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Do you spend enough time looking after your financial wellbeing?

Glenn Fairbairn
Director/Private Client Adviser
13 Feb 2018

What’s your most valuable resource? If you said “time”, you’re not alone. Time, or the need for more of it, is the most commonly listed desire of professional people.  

Unfortunately the laws of physics prevent us creating more of it. Even with advances in technology, which have enabled us to automate monotonous tasks and better manage our time, the demands of modern day working life have made it extremely difficult to achieve a perfect work/life balance.

With so little time on our hands, many of us neglect our personal and financial wellbeing. Prioritising your health is essential but I’m not a personal trainer, so I’ll focus on ways you can improve your financial wellbeing.   

It is vital that some time be set aside to identify your short, medium and long-term financial goals. The next step is to implement appropriate strategies to achieve them while at the same time protecting yourself against unforeseen events that could be detrimental to your financial security.

Although financial outcomes are by no means the number one priority in life, burying your head in the sand and/or continually putting your personal finances on the backburner will do you no favours in the long term. Worse still, continual neglect is likely to exacerbate the need to continue working at a manic pace indefinitely. After all, one of the potential outcomes of successful investing is financial independence, where you have the choice as to whether you continue working or not.

Personal financial planning and management is something many people think they can handle themselves. But do you have the time to stay on top of the investment markets and financial news? Do you have the skill to interpret the data?

Devising and following a financial plan takes experience, commitment and rigour. With the constraints upon your time – work, family, friends, hobbies etc., you are unlikely to have time to adequately follow your strategy and protect your assets. The evolving financial world has added considerable layers of complexity and investment management is not something that you should “dabble” in or review on an ad-hoc basis. You need to be all in or speak to a professional financial adviser.

Like employing a personal trainer to address your health or a mechanic to fix your car, a Financial Planner will help you identify your objectives and recommend strategies that can put you in the best position possible to achieve them.

Quite often it is not the initial strategy where people fall over, but ongoing review and monitoring is what is neglected. This is where an ongoing relationship with an independent financial adviser will enable you to focus your efforts on what you do best, while at the same time having the confidence that you are on the right track financially and can therefore prioritise the things in life that give you most enjoyment.

In addition to a tailored strategy and active wealth management, a financial adviser will also hold you accountable to achieving your objectives and ensure that you have committed to the actions required to fulfil your life goals.  An experienced financial adviser can also act as your Financial Project Manager and coordinate other essential matters including personal insurances (income protection, life insurance), estate planning (wills, powers of attorney via a solicitor) and tax.

There is no doubting that the investment of time in an initial consultation with a financial planner will set you on the right path while at the same time freeing up the time you would otherwise have to spend on managing your finances.


Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.auPlease note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.