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Financial Planning

We understand that everyone has different financial planning needs. Where you are in your financial journey begins before we are born and of course continues after we die. Why is this so?

It is not uncommon for expected parents to book their unborn child into private schools as the first step in securing their child’s financial future, or for grandparents to take out Investment bonds immediately on the birth of a child as a means of paying for their tertiary education. These are just 2 examples of steps that are taken to secure the financial future of a child. At the other end of our life cycle, progressing planning will enable you to live comfortably in your retirement years and good estate planning will secure your loved ones financial future.

Your life cycle and your financial journey will determine your next financial plan.

 

WealthMaker can help you:

  • Understand your attitude to risk

  • Identify your future financial needs

  • Identify strategies aimed at helping you create and manage wealth, then establish a retirement plan

  • Structure your financial affairs a tax effective manner

  • Strategies and structures to repay debt quicker

  • Compare financial strategies.

 

If you have questions about your financial health, feel free to contact us.

Superannuation

Whether you have a Retail, Industry or Self-Managed Super Fund (SMSF), we can help you!

WealthMaker can answer all your questions and assist to identify which super fund and investments best suit your needs.

 

We identify two phases in the superannuation process irrespective of the type of superannuation fund:

 

Accumulation Phase

Accumulation phase is the period in which you can grow your superannuation investment portfolio for your future retirement. You are entitled to compulsory contributions from your employer or if you are not working you can make concessional contributions from your investments.

It is important to understand the difference between concessional (pre-tax) and non-concessional contributions (after tax). There are rules and caps regarding both.

For employees, concessional contributions are composed of the compulsory employer contributions and any salary sacrifice.

Pension Phase

Pension phase is the period in which you “drawdown” from your superannuation fund and provide yourself with an income or “pension” or lump sum benefit. 

You may also start a Transition to Retirement pension as a strategy designed to help you access your superannuation, i.e. start a pension while continuing to work and contributing to your superannuation. This means you are in both accumulation and pension phase simultaneously.

 

There are various rules and caps applicable and it is important to understand them. Call us to learn more!

Retirement Planning

When we come to retire most people wish to be debt free with income producing assets both inside and outside of superannuation. This means that wealth creation strategies based around debt (leverage) should aim to make you debt free at the time you retire.

 

In retirement planning it is important to consider:

  • The earlier you start planning to retire, the longer your money will last

  • Whether you should be debt free when you retire

  • Whether you will continue to work on a part-time or casual basis in retirement

  • What type of lifestyle you want in your retirement years and how much this will cost

  • What are your current lifestyle requirements

  • What type of capital expenses you will have in retirement e.g. car

  • How much will these capital expenses cost

  • How much you will need for unexpected expenses

  • What is your current superannuation balance

  • How much income (earning rates) is your superannuation fund generating

  • How much you may be contributing to superannuation each year, both concessional (including the compulsory superannuation levy amount) and non-concessional contributions

  • How many years to retirement

  • Can and should you adopt a transition to retirement strategy once you reach the age of 55

  • Your current financial position including assets, income and importantly disposable income and living expenses.

 

In considering these matters most people realise that there are gaps between the type of lifestyle they want in retirement and what they can afford. So the sooner steps are taken to address these gaps the better off you will be.

Therefore, it is important to talk and work with someone you can trust in planning for your retirement. There is no such thing as setting and forgetting your financial plan, it needs to be continually monitored to ensure that it reflects your changing circumstances.

Insurance

Our insurance services maybe broadly classified into two categories, General Insurance and Risk Insurance.

General Insurance include motor vehicle, building, home and contents and landlord insurances. Risk Insurances include Life and Total & Permanent Disability (TPD) , Income protection and Trauma insurances.

While most people are familiar with general insurance, risk insurance is lesser known. The following provides a brief summary of the various risk insurances and why they are important. 

Life 

Life insurance protects your family (or named beneficiary) against the loss of revenue resulting from your death. Funeral expenses are also generally included. This insurance prevents monetary troubles that may result from an untimely accident or death. Therefore, it is important to examine the benefit and whether it meets your financial needs in looking after your family’s future.

Total & Permanent Disability (TPD) 

TPD insurance protects you against the loss of revenue, medical expenses and any life modifications resulting from a total and permanent disability.

All of us would hate the idea of being permanently disabled through an accident or health event. Being unable to do our favourite things, e.g. play sport and work. Therefore, ensuring you have sufficient insurance to cover this eventuality is important, as to be disable is one thing, but then to have the double hit in terms of having to sell assets to pay for ongoing medical and living expenses increases the impact.

Income Protection

Income protection insurance protects you from unexpected unemployment. It is important to understand the difference between Income Protection insurance and Workers' Compensation insurance. Employers are required by law to have Workers' Compensation insurance and it insurers the employer against work place events so if you are injured at work you will continue to be paid. The benefit is to the employer, not you. Your benefit runs out once you use up your sick leave, annual leave, long service leave and any leave without pay that you are entitled to take.

Whereas, Income Protection insurance is taken out by you to protect your income because you are out of work for a long period as a result of a health matter or an accident. The benefit is normally around 70-85% of your salary and it is paid regularly, e.g. monthly. it is important to read and understand the definitions of what is called income and other conditions.

Trauma or Critical Illness

Trauma insurance protects you against negative outcomes that may occur after a traumatic event. As we are all living longer there is the risk that we will suffer some major trauma event in our lives. According to newspaper reports someone in Australia has a heart attack every 24 minutes. If you smoke and drink and are overweight, then statistically you are a high risk category. Therefore, trauma insurance is a good option, as you are paid a lump sum benefit immediately which means you may wipe out all your debts, e.g. car and home loan in a single payment. Trauma insurance is limited to the types of events that occur. So it is important to read carefully the policy to consider whether there are any exclusions that mean you are not covered. 

Investment

We understand that everyone has different approaches to investing and that we all have differing opinions as to what is the best type of asset to invest in e.g. shares, property, resources, etc. WealthMaker has experience in lots of different types of investments, and an understanding of the advantages and disadvantages of each.

Our approach when discussing investments with clients is to listen and understand what they are trying to achieve. Is it an income stream, capital growth or a combination of both. Frequently, clients are looking for a “sounding board” where they receive feedback on a “without fear or favour basis”.

At the highest level there are 3 important factors that should be considered when making an investment decision:

  • Your investment strategy. This is partly determined by what the purpose of the investment is and where you are in your “Life Cycle Journey”. 

  • Your risk appetite, e.g. are you risk positive, risk adverse or somewhere in between?

  • Where the economy is in the Economic Cycle

 

WealthMaker can help you:

  • Understand the reasons for your investment

  • Understand your attitude to risk and return

  • Identify your future financial needs

  • Identify suitable investment structures

  • Discuss investment strategies

  • Compare investment strategies

  • Consider your investment in relation to the Economic Cycle.

 

Whether you are an experienced or first-time investor it is important to seek advice on which type or mix of investment options best suit your individual needs. To answer any questions or arrange an appointment call us!

Mortgage Broking

Home Loans

We recognise that everyone has different home loan needs. So whether you are buying your first home, looking for your next, wanting to refinance or considering an investment property our experienced team will help you.

WealthMaker can help you:

  • Buy your first property

  • Pay off your home loan sooner

  • Structure your investment finance, for ease of use and to maximise taxation benefits

  • Build wealth by combining your home loan with an investment portfolio

  • Access products and benefits to suit your lifestyle needs

  • Benefit from the most competitive products in the market

  • Consolidate your mortgage and other debts into one repayment

 

Whether you are looking to buy a city apartment or rural retreat, we're happy to help.

Commercial Loans

The starting point for all commercial related financing activities is the strategic plan. This should outline the objectives and contain a Strengths Weaknesses Opportunities and Threats (SWOT) analysis. It should also contain competitor analysis, corporate (legal) and organisation structures and provide the forecast financial details. Based on the financial forecast and the year to date actual figures that options for commercial can be developed. These options should take into account taxation implications. The strategic plan financials should clearly state the purpose of the funding. It may be required for:

  • Working capital

  • Asset acquisition

  • Business acquisitions

  • Investment (capital expenditure)

If the above matters are clearly articulated and the supporting materials, e.g. tax returns and management accounts (if unaudited), then there is a strong case for obtaining funding. The matters the lender will consider the type of security, covenants required (if any), guarantees (if required) and the type of facility based on the purpose of the funding.

Sydney | Melbourne | Perth

Level 7, 88 Pitt Street

Sydney NSW 2000

02 9233 1111

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