Why financial success is a team sport

by | Oct 10, 2023 | Managing Your Finances

Financial Success is a team sport

New Zealand. Land of the DIY, she’ll be right, and fiercely individual people. While we’re not as shy as our feathered namesake, we’re not huge fans of asking for help – especially when it comes to our finances.

The problem is that the financial world is complicated – and to truly understand what’s going on and make financial decisions that will help you get ahead, takes time.

If you’re going it alone, you may miss out on opportunities, or run into trouble that could have been avoided by getting some professional advice.

By getting the help of an expert, you, and your finances, get to benefit from their expertise and experience, without any of the hard work.

And what’s better than one financial expert? A whole team of them – particularly if you have a complex situation.

Why? In New Zealand, different financial experts often require different qualifications to advise on specific products. For example, your mortgage adviser won’t necessarily be able to give you advice on your insurance or investments. And while a financial adviser can give you strategic advice on how you can better manage your money to get ahead – unless they’ve done the specialisations, they can’t necessarily get into the nitty gritty of (for example) mortgages, insurance, or investments.

So, to get the best financial advice possible and ensure all your bases are covered – you’re best to work with a team.

And who should be on it?

A financial adviser – A financial adviser (or coach as we often call them) can review your financial situation and work with you to build a holistic financial strategy for how you can achieve your financial goals, whether it be protecting or growing your wealth, preparing for retirement, saving to buy a house, getting in control of your finances or something else. There is no one size fits all approach. Your strategy is designed to help you get from where you are today, to where you want to be, and your financial adviser will guide you at each step of your journey.

Depending on your goals and needs, they can then work with other specialists so you can get expert advice for each part of your financial strategy.

A mortgage adviser – this is a financial adviser who specialises in providing mortgage advice, helps you find the best mortgage provider, and helps prepare the paperwork that makes up a large part of the mortgage application process. If you need to re-structure your mortgage or want to change providers, they can help advise where you’re best to go and help you at each step along the way.

At enable.me, we’ve partnered with Squirrel to provide mortgage services and advice.

A wealth adviser – this is a financial adviser who has specialised in helping people grow their wealth through investment products like managed funds and shares. They can advise you on specific investments, providers or managed funds that align with your objectives, risk appetite and values, for example if you only want to invest in sustainable companies, they can help you invest in the appropriate funds.

Some wealth advisers will also be able to advise on KiwiSaver individually, or as part of your overarching wealth plan.

An insurance adviser – insurance is a crucial part in securing your financial future – protecting you, your family and your income in the event something goes wrong. An insurance adviser can recommend which insurance products are most appropriate, what level of cover you should be considering, and in the event something does go wrong, they can help you through the claims process, so you get what you’re entitled to.

AdviceFirst has teams of Wealth, KiwiSaver and Insurance specialists whose advice and expertise you can tap into to complement your enable.me programme.

Property investment specialist – a property investment specialist can help you find the right investment property that fits within your investment criteria. They’re also there to help you at each step of the property-purchasing journey to make it as simple and straightforward as possible.

We work closely with the team at Momentum Realty to secure rent-ready investment properties designed with the investor in mind.

An accountant or tax specialist – tax is tricky – especially when you have multiple streams of income through your job and investments. An accountant or tax specialist can help make sure you’re meeting your tax obligations while ensuring you’re not paying any more tax than you need to.

We often work with McQueen and Associates when it comes to the tax and accounting needs of our clients.

Your partner or anyone you share your finances with – don’t forget that if you share your finances or costs with someone, such as a spouse or partner, they will also have an important role in your financial success. You want to be working together towards the same goals – so even if your spending habits may not always align, the effort you’re putting in should get you to where you need to be.

While they might not be a financial expert themselves, when you’re meeting with a financial adviser of any kind – we recommend you take your partner along so you can get aligned on your goals and both understand what you need to do to achieve them.

Of course, it is always possible to work with each financial professional in isolation – and at enable.me we will often work with our clients directly – however, the true value comes when we work together as a team. This ensures everyone is aligned on your financial goals and have a clear understanding of how their service fits into your overall financial plan so they can give you the best possible advice for your specific situation.

Ready to build your team of financial experts with enable.me? Book a consultation with an enable.me financial adviser and coach today to get a better understanding of how we can help you achieve your financial goals, and the experts you could be working with when you sign up to an enable.me programme. Consultations are $249*

*valued at $400.


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