The money mistake that could be costing you thousands


What’s the biggest mistake many Australians make with their money?  …. And how can you possibly avoid it?  Paul Rattray explains. 

Where are you getting your financial advice?


Last year, Roy Morgan Research released survey results which showed that around 2 million Australians use a financial planner or financial adviser 

Are you one of them?  

If you’re not, then where are you getting your financial advice?  

The value of professional advice


In this day and age people are a lot more educated about finance overall and, of course, there’s an enormous amount of information on all subjects available through a simple Google search or via the newspapers and social media 

And because of this, most people make the mistake of thinking they can forgo the professional fees associated with financial planning advice, and just manage their money and investments themselves.  

Fair enough. Each to their own.  

But just be aware, that this is a strategy that could be costing you thousands of dollars. Perhaps even tens of thousands of dollars. 

I’m not exaggerating. Financial planners are connected to moment-by-moment market information that’s not readily available to the general public. It is information that’s not reported in newspapers, or circulated on Instagram and Facebook either …  In fact, usually by the time information hits the media its considered outdated anyway.

Financial planners also have  technical investment expertise that is highly specialised and  valuable, but what’s more, a seasoned financial planner will also bring a different kind of knowledge to your finances – a ‘real life’ understanding. The kind that only comes with experience of working with the highs and lows of investment cycles. Financial planners know about risk, they can help you estimate return. They intimately know numbers, whether it’s high-level analysis or detailed every day cash flow and money management.

At ATB Partners, our senior team members are also certified practicing accountants and can, therefore, bring an even deeper level of skill to the table around the tax implications of every single financial decision you make.

Be proactive


Now, while it is fair to say that financial planners got a fairly bad wrap during Royal Commission into Finance and Banking last year, it is just as important to remember that those planners who were doing the wrong thing tended to be working in the large corporations where there were plenty of places to hide. Unlike in the small independent boutique firms where planners know the value of their brand and reputation which is nothing unless it’s built on honesty, trust and customer satisfaction.

It’s also important to note that the Royal Commission has made a number of important recommendations which will result in much more accountability and transparency across the industry as a whole. This should give consumers a lot of comfort. Furthermore, the Federal Government went so far as to change the laws during the Royal Commission, increasing penalties including jail time for white collar crime so that the ‘bad guys’ will be easier to catch and will most likely, end up in jail.

ATB story

Financial planning for your business


Now more than ever, Australians should have a great deal of confidence in financial advisors. But of course, the other problem is that on the whole, Australians typically don’t tend to value advice until the sh*t hits the fan. Then they go looking for help.

Put a financial planner on your team


…. But, but but…. Imagine what you could achieve if you were proactive about getting financial planning advice?

Most people know the theory – that a financial planner can have a positive impact on your strategies for superannuation, put a savings plan in place over the medium-or-short term, help you find ways to pay off the mortgage faster, meet a financial goal or recommending investment options. On a personal front, getting advice can be very worthwhile.

So, have you ever considered what a financial planner could do for your business?

Many things can go wrong in a business from a financial perspective. So, unless you’re particularly financially savvy, doesn’t it make sense to have a professional financial planner on your team? Aside from the invaluable financial help, a planner’s greatest asset to your business is impartiality – the ability to look at things from a completely independent (emotionally detached) perspective.

Money makes the world go around, as they say. And most of us want more of it. Usually, it’s why small business owners choose the independence of ‘running their own ship’ to start with – because they dream of independence and flexibility, and financial freedom. And for small business owners, personal assets and income and business finances tend to be inextricably linked … so doesn’t it make sense to get the right advice for your circumstances to make sure that you’re maximising your profits and your potential?

The business environment is increasingly complex – rules and regulations are constantly changing and there are tough penalties for getting it wrong.

Now more than ever small business owners are facing a highly-competitive, fast paced, global business environment. It makes sense to build a team of advisors who can keep you moving forward, not just surviving but thriving.

And by the way, some of the financial planning fees may even be tax deductible.

So contact us, and we’ll assess your individual circumstances.