A financial plan is your roadmap to achieve your highest priority life goals and helps you mapout your financial future. When you have a financial plan, we empower you with a wealth of knowledge and education so that it’s easier to make crucial financial decisions and stay on track to meet your goals.
The true value of working with an adviser include:
– Less financial stress
– Sleeping better at night
– Gaining the knowledge and education to make good financial decisions
– Not making the wrong financial decisions throughout your life journey
Your initial engagement cost typically starts with an agreed fee for service to cover identifying your needs, developing your strategy and implementing of the recommendations. An ongoing service fee is charged to complete regular health check and review of your plan to ensure it meets your changing circumstances & to keep you on track to achieve your highest priority goals.
We listen to you, we work hard to gain your trust, we value our relationship and strive to make a positive difference in your life.
At Wealth Street, we believe that knowledge and wealth will give you more choice about the way you want to live. Creating and protecting wealth doesn’t happen by chance. To get good financial results, you need good financial advice. That’s where we come in.
Protection against life’s uncertainties is sensible financial management. Investing in personal insurance will ensure that you and your family can continue to enjoy the quality of life that you want in the event of an untimely illness, injury or death.
Personal insurance can be structured to provide for such things as the repayment of your debts upon death or disability, financial assistance for dependants and protection against the loss of income.
Wealth protection is often confusing to many people and sometimes, it can be difficult to determine how much cover you may need at some unknown point in the future based on an unknown circumstance.
Professionals providing personal advice will work closely with you to develop and design a suitable strategy to transfer as much risk as needed to provide you peace of mind and a sense of financial security.
The following are the major types of risk cover that any individual should consider:
Trauma: covers major illnesses or injuries that will make a significant impact on a person’s life, for example, cancer or a stroke.
Total Permanent Disability (TPD): covers rehabilitation costs, debt repayments and the future cost of living if you are totally and permanently disabled.
Death or life: insurance that is payable in the event of death.
Income protection: cover for when you are unable to work due to injury or sickness.
The following are the major types of risk cover that any individual should consider:
An insurance policy will cover you based on a set of events or circumstances that relate to your health and well-being.
It is important to understand the type of cover you are applying for and check your policy contract and Product Disclosure Statement to make sure that your personal and family needs have been identified and addressed correctly.
The short answer is NO
You may have some death cover through your superannuation fund however may come to realise that you were not involved in deciding how much protection has been put in place and whether this amount is sufficient to take away the financial stress that can associate with unexpected health issues.
This will depend on what sort of lifestyle you want in retirement and whether you want to enjoy more time travelling, dining out, upgrading your personal assets or helping out your children. It’s also important to consider whether you will have paid off your home mortgage prior to retirement.
To provide you a rough guide, the Association of Super Funds Australia (ASFA) has estimated that a comfortable retirement costs in excess of $43,000 a year for a single person and $59,000 a year for a couple.
Every person’s situation is very different and this really depends on your age, personal lifestyle and financial commitments.
Salary sacrifice sounds painful however is certainly worth talking to us about. It involves tax effectively drip feeding additional contributions into your superannuation savings with the goal of making a significant positive difference over time.
After your 60th birthday and upon retirement for anyone that was born after 1st July 1964. You need to remember that Super is designed specifically as a way of saving for your retirement so that you can support your desired lifestyle later in life.
Generally, setting up a Self-Managed Superannuation Fund is not for everyone.
SMSF may be suitable for people that have accumulated a substantial amount in superannuation and are looking for more flexibility and investment control over their retirement savings.
The short answer, YES
Before we begin discussing how to plan for a successful retirement, we need to understand the significance of longevity and the simple fact these days people are living longer, which means we will all need to save a little more for retirement.
We help you navigate and understand the investment process and then provide you recommendations of the most suitable investment that meets your high priority objective. Investing is a choice many people make at one point or another, in the hope of building wealth throughout their life.
Before recommending any investment, we consider two very simple but critically important things; 1) Where you are now and 2) where you would like at some point in the future.
We will also consider current economic conditions, the outlook of a particular asset class or type of security, and how the investment fits within your portfolio given your objectives and tolerance for risk.
This is a type of investment that brings the assets of multiple investors into a single investment pool, with a common investment strategy or objective. The benefits of a managed investment are that you have access to professional management, lower costs through economies of scale and access to greater diversification.
Investing in shares will make you part-owner of a business. Shares can be a sound long-term investment but are very risky to use in the hope of making a quick buck.
Shares may also be referred to as stocks, securities or equities.
As with any investment, it’s really important that you seek advice to ensure that you understand the many different risks that are associates to each type of investment. Generally, you will need to understand that when committing to purchasing an asset, the longer that you maintain the investment the more that mitigate the risk losing capital.
Not wanting to deal with an unexpected financial challenge is perfectly understandable, but ignoring the situation is not a productive, long-term strategy.
Life has become very complicated to manage. Your personal finances are no different. You need to have in place a financial plan that considers your personal situation, your current financial position, your high priority financial objectives and the things than can go wrong along the way.
The first question you need to ask is Do you know where your cash is going each day?
There are a lot of budget planning tools available online. It’s a matter of writing down and prioritising your ‘needs’ and ‘wants’ and then deciding what’s most important to spend on so that you can achieve your milestones throughout life.
Get started now and refer to https://www.moneysmart.gov.au
It so easy to get into debt and you need to be disciplined to stick to your budget. You will need to set yourself personal goals and lifestyle objectives that will act as your motivator to manage your cash so that your money is working smarter for you; and not harder.
… extremely personable and passionate about his profession but more so about his clients. His commitment to going the extra mile and putting their needs first impressed me from day one and it will strand him in good stead in then rest of his professional career…
… well regarded in his field. He has all the right tools and methodologies required to improve one’s personal financial status. He has definitely provided me with the right advice and helped me put together a plan worth implementing. I would recommend as a financial advisor to any of my friends and colleagues…
… an affinity in communication and can simplify complex situations by means of his logical thought processes and ability to communicate with a vast array of different personalities. I recommend Michael highly, and can vouch for his mantra of success…