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What Type of Financial Help Do You Need? An Adviser, Budgeter, or Coach?

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Want some help sorting out your money situation? Different professionals help with different financial needs.

Your financial situation changes throughout your life. As you set up your life and dig your way out of the credit card debt you got yourself into during your 20’s, you might need a budgeting expert. If you’ve developed some bad money habits and you need someone to hold you accountable, then a financial coach is in order.  If you want to buy a house, achieve awesome things and start investing for your retirement, you’ll need a financial adviser.

Each type of financial ‘helper’ has specialised skills and contacts in the industry, and while there’s some crossover with other fields (a budget adviser and financial adviser will both want you to get that credit card debt sorted), it’s important to contact the right financial help for your needs.

What Does a Budget Adviser Do?

A budget adviser will look at your current finances and help you to manage immediate money problems. They can do things like help you call people you owe money to in order to negotiate reduced payments. Call Moneytalks on 0800 345123 or email them on help@moneytalks.co.nz for a chat, and they can refer you to a free community based budgeting service. Often, free financial advice is offered through your employee assistance programme (EAP) too (if your workplace has one).

They will help you develop a budget, find areas where you can save money, and also suggest other agencies that can help if you’re in a dire situation.

Budget advisers are amazing, and if you’re struggling to manage your bills, they’ll get you sorted and stress-free.

What is a Financial Coach?

Financial coaches often assist their clients with the behavioural and emotional components of managing money. A coach can help you discover what drives your financial decisions, so you can create a healthier attitude that leads to better money habits.

Financial coaches typically meet with their clients on an ongoing basis to work toward a specific financial goal – they will hold you accountable. Before you enter into a relationship with a financial coach, identify what area of your financial life you would like assistance with. For example, if you struggle with impulse buying, your coach may help you identify the triggers for it and put in place strategies to stop.

A financial coach can help you:

  • Understand and change your spending habits.
  • Create a budget.
  • Understand the emotional side of dealing with money.
  • Learn how to establish an emergency fund and manage your debt.

If you’re looking to grow your wealth, a financial coach likely won’t be able to help you as they may not be qualified (or registered) to give financial advice.

What Does a Financial Adviser/ Financial Planner Do?

A financial adviser will not only look at your immediate finances but will take a long term view too. They’ll help you develop a financial plan of short, medium, and long term goals. This is things like your kid’s education fees, retirement, and paying off your mortgage. It’s a mix of how you will:

  • Pay off debt
  • Protect your wealth (like different insurance types, or even types of investments)
  • Grow your wealth over time, adding passive income
  • Create balance between saving and spending
  • Create a legacy for your children (or whatever you decide to do with it)

They can help you with a range of tasks, such as:

  • Finding the perfect mortgage for your needs
  • Arranging your KiwiSaver in the best way for your situation
  • Helping you with choosing the right type of investment(s)
  • Deciding on insurance covers and possibly helping with an insurer
  • Setting financial goals
  • Creating a savings, retirement, or investment plan

It’s important to remember that financial advisers should be licenced on the Financial Service Providers Register, or working for a company that is licenced. They are bound by the NZ financial advice code, under the Financial Markets Conduct Act 2013. Financial advisers must comply with ethical standards, must ensure their customers understand their advice, and must have a certain level of skill and knowledge. If they do give bad advice, there are legal avenues of recourse.

While you can source various parts of this advice yourself from various places, a financial adviser is not limited by a particular financial product or provider and can offer you a holistic package. For instance, a bank offers mortgage advice, but only for their products and services.

Financial advisers may offer free services, for instance, if you use them to get a mortgage, the bank pays them a commission which covers their time. However, if you want a comprehensive financial plan, you should expect to pay for their knowledge, time, and skill in the same way you do for legal or accounting services. Financial advisers give specific, targeted advice for your exact situation, goals, and plans.

At Smart Adviser, We Are Financial Advisers

Our role is to help you create a secure financial future. We tailor our advice to suit your situation, creating strategic financial and retirement planning. Should your situation require it, we can refer you to our trusted network of industry specialists in tax, accounting, real estate, and business. We also help broker mortgages and loans, investments, and insurances.

We create for you a secure financial future by safeguarding your wealth, and inspiring growth. If you want to know more, contact us to get started on your journey to financial freedom.

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