Financial Advice & Planning
Financial Advice (or Financial Planning) is very much about the big picture and securing your financial future.
It is a very personalised service that involves firstly getting a full understanding of your situation and your goals and objectives and then strategising and planning on how you can achieve these. As your circumstances and financial position changes so can the advice and strategies which is why it is important to us to build ongoing relationships with you and constantly be looking to the future on how we can better improve your position.
For most, receiving full financial advice will involve employing a combination of the services we have listed in order to ensure you are secured in all areas of your financial life and so you can concentrate on growing your wealth and protecting it. Which ones you need or which ones will benefit you will depend on your personal circumstances which is why the most important part of the financial advisory process is getting to know you and understand what it is you want to achieve.
At Wealthlife our goal when it comes to financial advice is simple:
- Grow Wealth
- Protect Wealth
- Minimise Tax
To do this, we will generally undertake the following process when preparing a financial plan for you:
- Meet with you to get an understanding of all the facts concerning your financial situation
- Discuss with you what your goals are and what you want to achieve. We will make sure these are achievable and realistic and work with you on developing these
- Analyse your financial position and situation and develop a financial plan for you that outlines the strategies, investments and tools that we believe will be the most effective and efficient way for you to achieve your goals
- Present our Financial Plan to you
- Implement the Financial Plan and establish any investments, insurances or strategies for you
- Provide you an ongoing service to monitor and review the Financial plan and any associated investments for you and ensure that your financial plan is constantly updated to adjust for any changes in your personal situation, financial position or changes in financial markets and the economy
Some of the key areas of advice we will consider when analysing your affairs and providing you financial advice to you are:
Wealth Creation and Management
Wealth and investment advice is not a one size fits all approach. It will differ greatly from person to person based on their circumstances, goals, stage in life and appetite for risk. Although the pursuit of returns is the primary objective its important to do this on a risk adjusted basis and seek to achieve an appropriate return for the level of risk being taken. Some who are far from their financial goals may need to take greater investment risks then those who already have the asset base to meet their life style needs. The portfolio’s we construct, asset allocation selection and investment structure will all be influenced by these factors. Having these discussions on risk and return is very much part of the financial advisory process with the objective of establishing the right investment plan for you.
Please follow the link for more information on our Wealth Creation and Management service
Life and Income Protection Insurance
Life and Income Protection insurance plays a vital role in protecting your life style, family and asset base. Your greatest asset is generally your ability to earn income and having appropriate insurance in place to protect against unforeseen events can be critical to meeting your future goals and your peace of mind. But Life and Income protection Insurance isn’t just like other insurances. There are many different product providers and different options in regards to policies in the market place. Further, different insurers take a different approach to different occupations, medical history and age groups which all effect pricing and policy terms.
We will review your circumstances, analyse the level of cover you need and make a recommendation based on the most appropriate policy and structure for you.
Please follow the link for more information on our Life and Income Protection service
Critical to building for your asset base and highly tax effective, Superannuation will play a vital part in everyone’s retirement. It’s a great mechanism for saving and offers many opportunities if used correctly. But it also comes with a lot of considerations and requires careful planning. After all its not just a government legislated scheme but potentially one of your largest investments over your life time.
We can assist you with managing that investment, choosing the right structure and the superannuation strategies you use to maximise your position.
Please follow the link for more information on our Superannuation service
Family Wealth & Inheritances
Wealth will typically be past on from one generation to the next. In some cases that wealth has been pre-established and distributed prior to death with specific strategies, structures and plans in place, often with the goal of providing financial assistance to family members or family groups.
In other cases you may inherit assets that require a plan or advice to be implemented.
Regardless of how that wealth came to be, we often find people have specific wishes in mind when it comes to their wealth, especially when it is surplus to their needs.
We can assist with helping you structure things to meet those wishes, whether that be the best way to distribute wealth to your children, setting up trust funds for certain family members, looking after children with disabilities or any other form of financial support you had in mind.
Its also important to not only structure things to achieve the desired goal but to do so with tax effectively. This is particularly so where the wealth in question is an inheritance. Should time be on your side, often the best (and sometimes the only) opportunity to preserve wealth and mitigate tax is through careful planning prior to any life changing events.
If you have specific desires for your wealth or are set to receive a large inheritance and need investment/structuring advice, this is something we can assist you with.
An important aspect to any financial plan is tax minimisation and tax efficiency. Whether that be effective tax structuring for your investments, structuring your life insurances for tax efficiency, superannuation strategies or estate planning… virtually every aspect of financial advisory will entail some key tax considerations.
Tax Planning can occur on an annual basis for certain strategies as well as with longer time horizons in mind for other aspects of your financial life.
We are experts on tax in the financial advisory space and will be sure to consider all opportunities when formulating your strategies.
To ensure we get the optimal outcome we will also be sure to work in sync with your taxation advisor/accountant where it is appropriate and if you so choose.
As part of our desire to be able to offer a truly holistic financial advisory service we also work in partnership with our in house accounting and taxation division which many of our clients use, Kallinicos + Co.
Kallinicos + Co is the Accounting, Taxation and SMSF Administration division of our financial group. They have been providing expert Accounting, Taxation and SMSF advice for over 30 years and offer an exceptional service and the highest standard of advice. They are an accounting and financial firm who care and in conjunction with our Wealthlife Financial Advisory business, enable us to offer all our clients a complete financial service.
This means one advisory firm who will work in sync in all area’s of your financial life.
For more information please feel free to visit their website www.kallinicos.com.au.
Whether you are approaching retirement or are in retirement one of the biggest questions is whether you have sufficient wealth to meet your life style needs. And more importantly, if you don’t what can you do to bridge the gap. After all its important to know that your retirement will be sustainable and how much you can effectively live off to keep it sustainable.
This question should not just be asked at retirement but well before as planning takes time and its imperative to give yourself ample opportunity to plan ad position yourself as best as possible for your desired retirement.
To assist us with answering this question we first need to forecast out how things look under your current scenario. We then assess what strategies and changes you could make now and build these into alternate forecasts to assess what impact those strategies can have on your retirement. Its also important to update these forecasts over time and as things change in your life to ensure you are still on track.
Please follow the link for more information on our Retirement Planning service
Estate and Succession Planning
One very important consideration for anyone preparing a financial plan or giving thought to wealth and family protection is the issue of wills, power of attorneys, guardianships and succession planning.
These matters are commonly referred to as estate planning and can be extremely important to protecting your wealth and the financial advice we provide.
In order to ensure we provide you the highest level of advice we will, if necessary or requested, refer you to our estate planning specialists who provide the expert legal advice in these areas.
As part of our service we will advise you on the importance of having proper estate planning in place, the strategy behind it and how it fits in with your overall financial plan and protecting you and your family. In many respects much of your estate plan is designed around wealth preservation, tax efficiency and control which we will help establish the strategy around. However it is the estate planning specialists who will assist you in establishing and advising on these important documents that legally put your wishes into force.
If you have any questions or require advice in this area please contact us and we will be happy to assist.
Cashflow and Debt Management
Any good household financial plan often requires good cashflow control and discipline. Budgeting is one such exercise that can assist with understanding the flow of money in your household and managing the finances. Alternatively it may just be expense control you are seeking to achieve.
Critical to many peoples expense control is debt management either via repayment levels, debt types or interest rates.
We have vast experience in financial management and can assist with advice in this area.
We will also assist you with options around your debt and cost of finance should the situation warrant it. And if need be can refer you to a mortgage broker or bank should there be an opportunity to minimise cost.
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