3 Tips For Your Financial Plan


3 Tips For Your Financial Plan

When did you last sit down with your financial adviser to review your financial plan?

It’s tempting to just keep doing what you’ve always done, to adopt an “it’ll be alright” attitude.

But being informed and aware as to what you’ve invested in is crucial to your long-term financial health and security.

Scheduling a regular time to meet with your financial planner also gives you:

  • Insights into what issues in the current financial markets may affect you and your family, and
  • An opportunity to let your financial planner know what your current financial goals are.

Here are 3 things to consider when you review your financial plan.

1 Review your circumstances

Life can feel like it’s going along really well – but it can also change in an instant!

Illness, work place injuries and deaths in the family all have the potential to shake up life.

Your circumstances may also have changed due to:

  • an inheritance,
  • a promotion at work, or
  • a marriage break down.

Any changes in your life will change the focus of your financial plan.

Letting your financial planner know what’s happening in your life when it happens, gives them the opportunity to look out for your best interests.



2 Review your insurances

Insurances such as life insurance, income protection insurance and health insurance should also be reviewed.

Maybe you’ve started a family since you last saw your financial planner?

Letting your financial planner know this will help them advise you on what steps to put in place to protect your family.

Underinsurance is prevalent in Australia with the Lifewise /Natsem study  indicating that:

“An accident, sickness or death of a working age parent will almost always have a significant impact on the financial circumstances of the family.

Despite this, Rice Warner Actuaries calculate that over 95 per cent of families do not have adequate insurance.

In 2008, there were 6,540 deaths of married parents of working age (20 to 64 years) in Australia.

This equates to an additional 47 families with children per day having to face both a health crisis and probably financial hardship until the person recovers.”

3 Review your will

It’s been estimated that around 45% of Australians don’t have a valid will.

Victoria Legal Aid states that,

“…to make a valid will you must make the will in writing and sign the will in front of two or more witnesses.  

It is also a good idea to date it at the time of signing”  

Reviewing your will regularly ensures that any change in life circumstances like marriage or divorce don’t affect what you’d like to have happen.

Need some help with your financial plan? Our financial planners in Lilydale (Melbourne’s eastern suburbs) can be contacted on 1300 296 388 or email us here.


The advice provided in this blog is general advice only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. For our full disclaimer, please click here.