Rural Financial Counselling Service (RFCS): Navigating financial hardship on the farm

At Reid Stockfeeds we know that as a farmer you face numerous challenges in managing your operations, from unpredictable weather events and market fluctuations to economic downturns. Yet, the pressure to handle these obstacles with ease often falls solely on your shoulders. While farmers excel at adapting to the complexities of farming, financial hardships can sometimes threaten your farm, business, family, or mental health. It’s essential to recognise when to seek help, and the Rural Financial Counselling Service (RFCS) is encouraging farmers in Western Victoria to reach out before banks and creditors come calling.

Understanding financial counselling

First, let’s clarify the distinction between financial advisors and financial counsellors.

Financial advisors evaluate a client’s financial status and consider factors like assets, liabilities, economic conditions, and commodity prices. Based on their assessment, they advise their clients on possible courses of action and charge substantial fees for their services.

On the other hand, financial counsellors take a different approach. They help clients understand their financial position, explore options, identify opportunities, assist with succession planning, negotiate with creditors and insurers, and guide clients to access grants and government support. The goal is to empower clients with knowledge, helping them become proficient in managing the financial side of their business.

The benefits of financial counselling

A well-trained financial counsellor can prepare clients for the inevitable ups and downs of farming life. By teaching farmers how to navigate financial challenges and opportunities, counsellors help build resilience and confidence in managing farm operations.

RFCS VicWest offers these counselling services for free, which can be a crucial lifeline for farmers facing financial uncertainty. It’s surprising that seeking advice from an expert is seen as a wise business move, yet some farmers may perceive reaching out to a counsellor as a sign of failure. However, there is no shame in seeking guidance to strengthen one’s business and financial understanding.  The service is designed to help primary producers and can assist you with:

• Gaining a better understanding of your financial position
• Identifying and exploring options and opportunities
• Being informed on industry programs
• Identifying and applying for grants
• Negotiating with lenders/creditors
• Negotiating with insurers
• Debt mediation
• Referrals to professional services including RFCS wellbeing support

The value of seeking help

You shouldn’t wait until you’re searching for spare change to seek assistance. A simple phone call to RFCS can provide clarity on the help available, and offer immediate relief. In an industry as dynamic and unpredictable as farming, having access to financial support and advice can make a significant difference.

At Reid Stockfeeds we believe that farming is an admirable and demanding profession, and there is no shame in seeking help when facing financial challenges. And that’s why we endorse the services of RCFS Victoria West.  The service is available to assist farmers like you in navigating financial difficulties, providing guidance, support, and education should you need it. Don’t hesitate to take action if you need assistance. Contact RFCS Victoria West today at 1300 735 578 or visit their website here for more information and take proactive steps toward securing your farm’s future.