After a stunning 12.2% economic contraction in the second quarter, Kiwis are feeling the effects on their pocketbooks. This setback hasn’t just come as an inconvenience, though. Rather, it has uncovered some long standing financial vulnerabilities that many New Zealanders face. According to research by the Financial Services Council (FSC), many are unable to weather even 1 month of financial distress, pointing to widespread difficulties with regard to savings and wealth building. For many New Zealanders the dream of achieving financial freedom, protecting the wealth they built, and passing it on intact feels unattainable.

Fortunately, it doesn’t have to be that way. People who make use of professional financial advice reliably achieve much better outcomes, saving 3.7% more of their earnings, and holding 50% more in their KiwiSaver than those who don’t. By taking advantage of professional help, these individuals can ensure that they have the right wealth building strategy for their purposes, that the right financial decisions are made at critical moments to protect their assets, and that their wealth can ultimately be passed on in accordance with their wishes.

Building wealth the right way

Building wealth is about more than just saving money. To be successful, it’s essential to have clear short and long term goals, and a strategy for protecting and growing your net worth. That involves setting up stable streams of income, developing an investment plan that balances solid returns against a prudent level of risk, and protecting existing assets. Attempting this on your own might sound prudent up front, but simply doesn’t provide comparable long term results.

A professional financial adviser is a critical ally in turning a vague savings plan into a concrete wealth building strategy. Not only can they help you clarify your purpose in building wealth, they can help you develop and implement your plan to achieve it. Then, as the economic environment around you changes and your personal needs evolve, they can help you adapt to stay on course.

Making good financial decisions when it counts

Wealth building and management is challenging on its own, but major financial decisions tend to additionally coincide with major life events, such as buying a home, inheriting money, or getting into financial distress. This makes them even more difficult to deal with personally. Financial advisers help people to avoid making common mistakes, allowing them to enjoy far better financial outcomes than those who don’t.

Protecting your assets and planning your estate

Keeping the wealth you’ve built secure is about more than just investing wisely, it’s also about asset protection and estate planning. A professional can help set up enduring powers of attorney (EPA), trusts, and wills, which are vital tools that ensure that assets are handled in accordance with your wishes in the event of your incapacitation or death. While the Trusts Act has changed in what ways trusts can do this, they remain invaluable for ensuring that dependants are properly provided for, or that particular assets—such as a home or business—are retained within the family.

Our Private Wealth service at Trustees Executors acts as a one-stop-shop for all your wealth building, asset protection, and estate planning needs. We provide both the financial and investment advice as well as the professional estate planning expertise you need in one place. It’s our mission to help you achieve your financial goals, preserve and protect your assets, and ensure that it’s eventually passed on in the manner you intend. If you’d like to learn more about how we can help you achieve peace of mind by reaching your financial goals, don’t hesitate to get in touch with us today.

Phone: 0800 002 431
Email: [email protected]