A common response to many questions these days is to “Google it” and unfortunately, this will often lead you to generalised advice in specialised areas. One topic that often comes to mind is self-diagnosing your health issues; a task that should really only be completed by a trained and qualified doctor. The same can be said for financial advice.
There are plenty of articles available on the internet claiming to have the “perfect financial plan” for you, but how “perfect” are these really?
What is the perfect financial plan?
The perfect financial plan is one that has be tailored to your financial goals and situation. A financial plan is NOT one-size-fits-all.
It is especially important that when you have a financial plan made for you, that it is by a trained and licensed financial advisor. The Corporations Act legislates that financial planning firms must hold an Australian financial Services Licence (AFSL) or be an authorised representative of an AFSL holder. Balanced Investment Strategies (BIS), owned by the directors of Cosgrove & Co, holds its own AFSL.
The other thing to note is that a financial plan is not a set-and-forget task. It is vital that you continue to monitor and modify your financial plan appropriately and this is exactly what a quality financial advisor, like our own financial advisors, will do.
If there is one key message to take out of this, it would be to not trust everything you read on the internet!