Wealth Advice for Every Stage: Expert Guidance from Advisors

At Allied Wealth, our team of experienced financial advisors is dedicated to helping you on your wealth-creation journey. That’s why we’ve created this comprehensive guide to wealth management for you to follow. 

Introduction

Wealth management looks different for everyone. As one of the most trusted wealth management companies in NSW, we’re committed to helping you on your wealth-building journey. Whether you’re just starting out, building a family, getting ready for retirement, or wanting to build your investment portfolio, our expert guidance can help you make a significant difference. 

Understanding Wealth Management

Wealth management is more than managing investments. It’s a comprehensive approach to organising and growing your assets, recognising and addressing your financial needs, and holistically budgeting and saving. 

Effective wealth management is important because it allows you to achieve your financial goals, manage risks and prepare for the future by optimising growth. With our tailored investment strategies and the right financial planning, you can effectively manage your wealth and achieve your financial goals. 

Financial Foundations for Young Adults

One of the best strategies for wealth management is a strong headstart. Entering adulthood is an exciting time, but it can also be difficult to know where to start regarding personal finances. Building a strong financial foundation early on sets you up for long-term success. 

Here are our top tips for managing finances as a young adult:

• Budgeting and saving: Create a budget and stick to it. Make sure you factor savings into your budget plan. Even if it’s only a small amount, it can make a big difference down the track.
• Managing debt: Prioritise paying off high-interest financial debt early. This can be anything from a personal loan to a HECS debt. By paying off any debts early, you’ll pay less interest over time and avoid accumulating new debt. 
• Investing early: Take advantage of compound interest by investing early. Consider low-cost index funds or retirement accounts like Roth IRAs.
• Building an emergency fund: Save three to six months' worth of your living expenses to cover unexpected costs. 

Wealth Building Strategies for Growing Families

As your family grows, so do your financial responsibilities. If you’re looking at starting a family, it’s important to adapt your wealth management strategies. There are multiple ways to do this, but here are our suggestions.

• Diversifying investments: Spread your investments across asset classes to reduce risks.
• Maximise retirement contributions: If you haven’t already, now is the time to up your contributions to your retirement fund. 
• Plan for education expenses: Factor education costs into your budget. At Allied Wealth, our experienced financial advisors can help you create a savings plan for your children’s future. 
• Insurance planning: Ensure you have adequate insurance coverage to protect your family’s financial well-being. Consider private health, income protection insurance, life insurance, and disability insurance as important places to start.
  

Preparing for Retirement: Wealth Building Strategies for Professionals

Focused early retirement financial planning ensures you can maintain your lifestyle and financial security. Some key steps to take when preparing for retirement are:

• Assessing retirement needs: Estimate your future living expenses and ensure you have adequate sources of income to cover these after retirement.
• Adjust investment strategies: Switch to a more conservative investment approach to protect your assets as you near retirement.
• Creating withdrawal strategy: Develop a plan for withdrawing funds from retirement accounts to minimise taxes and ensure your savings last.
• Planning for healthcare costs: Consider a long-term insurance plan and look into your Medicare and private health options. 

Navigating Life Changes

Planning is an important part of wealth building, but we cannot plan for everything. Life is full of surprises, and it’s important to factor this into your wealth-building strategy. 

Changes such as marriage, divorce, and career shifts can impact your financial situation. To navigate these transitions, consider reevaluating financial goals, revising your trust and beneficiaries to align with your current situation, and seeking professional advice to create a personalised plan. 

Leaving a Legacy

Creating a plan for how your wealth will be transferred to future generations is an important step in your wealth management journey. Leave a legacy behind and set your loved ones up for success. Speak with one of our independent financial advisors to create a personalised plan tailored to suit your needs and your family’s financial goals. 

Wealth management is a lifelong process that will change as your needs and goals change. Your financial plan should be created and revised frequently to factor in any significant life changes.

At Allied Wealth, we understand the principles of wealth management and can create a tailored financial strategy to suit each stage of your life. Whether you’re just starting out or planning your legacy, speak to our experienced team of financial advisors today to create your plan for a better future.  

Get in touch with us here and meet your new ally in wealth management.