How Young is Too Young for Financial Advice?
You are never too young (or old for that matter). In the past, financial planners traditionally only provided advice to clients in their 50s. Why? because in the old world the way you paid for advice was through commissions. Sometimes planners provided advice to clients in their 30s and 40s but mainly this was for insurance (you guessed it funded by commissions). It was just not financially viable to see clients who were younger because they just didn’t have enough money to invest to make it worthwhile.
This has always frustrated me because I think those who have less probably need financial planning assistance the most.
While we do have clients in their 50s and 60s and 70s, we also have clients in their 20s, 30s and 40s.
We have had the pleasure to give advice to clients the day before they started their first full time job. In these cases we are not looking at investing big sums of money, instead we look at choosing a good value super fund, making sure the default insurances on offer are offering good value for money, looking at how to better manage debts and making and budgeting help to make the most of day to day cash flow and getting your best foot forward in meeting your long (and short) term goals.