With the Federal Budget’s super changes coming into effect on 1 July 2017, now is a great time to chat to a Financial Planner to ensure your super strategy is as tax-effective as it can be.
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Why Financial Planning?
Would you like help realising your financial goals?
Managing your own finances can often be complicated. Superannuation and taxation can be challenging to wrap your head around, the confusing process of choosing between investment options even more so. Our Financial Planning service will help you identify ways to improve your finances and give you the support you need to go about it effectively.
Are you trying to create a comfortable nest egg for your retirement? Whatever you are hoping to achieve, our Financial Planners can help you set realistic financial goals and create a manageable plan to see them through.
To get started, simply arrange a personal Financial Planning consultation with one of our consultants, who are highly qualified and trained in providing ethical advice.
Is Financial Planning really for me?
No matter what state your finances are in, Financial Planning can help you. We offer invaluable advice for anybody who is concerned about their financial future, regardless of their current circumstances. The sooner you develop and implement a sound financial plan, the more secure your future wealth will be.
How will a financial plan help me?
A financial plan is all about establishing balance and order. Our expert advice will help you take control of your money and establish your financial independence.
How we can help you
Would you like an expert on your side? Our Financial Planners have an in-depth understanding of money-related issues and access to the most up-to-date research and market insights.
To see even more of what our Financial Planning services can do for you, download our Financial Planning brochure. For further information on how to choose the best professional advice and what you can expect to gain from financial planning, download the Financial Planning Consumer Guide from the Financial Planning Association of Australia (FPA).
Your consultation will typically take place at our service centres - but if you can’t join us in person we can organise a consultation over the phone or on Skype. There’s an option to suit everyone.
What can I expect from my Financial Planning consultation?
Our Financial Planners will follow a structured process to help understand your needs and recommend an appropriate strategy.
The six-step financial planning process is as follows:
1. Gather your financial information.
2. Identify your goals.
3. Identify financial issues.
4. Prepare your Financial Plan (Statement of Advice).
5. Implement the recommendations based on your Financial Plan.
6. Review and revise the Plan at regular intervals, or when circumstances change.
Get your finances on track with a consultation with one of our qualified Financial Planners.Find out more
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Learn how to manage your financial future at one of our free seminars offering information and advice on a range of topics.Find out more
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Get informed on how to manage your finances with these helpful fact sheets on a range of topics.Find out more
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Financial planning by age
Each stage of life has different financial opportunities and demands. Being prepared will allow you to live your life to the fullest. You want to be able to enjoy the present, while safeguarding your future. Sound financial planning will help you achieve your goals.
Here we walk you through a few sensible ideas for financial planning by age:
Are you just finding your feet?
The first few years of adulthood are pivotal in shaping your financial future. Establishing healthy savings habits and learning to manage your money will prepare you for the larger obligations to come over the next decades. At this time you will most likely rely on an Everyday Account and secondary resources such as Credit Cards. Now is also a good time to grow a healthy amount of savings if you can - while you are still free from major financial responsibilities. Set yourself realistic financial goals and strive to keep yourself free from debt.
Are you establishing yourself and growing your wealth?
After working for a number of years, you may find yourself with a whole new set of financial commitments. You might be planning your dream wedding, starting a family or buying your first home. Perhaps you want to start your own business, or just grow your income.
Now is the perfect time to acquire assets, maintain healthy loan repayments and plan for your future. Building a healthy nest egg will help you achieve all of your short and long-term goals and prepare for the unexpected costs of life, and investing into your superannuation will set you up for a comfortable retirement. Take care of your finances now, and reap the benefits later.
Are you getting ready to retire?
You’ve been working hard for years, and now you are ready to start preparing for the next stage. During your forties, fifties and sixties you are still young enough to take on new projects and experiences, but have the financial autonomy and foresight to start planning for your retirement. Proactively manage your superannuation fund and check if you are eligible for federal superannuation co-contributions. Also consider researching other long-term investments, such as property, business, joining the share market or utilising our Term Deposits. To free up your future, you should try to pay off significant debts, such as mortgages, during this time.
Are you enjoying your retirement?
Your retirement is a time to relax, not to worry about money. If you have been prepared during your lead up to retirement, you should have superannuation and other savings to help support yourself. Check whether you are entitled to a government age pension, to keep the funds coming in. To help you enjoy your retirement, carefully monitor any investment strategies and manage your assets to minimise tax and maximise profit. At this stage, you may also want to consider estate planning.
We are behind you during every stage of life. To discuss financial planning by age, talk to one of our Financial Planners on 1300 654 193.
How much money do I need?
Unless you get lucky and win the lottery, you will need to find ways to provide for the lifestyle you want. Financial planning is a great means of managing your funds and setting achievable financial goals. To ensure that your goals deliver the outcomes you want, you should have an idea of how much money you really need.
For sound financial planning, ask yourself the following questions:
What kind of lifestyle do I have?
The amount of money you need is entirely dependent on your way of living. Some people get by very comfortably on an income that others would find difficult. You need to decide what your priorities are, and set up the financial safeguards to protect them. Whether you are a single income earner who saves to afford holidays and socialise, a family trying to cover school fees, or a couple planning retirement, smart financial planning can help you shape and maintain your lifestyle.
What am I saving for?
When you are figuring out your financial goals, factor in the expenses that are really important to you. Although personal loans will let you afford many of these things sooner, you will eventually need to pay back what you borrow. Contributing as much of your own money towards the cost in the first place will help you in the long run.
Below we outline approximate prices of a few goals you might be working towards:
- A wedding - Every bride and groom wants to plan a perfect day, but it can be a very expensive exercise. ASIC has calculated that the average price spent on an Australian wedding is a whopping $36,200. Before you commit to turtledoves and helicopters, think about the other purchases you will want to make as a couple - after you’re husband and wife.
- Home renovations - If done wisely, renovations can increase both the livability and value of your home. Realestate.com.au suggests that you should spend no more than 5% of your house’s purchase price on renovations. For the median house price of approximately $450,000, that comes to about $20,000.
- Retirement - We all want to have a comfortable retirement. Good planning and healthy superannuation will make it more likely. The ASFA Retirement Standard estimates that most Australian couples will require between $35,000 and $60,000 a year to support themselves in retirement. You need to factor in that your retirement could last decades.
- Travel - The costs of travelling vary wildly depending on location and style. Before you plan a holiday, set and save a realistic budget that factors in accommodation, food, activities and emergency expenses. Ask for a quote from a travel agent, or do your research online.
Are my goals realistic?
Financial planning is all about finding a balance. There is no point laying everything on the line for one big expense or investment that could cause permanent financial harm. You need to consider not just what you want today, but what you might need down the line. To effectively manage your money, you should have a clear understanding of where you stand. Know how much you are bringing in every year, what you are spending, and how much disposable income you have to play with. Our Budget Planner Calculator makes this a very manageable task. Measure your budget up against the investments or purchases you wish to make both in the short and long term. This will help you set and maintain a realistic financial plan.
Whatever your financial goals may be, we can provide the advice and support to help achieve them. To organise a Financial Planning consultation, talk to one of our Financial Planners on 1300 654 193.
Saving for retirement
Would you like to retire in comfort?
It can be easy to put off planning for your retirement and get caught up in more immediate financial concerns. But your retirement can span decades, and to live comfortably you will want a healthy nest egg set aside. With good financial planning, saving for retirement can become second nature.
By using the following means of financial preparation, you will be more likely to enjoy your retirement:
Look after your super
Superannuation is specifically designed to give you a tax-effective means of savings for retirement, and it pays to look after it. Try to choose a flexible super fund. Check if you are eligible for government superannuation co-contributions, which will mean the federal government will lend a helping hand. Salary sacrificing into your superannuation, in which your employer makes pre-tax contributions, is a smart, tax-effective means of preparing for retirement.
Make the most of your assets
When it comes to retirement, you don’t want to be entirely reliant on your super or the age pension. Accumulating assets will give you a back up. Choose assets that will grow over time, such as shares and property, to ensure that your capital will increase in value and keep pace with inflation. Try to diversify your assets, so if you lose on one, your entire nest egg won’t be damaged. At the very least, assets will provide you with a tangible form of wealth.
Choose wise investment strategies
Making wise investments earlier in life can provide a great source of income for your retirement. Choose quality long-term investments over speculative investments that are more likely to lose value quickly. The basic investment classes include:
- Cash - for low risk, low return saving.
- Fixed interest - for relatively low risk and moderate returns.
- Property - for moderate to high risk and returns.
- Australian and foreign shares - high risk investments with potentially high returns.
Investing in as many of these as you can will spread your money and limit your risk. Seek sound financial planning advice when investing, but learn to manage your own affairs and always be the one to sign off on any investments made under your name.
We can give you the financial foundation for a comfortable retirement. For help with financial planning for your retirement, speak to one of our Financial Planners on 1300 654 193.
Terms and conditions
This information does not take into account your objectives, financial situation or needs. Therefore you should firstly consider the appropriateness of this information and refer to the Terms and Conditions or Product Disclosure Statement (PDS) before acquiring a product. These documents are available by contacting Financial Planning on 1300 654 193.
*Offer available to initial consultations booked between 3 April 2017 – 31 May 2017. Consultations may take place after the promotional period but before 29 September 2017. This information does not take into account your objectives, financial situation or needs. Therefore you should firstly consider the appropriateness of this information and refer to the Terms and Conditions or Product Disclosure Statement (PDS) before acquiring a product. These documents are available by contacting Financial Planning on 1300 654 193.