At $4700, many young Australians would think twice about taking on a financial adviser. But are there instances when it’s worth it?
as a “black cloud” that follows her. The 23-year-old account manager and uni student, studying business, has $44,000 in student debt after swapping out of a law degree, and moved back home last September.
But the average unadvised young Australian is willing to pay just $339 for financial advice, compared to $570 for the average Australian. He says advisers can generally only take on a limited number of clients, to deliver quality advice, which influences the minimum fee level for ongoing advice. The problem is, faced with soaring home prices, stubborn inflation and student debt, young people arguably need financial help more than ever.But advisers say income and wealth thresholds are only one reason that people should consider advice, and at major life junctures forking out for a bit of professional help may not be a bad idea. Meanwhile, there are different means of getting guidance.
At that stage, one-off advice could be useful in deciding on an insurance and estate plan, and building a path for accumulation. If you’re seeking advice surrounding a life event or transition, Saikal-Skea says there’s no real wealth threshold that’s relevant.
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