What is a financial health check? And why do you need one?

  • Post published:10/03/2020
What is a financial health check? And why do you need one?

A financial health check operates in the same way as a regular health check that you would book with your local doctor for your physical (or mental) health.

For instance, there are a few different reasons why you might want to check in with your local doctor:

  • There might be a problem you know about that you’re working to overcome,
  • Something might not feel right and you’d like to get to the bottom of it,
  • There might be a few niggly things that aren’t major but you don’t want to blow out into bigger problems
  • And sometimes you need a routine check up even if everything feels normal

The same applies for a financial health check, there could be many reasons you book one, such as:

  • You might have consistent issues with cash flow in your business or personal life that is causing strain and stress.
  • You might have a lot of debt, and you want to know if you can manage it more efficiently.
  • You might want to know if you’re on track for retirement, collecting the right amount of super to maintain the lifestyle you see for yourself after you finish working.
  • You might be interested to know how increasing your prices would impact your revenue. Or how investing might impact your savings.
  • It might have been some time since you last looked at your finances holistically, and you’d like a professional pair of eyes taking a look at how everything is structured.

But the end goal is to ultimately improve your quality of life. 

What to expect:

We’ll ask you some questions ahead of time, so we have a foundation to work from on the day. You’ll let us know if you want a financial health check of your business, your personal finances, or both.

Then, one of our experts will sit down with you for an initial one-hour meeting, talk in depth about your finances, and assess where everything is at.

We recommend you be honest, and as open as possible. Some people find it difficult to talk about their finances, particularly if things haven’t been going well. Keep in mind that the more you share, the more we can direct the right help your way. Talk about your concerns, your goals and areas that you believe you can improve on.

Similar to the doctor, you might be referred on to a “specialist” after a financial health check. We have a big alliance of professionals such as financial planners, brokers and business coaches who we can call on if you need some extra help. We’ll walk you through that process and be on hand to facilitate between you and other advisors.

What are the benefits?

  • Sets clear goals by showing your current financial position against where you would like to be.
  • You will be able to map out a clear strategy and actionable steps towards those goals.
  • Gives you an accountability partner. You’re far more likely to succeed with your goals or stick to a new habit if you know we will be following up on your progress.
  • Accurately tracking your financial position makes it easier when/if you apply for a loan, and you will be a more attractive prospect to lenders.
  • It’s a preventative tool as well. Can highlight problems you didn’t know existed, or show where problems could arise in the future if nothing is changed. 
  • Once problem areas are identified and addressed, the money saved can then be used to build wealth and secure cash for the future.  


To book a free financial health check meeting with us, click here.