Your Wealth Fundamental financial planners are well positioned to assist those in the latter stages of their working life to implement financial strategies designed to bolster savings through superannuation and investments to generate income streams necessary for a retirement of choice.
For those in their fifties, retirement is no longer a far off dream but a reality travelling toward them at speed. During the years prior to exiting the workforce, we assist our clients by articulating the likely living expenses, cash flow requirements and the income streams, including any available Centrelink benefits, necessary for supporting their retired lifestyle of choice.
Our clients are commonly focused on debt reduction while simultaneously increasing their superannuation reserves and growing investments, all of which require strategies that are sustainable and appropriate for individual circumstances. Asset protection is equally important, and considerations need to be taken into account for achieving tax efficient structures which we coordinate in collaboration with your professional partners.
It’s also during these years that businesses are sold; ageing parents pass away leaving inheritances that can provide significant financial windfalls that could impact on your overall wealth and also upon your tax position.
While continued wealth accumulation is important, so too is maintaining appropriate insurances to provide financial safety nets in the event of accidents, serious illness, disability or death.
Then as your retirement draws nearer or your circumstances change, accessing your superannuation via the transition to retirement rules may provide other worthwhile benefits for additional income while you are still working.
Our services include:
Financial Planning: Cash flow management, tax effective strategies
Investments: Accumulating wealth
Debt management
Superannuation/SMSF
Personal Insurances: Income protection, life insurance, trauma insurances
Business insurances: Buy sell agreements, key man & business insurance
Transitioning to Retirement
TESTIMONIALS
“I have known both Chris and Matthew Lane for many years and have been very happy having them advise and take care of my finances. I have found them to be both very professional but in a casual and friendly manner that has instilled a level of trust and confidence that I consider essential in these matters. Their company and its broader staff have been similarly very friendly, approachable and responsive. I have recommended them to a number of my friends and colleagues who have been equally very satisfied with their service.”
“We run a science-based business and don’t have the time to deal with issues such as financial planning and superannuation. Thankfully, our friends at Wealth Fundamentals have been able to give us excellent advice. For the last 15 years, they have helped us cope with the ups and downs of the financial world and the ever-changing regulations associated with self-managed super funds.”
CASE STUDY
BACKGROUND
Married couple Tom and Philipa, aged in their mid-fifties, required financial mentoring as they planned for their imminent retirement. They were juggling a significant degree of financial complexity, given they had each been granted voluntary redundancies. Tom and Philipa hoped their payouts and superannuation would be sufficient to sustain an ongoing income stream throughout their retirement. They also wanted guidance around an appropriate strategy for a sea change. Additionally, they wanted to make appropriate provisions to eventually bequeath their wealth and assets to their adult children.
frequently asked questions
WHAT IS A FINANCIAL PLAN?
A financial plan is your own personal blueprint to target your wants/goals whilst staying true to your values. Your personal financial plan will be created just for you and your family’s goals for the future.
Two major areas within our financial planning strategies are: (1) to help our clients review and strengthen the fundamentals of their current financial position and (2) once this has been done, we conduct regular reviews of the plan designed to assist you to continue your journey to creating financial independence.
ARE YOU OWNED BY A BANK?
No. Wealth Fundamentals is a privately owned business and is not affiliated with any bank, or insurance company.
HOW DO YOU GET PAID?
Our fees are mutually agreed directly between adviser and client and are not dependent on product sales. In relation to insurance advice, we do receive commission payments.
WHAT DOES IT COST?
Our initial meeting fee is $220 GST inclusive. At Wealth Fundamentals we strive to add value to clients’ lives and to help them create financial independence. Therefore, this first meeting is about helping us to understand your goals and objectives and for us to determine the scope of work involved to assist us to add value.
We will then provide you with an engagement letter setting out the direct cost for our upfront advice (less the initial meeting fee of $220) as well as the direct costs involved for Wealth Fundamentals to provide our ongoing review service designed to keep you on track to creating financial independence.
The level of fee depends on the complexity and the level of service required to help achieve your goals.
DO I HAVE ENOUGH TO RETIRE?
This is the most common question we get asked in the lead up to retirement. The answer is not a simple one but one that may be determined by knowing your goals and objectives. There is no golden number that needs to be achieved as everyone has different income requirements in retirement.
For people with dreams of regular overseas holidays and dining out, their retirement requirements will be much greater than someone who enjoys the basics in life. There is no correct retirement lifestyle or income need, only the one that suits you.
Therefore it is important to get financial guidance that is specific to you so you can determine if you can retire when you wish. Call us today to arrange an appointment to discuss your retirement needs.
WHERE WILL MY RETIREMENT FUNDS BE INVESTED?
That’s determined by you, your goals and the vehicles designed to achieve them.
At Wealth Fundamentals we see investments as solutions to your goals, not influencers. Once we know your goals and preferences we work with you to create a portfolio that is tailored to your needs. All investments have their degree of risk and at Wealth Fundamentals we will educate you on these risks so you can have an understanding of your portfolio and how it is tailored to your needs.
SHOULD I BE CONTRIBUTING TO SUPER OR PAYING DOWN MY MORTGAGE?
Debt Planning and Retirement Planning are two of our 7 fundamentals of financial planning. As part of a balanced financial plan it is often not an outcome of all or none.
At Wealth Fundamentals we look at your goals and objectives and create a financial plan designed to take into account your short, medium and long-term needs. The aim of this balanced approach is to pay down your mortgage whilst also increasing your super.
SHOULD I HAVE A SELF-MANAGED SUPER FUND (SMSF)?
SMSFs are a very popular superannuation choice currently. However this does not mean that it is the answer for everyone. There are significant benefits that come with a SMSF but also significant risks.
The choice of superannuation fund is an individual choice and one that you should make on an informed basis. At Wealth Fundamentals we specialise in SMSF advice and can help you make an informed decision as to the suitability of one for you.
Please contact us today to discuss the suitability of a SMSF for you.
I HAVE SOME INSURANCE THROUGH MY SUPER, IS IT ENOUGH?
Insurance Planning is vitally important to any wealth accumulation strategy. In some cases, the insurance provided via your superannuation is a default level of cover that may not be appropriate to your personal circumstances.
At Wealth Fundamentals, as part of our 7 fundamentals designed to building a strong financial position, we assess your insurance needs and tailor an insurance portfolio that reflects these needs. Relying on a default level of cover provided by a superannuation fund may or may not meet these needs.
Call us today to arrange an appointment to discuss your insurance needs.
INCOME PROTECTION INSURANCE, IS IT REALLY WORTH HAVING?
Income Protection is an essential part of any Insurance Planning and wealth accumulation strategy. Without an income we put at risk our mortgage repayments, standard of living and future financial independence. However not all Income Protection policies are the same; each policy has varying benefits, claim definitions and premium costs. It is vitally important that you have a policy that meets your needs and provides you with suitable cover.
At Wealth Fundamentals we strive to put strategies in place so that our clients and their family’s current and future financial certainty is not at risk. Call us today to discuss Income Protection or review your current policy to help determine whether it is suitable to your needs (at claim time it is too late).
WHAT'S THE DIFFERENCE BETWEEN HAVING A WILL AND ESTATE PLANNING?
Having a Will is just one component of Estate Planning. A Will just deals with assets that are in your personal name and does not take into account assets in other entities (e.g. superannuation, family trust etc).
A properly drafted Estate Plan looks at all your assets and entities and how these will be impacted upon your death. It looks at possible tax implications, control issues and access issues in the event of your death.
An Estate Plan also looks at other matters outside of the Will such as Powers of Attorney, Health Directives, Binding Death benefit nominations etc. Please contact us today to discuss your Estate Planning needs. An appropriately drafted Estate Plan will help create asset protection, tax minimisation and a much more certain outcome for your beneficiaries.