Why financial advice is for everyone

In a world where people seek professional advice for everything from car maintenance to healthcare, it seems counterintuitive that many New Zealanders still hesitate to seek help with their finances. However, AMP is working to change this by demystifying investing and offering free advice to everyone.

Overcoming reticence

Robyn Conway, Sales Manager, Workplace & Direct for AMP, believes that by taking advice, individuals can significantly improve their financial future. She emphasizes the impact a small conversation can have over someone’s lifetime, with a difference of potentially hundreds of thousands of dollars.

Conway leads a team of workplace consultants who provide guidance to individuals at all levels, ranging from checkout operators to chief executives. She emphasizes the importance of starting early and paying attention to investments like KiwiSaver for better long-term outcomes.

Accessible advice for all

Contrary to popular belief, financial advice is not just for the wealthy. Conway highlights that anyone in New Zealand with a KiwiSaver account has an investment and should seek professional advice. AMP offers a variety of options, including workplace advice, telephone consultations, and in-person appointments.

The initial consultation typically lasts around 30 minutes, with follow-up sessions as needed. AMP advisers are friendly and supportive, breaking down complex financial concepts and explaining them in a simple and understandable manner. No question is too basic, as customers often start by asking about the basics, such as “what is KiwiSaver?”

Addressing concerns

One common concern is the volatility of investments. Conway and her team help clients understand that occasional dips in KiwiSaver and fund prices are normal during turbulent times, but over the long term, these investments typically outperform inflation.

Conway notes that many individuals believe they don’t have money to invest. However, by witnessing the growth of their balances due to employer and government contributions, clients can make informed decisions and adjust their budget to allocate funds for KiwiSaver.

Achieving financial goals

Conway shares a success story of a couple who were able to buy their first home faster than anticipated with the help of AMP advisers. By maximizing their KiwiSaver investment and receiving proper fund reviews, the couple successfully navigated the process of utilizing their KiwiSaver funds to purchase a home.

This advice not only benefited the couple but also their children. They signed their children up for KiwiSaver, teaching them the value of compounding returns and setting them up for financial success in the future.

Furthermore, AMP advisers often find that when one person seeks financial advice at their workplace, it leads to others approaching them with questions. This domino effect helps spread financial knowledge and awareness throughout organizations.

Expert guidance for all stages

AMP’s financial advisers and nominated representatives assist clients at various stages of their investing journey. They offer solutions tailored to individual needs and refer clients to in-house experts or sister companies if specialized advice is required, such as in the areas of life or general insurance.

In instances where clients require budgeting or assistance with financial hardship, advisers may direct them to not-for-profit or government-funded agencies like MoneyTalks or the Citizens Advice Bureau.

Start early for a brighter future

Understanding the basics of personal finance early on can make a significant difference in the long run. Younger individuals have more time to benefit from the power of compounding interest, allowing their investments to grow exponentially.

AMP advisers find particular satisfaction in helping young people embark on their financial journey. By picking the right KiwiSaver fund and saving for a home, individuals like a 19-year-old customer starting his first job can set themselves up for a secure future.

Preparing for retirement

As individuals approach retirement, they often have questions about what to do with their savings. Some consider moving their funds to term deposits, while others may want to make partial withdrawals. AMP advisers provide guidance to help clients make informed decisions, maximizing their investments.

Related Facts

• The average person can have a significantly better financial future with just a half-hour conversation with a financial adviser.
• AMP customers often retire with higher-than-average balances due to the advice they receive.
• Financial advice is free and available to everyone, regardless of income or job position.
• Starting early and paying attention to investments like KiwiSaver lead to better long-term outcomes.
• Younger individuals have more time to benefit from compounding interest and grow their investments.

Key Takeaway

Financial advice is not just for the wealthy or financially savvy individuals. AMP’s commitment to demystifying finance and making advice accessible to everyone empowers individuals to make informed decisions about their financial future. Whether it’s understanding the basics or preparing for retirement, seeking guidance from a professional can have a significant impact on one’s financial wellbeing.

Conclusion

In a society where seeking professional advice for various aspects of life is commonplace, it’s essential to recognize the importance of seeking financial guidance. AMP’s commitment to providing accessible advice to all New Zealanders, regardless of their financial situation, is a step toward demystifying finance and empowering individuals to achieve their financial goals. Whether it’s starting early, managing investments, or planning for retirement, everyone can benefit from expert financial advice.