The coronavirus pandemic has resulted in dramatic and unprecedented changes for many families and households, impacting social lives, workplaces and finances.
As financial advisers, we are responding to the unfolding crisis to assist our clients to manage the financial repercussions.
From looking at how the Government's measures will impact your finances, to developing a plan to assist you to be positioned in the best possible way to make it through this period, we can provide support when it's needed most.
A tailored approach for your circumstances
There is so much information available at present that it can become overwhelming and confusing. You're likely to find conflicting news and differing opinions as to what people need to be doing in regard to their finances.
Rather than having to sift through the information available to determine how your financial situation will be impacted by the pandemic, and the best measures to take to address the impact, we're here to assist.
It can be difficult to get to grips with what is relevant to you and which initiatives, if any, you are eligible for. We can look at your unique situation and work with you to explore your options and decide on the best course of action.
Planning for the immediate future
Very few of us have been untouched by the unfolding crisis. Many of us have seen our retirement savings significantly drop, and an increasing number of Australians have had their hours reduced, been stood down or let go from their workplaces entirely.
According to The Grattan Institute, it's estimated that between 14% and 26% of Australian workers could be out of work due to the coronavirus shutdown.i They anticipate that Australia's unemployment rate will rise to between 10% and 15% if it's the latter, this would be the highest it has been since the Great Depression.
Clearly these figures are nerve-wracking. You may be wondering what you can do to plan for the immediate future and what it may hold. We can work directly with you to create a plan to get you and your family through this challenging period. This includes forming a budget, providing assistance in navigating government support, discussing options when it comes to mortgages, or stress testing investments.
We can help you with your immediate concerns, while also taking into account your vision for the future.
Keeping an eye on your longer-term future
While the immediate future is an obvious concern for most of us, there needs to be a balance with future implications and goals. There will be a time when life returns to 'normal', and we can help you bridge the present to the future.
Thinking in terms of your longer-term future can stop you from making rash decisions which may not be a good idea in the long run.
An example of this is dipping into your superannuation fund. While over 617,000 Aussies have registered to withdraw funds from their super early, this is not necessarily a good option for everyone.ii Doing so can severely impact your retirement savings, crystallising market falls and losing out on compound interest as the market recovers. Before making such a big decision, please give us a call to discuss.
We endeavour to provide you with choices, which will help find the best solution for you now and into the future.
Your path to achieving future goals
We see our role as creating a path to the future, providing support and reassurance along the way. The coronavirus pandemic has made this road rockier than expected for a lot of people but working together we can get through this time.
Get in touch today to find out how we can help you or anyone you know that may be in need of assistance.
Every effort has been made to offer the most current, correct and clearly expressed information possible within this site. Nonetheless, inadvertent errors can occur and applicable laws, rules and regulations may change. The information contained in this site is general and is not intended to serve as advice. No warranty is given in relation to the accuracy or reliability of any information. Users should not act or fail to act on the basis of information contained herein. Users are encouraged to contact Rhodes Docherty & Co professional advisers for advice concerning specific matters before making any decision. Liability limited by a scheme approved under the Professional Standards Legislation.
Rhodes Docherty Financial Advisors Pty Ltd ABN 43 122 391 315 is an Authorised Representative of RDC Advisors Pty Ltd, Australian Financial Services Licensee No. 396268 (Ph. 02 9988 4033). Any advice contained in this website is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. You should seek advice from Rhodes Docherty Financial Advisors who can consider if the general advice is right for you.
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