Nick Phillips – Senior Financial Planner, REI Super
Going into the interview with Nick, I wanted to know the most common questions he was asked and the typical problems he solved. When should I get super advice, as opposed to full financial advice? How should I be invested, what returns could I expect, and how should I prepare for retirement? I was aiming for all the big answers right up front.
Nick listened carefully, acknowledging my questions with a nod or a knowing look until I had finished and invited him to respond.
Pointing the compass
‘Most people come to me simply not knowing where to start, needing help to point the compass to begin. They may have jumped online and searched a few websites, read a financial self-help book, researched fund returns etc., but they just haven’t worked out how to apply that knowledge to their own situation. That’s where I come in, and it’s my job to help members work through what’s important to them. What they want to achieve now and into the future and then explore the ways they can go about reaching those goals.’
‘Fortunately for most of us, our financial situations in earlier years are not overly complex, so the things we need to know about are straightforward until you get to retirement. Which is great because most superannuation advice provided by REI Super is at no additional cost. That advice covers off the important things you need to understand such as your tolerance for risk as part of your investment strategy to grow your funds, insurance needs to protect you financially if something unforeseen happens, tax saving options when making additional contributions and, importantly nominating beneficiaries in the event of passing away.’
Advice is a journey
One of the most important things Nick impressed upon me was that financial advice is a journey that continues throughout your life. It’s not just set and forget.
‘As life goes on, circumstances change, needs change and goals and aspirations shift. What’s right for you when you’re single can change if you have a partner, when you buy a house, if children come along, when careers shift, if you downsize or come into an inheritance. There are so many changes that can shift the needle and alter your situation.’
‘For that reason, before giving me a call, I encourage everyone to use the REI Super website as their ‘go to’ when circumstances change. It has a wealth of information, with easy-to-use online tools and resources to explore.’
Get advice early
‘Retirement isn’t a word we refer to all that much these days, with so many of us continuing to work into our latter years in the business we love.’ The next chapter is how we view it now, and that is the time in life when you are looking to achieve the lifestyle you want and a regular income when you are no longer working full time.’
60 years of age is the magic number that opens up a wealth of opportunity for your super and super pensions. With so many things to take into consideration, it can be quite complex working through the options that are available to achieve your ultimate outcome - getting advice well ahead of this time is invaluable.’
......................................................................................................................................................
The information contained in this article does not constitute financial product advice. However, to the extent that the information may be considered to be general financial product advice, REI Super advises that REI Super has not considered any individual person’s objectives, financial situation or particular needs. Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read REI Super's Product Disclosure Statement and Target Market Determination before making any decisions. REI Superannuation Fund Pty Ltd ABN 68 056 044 770 AFSL 240569. RSE L 0000314 REI Super ABN 76 641 658 449 RSE R1000412 MySuper unique identifier 76641658449129