The particular requirements of your financial situation can help you decide on the type of advice that may be optimal for you – either one-off or ongoing advice.
In this article, you’ll learn the differences between one-off and ongoing financial advice, and how each type can be beneficial to you.
It’s important to note, we recommend speaking to an expert wealth management service that offers both types of advice – such as Netwealth financial planning services – so they can recommend which is appropriate for you.
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What is one-off financial advice?
One-off financial advice involves a single session with a financial expert who can help you to address a range of financial planning challenges, depending on your needs.
There are plenty of financial situations where you might only need one session of focused advice to help you reach a specific goal, or to cover a particular aspect of your finances.
For instance, this could be something such as how to manage your money for financial dependants, build a better plan for retirement, or how be tax efficient with money you inherit.
Your adviser can give you the beneficial insights you need, and provide the best foundation on which to carry out your financial approach.
What are the benefits of one-off financial advice?
Various benefits come with receiving one-off financial advice, including:
- Focused advice –This can make a significant impact on your finances with just one, a focused session with an adviser. They’ll aim to understand as much of your situation as they can and make their professional recommendation in a financial report.
- Great for all types of investors – You can still benefit from one-off advice even if you’re already experienced at planning your affairs and don’t require an ongoing, proactive relationship with an adviser.
- You only pay for the advice you want and need –One-off advice is naturally cheaper than the fees required for ongoing advice. So, if you only need help with one aspect of your finances, you can pay for that alone.
What is ongoing financial advice?
Ongoing financial advice provides you with regular meetings and open communication with your wealth manager, to discuss, monitor, review, and adjust your finances.
With ongoing advice, your adviser will make sure your financial approach to your goals remains optimal, taking into account various aspects of your financial situation.
You’ll have a closer and more proactive relationship with your adviser, who will give you frequent advice tailored to your financial requirements.
What are the benefits of ongoing financial advice?
You get a wide range of benefits when you opt for ongoing financial advice, such as:
- Flexible financial planning – You can add, change, or review any aspect of your financial plan at any time you want. For instance, you might want to change your financial goals or add more.
- More extensive advice – Your adviser will have a more thorough understanding of your situation as it evolves, and may be able to offer more regular and in-depth advice to help you build your wealth effectively as a result.
- Building resilient wealth – There are various things that could impact your finances – such as changes in tax rates, markets, or your career – and your adviser can help you build more resilient wealth to navigate these effects.
Now you know the difference between one-off and ongoing financial advice, be sure to discuss your unique requirements with your wealth manager to see what advice is best suited to your situation.
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Please note, the value of your investments can go down as well as up.
