Investing can help build enough wealth to provide financial security and a comfortable lifestyle but it can be complex and there are many options to choose from, so it is important that you have the right financial advice.
Your Financial Plan
It’s often said that you can’t meet your goals without a plan and your finances are no different. Formulating a financial plan with your financial adviser can provide you with direction and a disciplined approach.
What do you want to achieve and by when?
Many people find it easier to identify goals of up to five years’ time such as buying a bigger home, acquiring an investment property or saving for your children’s education. Long-term goals of more than five years may be less precise but should be reviewed regularly to respond to changing markets, government legislation and your own personal situation.
What financial plan suits you?
When we meet to find out more about your goals and life stage, we’ll establish your risk profile. We’ll look at your present financial position, including your total assets and debts. We’ll also consider your career plans – in particular, how long you wish to work full-time – so we can estimate your future income and savings potential.
We will suggest different strategies and investments that meet your needs.
For many business owners, the daily demands of running a business leave little time for long-term planning. This can place your business in a vulnerable financial position if there is a change in ownership or misfortune strikes.
One of the most significant challenges you can face as the owner of a small- or medium-sized business is a change in its ownership structure. If you manage the transition well, the new ownership arrangements should enable you to carry on with business as usual and have a minimal effect on your day-to-day operations.
Managed poorly, however, a change in ownership could become a costly distraction to you, your management team and employees, possibly even sending negative signals to your customers, banks and competitors.
We can help you build a robust succession plan that takes your long-term aspirations into account and also allows for contingencies. For example, for a family-owned business this may include a handover plan to family members. For a partnership, it might lay out a framework for a partner to exit the business or for a total liquidation.
It is also possible to plan for the impact of unforeseen changes, for example, if you or a business partner are struck down by a long-term illness or disability or die unexpectedly. We can build a risk protection strategy into your business plan using ‘key person’, income protection and trauma insurance. Your risk protection strategy can also include business overheads insurance and insurance to protect assets and stock against theft and damage.
In addition, we can consider the tax implications of your business interests when addressing your personal estate planning needs.