Financial Planning

The Financial Planning process

The key to any successful financial plan is achieving a sound personal and professional relationship with your adviser. Trust is key to any professional relationship; without trust any plans put in place are likely to be based on poor information, unsound principles or conflicting objectives.
The development of a holistic financial plan follows a clear set of steps to help discover your current financial situation and a clear understanding of your future goals and objectives. A brief outline of the steps to be undertaken between an adviser and client are outlined below.

Step 1: Identifying your needs and objectives.
Step 2: Information gathering, assessing your current situation.
Step 3: Determine & Assess alternate course of action.
Step 4: Preparing & Presenting your financial plan.
Step 5: Implementing the recommendations.
Step 6: Reviewing your plan, and amending as needed.

Creating wealth is not easy when you are starting out. There are lots of people who have an opinion, many of them though may not be in any better position than you. Wealth creation is a team sport. You need your team to consist of competent professionals and a high quality, well qualified and experienced financial planner should be top of the list.
A client needs to put in place the right strategies and structures, to create wealth and then review these strategies and structures on a regular basis. That is because your circumstances and goals will change and so will the economy and the legislation relating to how your affairs are structured.

There are many paths that may be more appropriate than others such as:

• Selecting the best tax structure;
• Using gearing;
• Reducing debt;
• Using Shares, managed funds or other types of assets. Indeed it may be a combination of many to properly meet your needs.

At Finserv we have been assisting you achieve your goals for over a decade through good times and bad. Call us for an appointment and lets change your future for the financial better.

Protecting what matters most

Most people wouldn’t dream of leaving their motor vehicle, home or contents uninsured so why take a risk with your greatest asset – your life and your ability to earn income. Without adequate cover, the wealth you have built up or have the potential to build can deplete quickly which puts more pressure on your loved ones at an already difficult time.

There are many questions that should be addressed such as:

• How much is enough?
• What type or combination of insurances should I use?
• How do I make the cost sustainable over the time frame I will need insurance?
• What tax structure should I how my insurance in?

At Finserv Financial Solutions, we have been assisting clients find solutions to questions such as these for a long time. It is about having a strategy in relation to your insurances in context with your other circumstances and reviewing this strategy as your circumstances change. Call us for an appointment to help you get a strategy in place today.

Retirement can be extremely daunting, and inadequate planning only makes this all the more imposing. For that reason, many people put off retiring as they feel unprepared for the outcome. We can help our clients plan and prepare for retirement, so they can look forward to what will be one of the most enjoyable periods of their lives, rather than fearing the change.

Boost your retirement savings without reducing your net income

If you are aged 55 and over, a transition to retirement strategy can make a real difference to your retirement savings.

Transitioning to retirement strategies (TTR) – can be a very powerful way for many people approaching retirement to give their retirement savings a boost or alternatively ease into a new routine where less working hours are the norm. Clients can retain flexibility around their income and boost their super balance through making increased tax effective contributions.

The Australian Superannuation system is one of the most advanced and complex in the world. Not only is it inherently complex, but the legislation surrounding it continues to change. No wonder Australians, just like you, find it difficult to understand how it relates to them and how to use superannuation to maximise their retirement nest egg.

So many questions:

• How much is enough for retirement?
• Self managed, retail or Industry fund, which super fund is right for me?
• How do I structure my superannuation assets?
• What are the trade-offs when I contribute?
• How do I make my contributions tax deductible?
• How do I use Superannuation to reduce my overall tax burden?
• How does my superannuation relate to my family and estate plan?

These are just some of the questions we find solutions to for clients every day. Superannuation is not simple, but together we can develop a strategy to ensure your superannuation is properly structured with a strategy to get you where you want to be in life.

Aged Care for you or a family member

Australians are now living longer, and as a result aged care facilities are in great demand. For those who are unable to live independently the most popular facilities are low care hostels and high care nursing homes most of which are government funded.

Aged care can prove overwhelming to most people left unprepared, getting a better understanding of all the options is a good start.

Entering an aged care facility can be a difficult and emotional experience for both the individual and their family. For example for those who are single consideration has to be given to the treatment of the family home, which if sold may result in the loss of age/DVA pension entitlements and higher daily care fees.

As the fees and charges structures for age care facilities are complex, expert financial advice is required to ensure the financial needs of individuals are met.