At the heart of effective financial planning is a qualified and experienced financial planner working closely with other equally qualified and experienced professionals from different areas of expertise creating great client outcomes. It’s called holistic financial planning, but we call it common sense.
In this article we explain why taking a holistic or cross-discipline approach to navigating your financial life is important for achieving personal prosperity and enjoying your lifestyle of choice now as well as later in your retirement.
As financial planners we regularly discuss the 7 Fundamentals of financial planning. For those who may not be familiar with them, they are the pillars of our comprehensive planning model that consider income, investments, debt and personal risk in context of longer-term plans for retirement, aged care and estate planning.
Each of these matters cross over, and together they contribute to your entire financial life. However, these outcomes are affected by other influences that commonly include tax, personal illness, accident or untimely death, marriage or divorce, buying or selling a home or business… the list is endless.
As financial planners who take an holistic approach, we have stepped outside the traditional siloed financial planning format to collaborate with other professionals who contribute expertise for enhancing client outcomes.
With a clear understanding of your financial position, lifestyle goals and values and a strong working knowledge of aligned professional services, we are ideally placed to help clients manage these relationships.
Our role commonly involves conveying requirements (often complex and technical), consulting and coordinating with each professional to develop recommendations, guide decision making and implementation.
Our clients often tell us they value our ability to interpret information provided by other professionals such as complex tax or legal advice while providing a sounding board for talking through sometimes-sensitive matters such as those relating to divorce or estate planning.
For example, we regularly consult alongside accountants for determining tax effective strategies that may include establishing discretionary trusts, strategies for distributing income from investments and purchasing or selling assets in a tax effective manner.
Similarly, we engage with solicitors in matters of asset protection, and importantly, documenting Wills and Powers of Attorney in the interests of creating clarity for family members and beneficiaries in the event of incapacity or on your passing.
Estate planning is an area of advice that requires the expertise and collaboration of all three disciplines – financial planning, tax and legal advice.
Additionally, our network of close and qualified professionals extends to lenders and mortgage brokers who have been effective in helping our clients access competitive interest rates along with lending terms and mortgage structures that are right for individual needs.
Our professional relationships have been cultivated over many years, and we consider our professional partners integral to our financial planning approach as we help our clients to not only create and protect their wealth, but achieve success in all aspects of their lives.
To learn more about our holistic and collaborative approach to financial planning please Contact us on 07 3720 1299 or email admin@wealthfundamentals.com.au.
Lane Moses Pty Ltd ABN 56 092 186 117 trading as Wealth Fundamentals and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306.
The information (including taxation) contained within this document does not consider your personal circumstances and is of a general nature only - unless otherwise stated. Wealth Fundamentals strongly suggests that you should not act on it without first obtaining professional advice specific to your circumstances. This information is based on our understanding of legislation at the time of writing. Such legislation may be subject to change. This publication cannot be reproduced in any form without the express written consent of the author.