Problems. We all have them!
But for a financial planner, understanding the problems that our clients face on a day to day basis are invaluable. After all, we are the experts charged with the responsibility of solving our clients problems.
It makes sense to understand what these actually are.
We recently surveyed our client base and asked, “What is the biggest problems you are struggling with in relation to your finances?”
Below is a summary of the responses. Interestingly the vast majority of problems were focused around saving & budgeting.
I think you will find it insightful.
SUMMARY OF PROBLEMS:
- Not knowing how much money I will need to retire comfortably
- Confusion around current investments and are they actually effective?
- Retaining an income flow from resources in a low interest rate environment
- Not having a secure & growing retirement fund
- Lack of confidence in the general market conditions
- Understanding what is the balance between a fun retirement and restraint
- No knowledge around the best superannuation strategy
- Not having the right superannuation mix balanced against other investments
- Understanding the superannuation regulations and the associated changes with rules
Saving / Budgeting:
- Not saving as much as I think we should
- Not having a realistic budget
- Inability to staying within budget
- Eating into savings
- Not being able live happily and giving the kids every opportunity I can
- Not having any money left over for myself
- Unable to clearing debt and accumulating savings.
- No backup funds
- Having enough cash flow while I start my new business
- Not understanding my costs
- Unable to track of daily/weekly/monthly spending
- Not enough income to pay our bills
- Having to forfeit any necessary weekly items
- No knowledge around budgeting structure & setup
- Not being able to implementing a budget that actually works (and we can stick to)
- Inability to increase our savings
- Unexpected costs such as education, medical & family crisis
- Understanding the advantages of shares over property
- Poor investment returns
- Big taxation bills
- Not having the confidence that we have sound investment plan in place
- Investments not creating cash flow
- Lack of multiple income streams
- Confidence in the ability to survive a market downturn
- Working out how/where to invest our disposable income and savings
- Stock market volatility
- Paying too much tax
Knowledge / Time:
- No time to deal with financial matters
- No understanding of investment strategies that provide returns
This is tremendously insightful as it allows to tailor our content to ensure we keep solving your biggest problems.
If we can help with one of these problems listed above, don’t hesitate to get in touch.
“This document or website contains general advice only. You need to consider with your financial planner, your investment objectives, financial situation and your particular needs prior to making an investment decision. Charter Financial Planning Limited and its authorised representatives do not accept any liability for any errors or omissions of information supplied in this document except for liability under statute which cannot be excluded.”