Financial Planning for Families

Financial planning for families is not just about growing wealth; it’s about protecting your loved ones, ensuring your legacy, and adapting to whatever life may throw your way. As our tagline reads – Your future. Our priority – taking proactive steps to look after your family’s financial future should be a priority. That’s why so many Australians with families turn to financial planning professionals to help them make informed decisions that benefit themselves and their loved ones for life. If you’re ready to put the strategies in place to strengthen your family’s financial future, read on…

Preparing for Life’s Curveballs

Naturally, life is unpredictable. One day everything is on track, and the next, you or a loved one might face a major medical emergency or an unexpected job loss. Preparing for these potential curveballs is a crucial element of financial planning, and there are a number of steps you can take. Setting up an emergency fund is fundamental – many financial experts recommend saving at least three to six months’ worth of living expenses if you can. While that’s a tall order for many, particularly during a cost-of-living crisis, a financial buffer that helps you avoid debt and make informed decisions in times of crisis can be a gamechanger.

Beyond cash reserves, appropriate insurance coverage is essential. Health insurance, life insurance, and disability insurance offers critical financial support, allowing your family to cover at least the basics without depleting other savings or investments. So many Australians are uninsured or underinsured – according to the Financial Services Council, there is an estimated 1.0m Australians who are underinsured for Death/Total & Permanent Disability (TPD) and 3.4m who are underinsured for income protection. This indicates a need for us all to review our insurance policies regularly to ensure we’re adequately covered – if you’re not sure where to get started with this, our Life Risk Insurance team is on hand to assist.

Investing in Your Family’s Future

Investing might sound intimidating, but it’s one of the most effective ways to secure your family’s financial future. Starting early often makes a substantial difference, thanks to the power of compound interest. Whether it’s through property, stocks, or managed funds, diversifying your investments can help balance potential risks and returns.

Crucially, your investment choices should align with your family’s long-term goals, be it buying a home, funding private school or university, regular family trips, ensuring comfortable retirement, or whatever else you and your family are envisaging. Engaging a financial adviser is key – they will provide personalised advice, implement that advice, and work with you to navigate the complex investment landscape and make choices that suit your risk tolerance and financial capacity.

Securing Your Legacy

Depending on your age, estate planning may seem distant or irrelevant. However, it is a critical part of securing your legacy. This involves more than just drafting a will—it’s about ensuring that your assets are protected and will be transferred according to your wishes. Setting up trusts, naming beneficiaries for your superannuation and insurance policies, and appointing a power of attorney are all steps that can help safeguard your family’s future. Clear estate planning reduces the risk of misunderstandings and conflicts among your loved ones after you’re gone, and provides them with security when you are no longer able to do so. This proactive approach ensures that your legacy supports your children or future generations in the ways you find most meaningful.

Engaging an Adviser

Financial planning for families can be complex and overwhelming. Engaging a financial adviser is invaluable, as they will identify your family’s needs and aspirations and guide you through life’s financial stages and decisions. They can assist not just in wealth accumulation, but in wealth protection, tax planning, and estate management, making complex decisions simple and helping secure the financial wellbeing of your family for generations to come.

Your Next Step

At Priority Advisory Group, we specialise in looking after all facets of our clients’ wealth – from investments and insurance through to retirement planning and aged care financial advice. That means that no matter the age of your family or what stage of life you’re at, we have the team and experience to look after your family’s tomorrow by implementing sounds financial strategies today. To find out more about how we can assist, you can contact us via our website or on 1300 349 188.

Please note the information provided within this article is general of nature and is not a personal advice recommendation. Prior to considering strategies discussed in this article we recommend you seek personal financial advice. Please be aware that, without the benefit of financial advice, you may be committing yourself to financial strategies or products that are not appropriate for your overall personal situation, needs and objectives.

Data From: Financial Services Council “Australia’s Life Underinsurance Gap: Research Report

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