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.
Table of Contents
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.
Various benefits come with receiving one-off financial advice, including:
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.
You get a wide range of benefits when you opt for ongoing financial advice, such as:
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.
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