealth management companies will suggest different approaches to optimise your super and ensure it works as hard as possible.

Key Strategies to Consider:

• Salary Sacrificing: By directing part of your pre-tax income into super, you can lower your taxable income and grow your retirement savings faster.
• Co-contributions from the Government: If you’re a low-income earner, the government may contribute to your super when you make personal contributions.
• Spouse Contributions: If your spouse is a low-income earner, you can contribute to their super fund and claim a tax offset.
• Consolidating Multiple Super Accounts: If your super is spread across multiple funds, consolidating them into one can save on fees and help grow your balance more effectively.

What Other Financial Services Can Advisors Provide?

Beyond superannuation, many financial advisors offer various services to help you manage your finances. 

Working with a financial advisor can give you access to the expertise you need to achieve your financial goals, from investment advice to retirement income strategies.

Common Services Advisors Offer:

• Investment Management: Advisors can help you diversify your portfolio and balance risks according to your financial objectives.
• Debt Management: Advisors can suggest strategies for reducing or managing debt as part of your retirement planning.
• Insurance Recommendations: They can also guide you through personal insurance options, such as life insurance and income protection, ensuring you’re covered in unexpected events.
• Retirement Planning: Your financial advisor can help with retirement financial planning, ensuring you have the resources and strategies to make the most of your golden years.

Superannuation Fund Options

Many types of superannuation funds are available, and choosing one that best suits your needs is important. Your financial advisor can help you decide which fund is right for you, considering factors like fees, investment options, and performance.

Common Types of Super Funds:

• Retail Funds: These funds are run by banks or investment companies and often offer a wide range of investment options.
• Industry Funds: These not-for-profit funds focus on specific industries and often have lower fees than retail funds.
• Self-Managed Super Funds (SMSFs): For those who want more control over their super, an SMSF allows you to manage your investments but comes with added responsibilities and costs.

Choosing the Right Financial Advisor

The relationship with your financial advisor is one you will come to rely on, so take the time to find someone you trust and feel comfortable with. 

Here are some tips to help you choose the right advisor:

Tips for Finding a Great Advisor:

• Check Their Qualifications: Ensure they hold an AFS licence and have the right experience.
• Understand Their Fee Structure: Advisors may charge flat fees, hourly rates, or a percentage of your managed assets. Make sure you know exactly how they charge for their services.
• Get a Feel for Their Approach: Different advisors will have different areas of expertise—whether it’s tax, estate planning, or investments—so make sure they’re a good fit for your specific needs.
• Build a Personal Connection: Your advisor should be someone with whom you feel comfortable discussing your financial goals and who is committed to helping you achieve them.

At Allied Wealth, we believe in providing personalised, unbiased advice to help you achieve your retirement goals. Whether you’re looking to maximise your superannuation, plan your estate, or simply make better financial decisions, we’re here to help.

If you’re ready to start planning for your future, contact us at Allied Wealth today to learn more about how we can help you maximise your retirement savings.

Financial advisors play a critical role when it comes to helping individuals to navigate their finances. Whether it’s personal finances, investments, retirement planning or anything in between seeking out the help of an experienced professional can be very beneficial. 

Whilst you’ve probably heard the term financial advisor before, there is often confusion about what a financial advisor actually is and what they actually do.

This is our comprehensive guide to what a financial advisor is, what it is they actually do and how they can help you get a better understanding your finances. 

Understanding the role of financial advisors

In short, a financial advisor is a person who provides guidance and expertise on a range of different aspects of your finances. A financial advisor's main goal is to help their clients to make informed decisions about managing their money, investing for the future and planning for significant life events like retirement. 

Financial advisors work closely with their clients to understand their financial goals, risk tolerance and their current financial situation to help develop personalised strategies to help their clients hit their financial objectives. 

The Services offered by our financial advisors

There are a number of different financial services available when you work with a financial advisor, these are some of the most common services you can expect to see financial advisors offering to their clients. 

Investment advice

One of the main things a financial advisor can help you with is to help you build and manage your investment portfolios tailored to your financial goals. This means helping with advice in regards to types of investments, asset allocation and ongoing monitoring to help optimise your returns and manage your risk. 

Financial planning

Financial advisors can help clients in creating financial plans that address their financial situation as well as their goals for the future. This can include budgeting, saving, retirement planning, risk management and more. These financial plans can help be the roadmap to help clients achieve their short-term and long-term goals.

Retirement planning

Planning for retirement is an exciting and daunting time in everyone's life and it’s a significant part of financial advisory services. Advisors can help clients assess their needs for retirement and help them build wealth and manage their super funds to maximise their income for retirement.

SMSF advice

Our team of financial advisors can help you manage your self managed super fund. They provide expert guidance on the creation, administration, and investment strategies for self-managed super funds. If you need some guidance on your SMSF, a financial advisor is a great place to start! 

How can Allied Wealth help you? 

At Allied Wealth, we know how important it is to have personalised financial guidance that is tailored to your needs and goals. Our team of expert financial advisors can help you navigate the financial landscape and reach all your short and long-term financial goals. 

If you want to find out exactly how our financial advisors can help you, you can contact a member of our team today to learn more about our comprehensive services and our transparent subscription plans.