Meet our clients living the ‘healthy wealthy happy’ life today
What were their challenges?
Mike and Beckie had a great income but seemed to be living paycheck to paycheck. They had investment properties but with high levels of debt (both investment loans and home loan). They wanted to continue to enjoy their lifestyle and take regular holidays while they are still young and healthy but also wanted to make sure they were paying off their debt and growing their wealth for the future.
Beckie found keeping on top of their accounts, income and expenses stressful and confusing, especially when annual bills fell due or unexpected costs (e.g. dentist bills) came up.
What did they overcome?
With reduced interest costs on loans and by creating a budget which allowed for lifestyle and holiday expenses, we still wanted to target reducing their loan balances. This financial advice experience lead to them understanding and managing their accounts and cash flow better.
How did I help?
I provided a real time snapshot on their current situation, especially around their income and expenses. Once their actual expenditure was known, we worked together to set target amounts for different areas in their lives to ensure their essentials were provided for, as well as allocating amounts for holidays and lifestyle enjoyment.
With that initial financial advice, I helped them to implement it, kept them on track, and was on hand to tweak the plan as required.
We had regular meetings to adjust anything and to re-evaluate what was important at the time and to amend the plan to cater for new or adjusted goals as they came up.
What did they learn that I can share?
Breaking down goals into stages can help what seems impossible achievable. Automate as much as possible with regular transfers for fixed expenses means there is less to think about on a day to day basis and you won’t get caught out or stressed by annual bills.
HOW WE HELPED IN PARTICULAR
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The amount of super you’ll need when you retire depends on your big costs in retirement and the lifestyle you want. The Associate of Superannuation Funds of Australia (ASFA) estimates for a single $44,224 a year and for couples $62,562 a year is how much you may need. This is only an indicator and our advisers assess everyone’s individual circumstances.
The fees we charge for financial advice is only a fraction of the value we derive for our clients, meaning our clients are always better off after seeing us. Rarely do we encounter a new client invested appropriately for their needs, with adequate risk protection, structuring and estate planning provisions in place. Even small tweaks to a financial plan over a long period of time can result in drastically better outcomes for our clients which eclipses the fees of the financial advice. Additionally, you can opt-out of an ongoing fee arrangement at any time.
In our discovery meeting with you our advisers discuss the initial advice fee and the ongoing fees associated with our services.
After our initial phone call to discuss why you are seeking a financial adviser, we arrange a discovery meeting that outlines what is important to you, your current position, our areas of advice, our approach. We then present a Statement of Advice (SoA) to discuss your goals and our recommendations and go through the steps of how to proceed to the implementation stage. After signing the SoA, we discuss your questions, get you to sign the authority to proceed and complete any application forms before implementing the recommendations detailed in the SoA.
One thing to consider is the interest rate on your home loan in comparison to the rate of return on your super fund. Before making a decision, it’s also important to weigh up your stage in life, particularly your age and your appetite for risk. Whatever strategy you choose you’ll need to regularly review your options if you’re making regular voluntary super contributions or extra mortgage repayments. As bank interest rates move and markets fluctuate, the strategy you choose today may be different from the one that is right for you in the future
We know the impact of good holistic financial advice can make and we have the life experience, technical capability and quality support team that can make that difference for you. We’ve empowered over 1000 families through the delivery of great financial advice, to be healthy, wealthy and happy.
We believe the true value of financial advice isn’t found in dollars and cents (although this is important too!) but in the peace of mind a financial plan can provide. It’s knowing where you want to go and how to get there, with a dedicated team behind you every step of the way.