A question I quite often get asked is what types of work do I do for clients. A lot of people think that they need a lot of money to see a Financial Planner, but really they just have to have a financial need or problem that they would like some assistance with.
Here are a few different clients I have seen over the past week:
- Brother’s who are in their late forties and are business partners. Through ongoing discussions I highlighted the need for them to have an agreement and funding mechanism in place if one of them was to pass away, this would ensure that their surviving spouse would receive the value for their portion of the business. Working with their accountant and solicitor this was all co-ordinated and sits within their wider personal insurance plans.
- A couple in their mid-fifties had started a self managed super fund a couple of years ago. As they were now drawing a pension from their funds, their accountant suggested they speak to me to receive some advice. We covered areas including ensuring they withdrew the minimum pension amount required, their fund was up to date with compliance, and their assets outside of super were set up in such a way as to maximise the benefit to them. The clients felt much more at ease as they now will rely on generating an income from all these assets for the rest of their time and were entirely sure how they were positioned. Ongoing reviews of their situation will ensure they keep on track.
- A twenty-one year old mechanic who has recently become fully qualified and started his own business. The primary issue identified was to put in place appropriate insurances. For his business I suggested he speak to a general insurance provider to look at Public Liability and cover for his tools, shed and motor vehicle; and I would help him put in place income protection to ensure he would continue to receive income in the event he was unable to work due to sickness or accident. Once these areas are sorted we will move on to look at managing cashflow and how he will handle the paperwork side of running a business – something I have found most tradies would rather not have to do.
If you can see yourself in any of these examples, or want to see how I can help you, don’t hesitate to contact me on 03 5559 7111 or send an email to email@example.com
Jarrod Lewis Dip FP AFP
Charter Financial Planning