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Bob and Shirley are 53 and 52. They both work full time and the last of their 3 children has just left home. They have a debt that they want to pay off and will now have surplus cash-flow that they want to put to good use. They don’t know for sure when they want to retire but would like an understanding of what position they would be in if they were to retire at age 65.
The 2 priorities with their surplus cash is to clear the debt and build funds for retirement. They have the ability to build funds for retirement in a tax effective manner, by way of salary sacrifice contributions, however there are limits to the contributions they can make, so we need to find a balance between salary sacrifice for Bob and salary sacrifice for Shirley. After doing so, they still have significant savings capacity, which we can direct to the loan. We also set up a separate savings account for some home renovations they would like to do over the next 5 years. We reviewed Bob and Shirley’s superannuation to ensure they are not paying any excess fees and made sure their funds are invested in a manner that will provide them a return they will be comfortable with while not taking any additional risk then they like.
By implementing the recommended strategies, Bob and Shirley will save on tax every year and this additional saving will be added to their superannuation to fund their lifestyle in retirement. They now know they will be in a position to retire at age 65 and possibly sooner if they choose to and their loan will be paid off in under 3 years.
Have you ever heard that people who win the lottery often go bankrupt within five years?
Unfortunately this is quite common, mostly because people don’t know how to manage a large amount of money; they continue to handle money the only way they know how, by spending it until it’s all gone.
Tom first came to see Jenbury Financial at 18 years of age because his father had passed away and left everything to him. Fortunately, Tom is pretty switched on when it comes to money. He had already saved up and bought his first car and was saving hard for a holiday at the end of the year. While losing his dad was a tragedy, we wanted to make sure that the financial legacy left by his father would set him up for the future.
The key things we needed to address for Tom were to use the funds:
• where possible, to minimise the chance of Tom going in to debt
• to generate income to supplement Tom’s lifestyle, now and in the future.
Tom planned to work for the next 12 months, then start a university course. We could have suggested using part of the funds to buy a house, but at that stage Tom didn’t really know where he wanted to live and didn’t want to be tied down. The funds can and should be used to fund his education (as there is no better investment) and possibly used to give him an income while he is studying, if he needs it.
While there were a range of strategies that would be beneficial for Tom, our initial recommendation was to put the money in a 12-month term deposit. This gave Tom time to think about what’s important to him and how he wants to live his life going forward.
After 12 months, Tom had made plans for the future. Funds were allocated to his education and the balance was invested in different areas. This strategy means Tom can concentrate on his education for now, knowing his money is safe and growing to help fund his future goals.
Terry is 53 and Beryl is 59. Terry earns good money and they have no debt. Over the last few years, they have built up significant assets outside of super, which is currently sitting in cash and term deposits. On top of that, Beryl has some non-super assets in the US, plus a large superannuation balance in the US, which has additional tax consequences on withdrawal. They wish to retire when Terry reaches age 65. They don’t know if that is possible and they are unsure about what to do with their cash holdings. Both pay hefty tax bills every year.
We worked with Beryl ’s Accountant, who is comfortable with the US tax laws to work out a strategy to minimise Beryl ’s taxable income and bring some of her US super to Australia to help fund their retirement. This needs to be done on a gradual basis to minimise any tax paid. We also implemented strategies with their non-super investments in Australia to move funds to their superannuation, which will also help their tax position between now and retirement and help fund their lifestyle (tax free) in retirement.
Terry and Beryl will pay less tax, build up their assets for retirement and have their money invested in a way that they are comfortable with. They also now know that they can afford to retirement when Terry reaches age 65 and possibly sooner, if they choose to.
Grace is 52. Grace’s husband has passed away and she is struggling with how to manage the finances as she has not had to worry about this in the past. Grace’s son, Chris is helping her and has Power of Attorney, as Grace cannot really manage on her own. We worked with Chris to help him invest the inheritance Grace received from her late husband, mainly from his superannuation. When Grace reaches age 56 her youngest son, who has a mental disability has to move to a home and she will lose some of her Centrelink benefits. We worked with Chris to set up a pension from Grace’s super to replace the income she will lose, but we kept it within the appropriate asset test limits to ensure she did not lose any more pension from Centrelink because her assessable assets were too high.
While Chris wants to do the best for his mum, he was out of his comfort zone. Chris relies on us to provide him support and guidance for his mum, which gives him the comfort to know he is doing the best he can for her.
Andrea was the first financial adviser my husband and I have consulted with and we were pleasantly surprised. Andrea was extremely personable and professional and a fantastic listener who has helped us better understand our goals and the best way to achieve them. The process of setting up a financial plan was painless, personalised and comprehensive.
We loved the way Andrea took the time to understand us which gave us the confidence to trust her advice. She’s helped us see just how we can achieve a financially secure future. I would highly recommend Andrea and her team.
We came to Andrea following some very negative experiences with other financial advisors. To our delight we believe we have finally found a financial advisor that we can trust and who truly does have our best interests at heart in the advice and service she provides.
Andrea is extremely honest, professional and conscientious, always providing a realistic perspective on any given situation. She takes care to present all options available and ensures the implications of all considerations have been fully explained and understood never trying to push her own agenda. She is efficient in the implementation phase, communicates with regular progress updates as required and acts as a true partner in organising financial matters. We would definitely recommend Andrea to anyone who has been burned one too many times by other financial planners. She is an advisor who really does have your back.
After being recommended to Andrea and meeting her for the first time I knew that I wanted her to handle my finances. Andrea was honest and professional and took the time to understand my financial goals and then set about helping me achieving them.
The stand out for me was when Andrea turned down a substantial monetary incentive if she got me to sign up with a certain company. She turned the incentive down, instead telling the company to use that incentive to benefit me and to come off my bill. I doubt too many financial advisors would have done that.
I have no hesitation in referring Andrea to anyone looking for a stand out person to handle your finances and I know they will be suitably impressed.
Not only did Andrea, provide financial strategy to secure my family’s future but she actually gave me the confidence and support to see it through to implementation. Andrea’s support and guidance ensured a task that I had put off for 3 years was managed professionally and with compassion – I am delighted with the outcome.
Andrea’s objective is to help me achieve financial security. I trust her!
Andrea’s advice has helped us prioritise, and make decisions that have had a great benefit to our lifestyle.
Where do I start in endorsing this amazing lady. In my role I am fortunate enough to work alongside many financial planners and every now and then you come across some shining stars, in which Andrea is one of these individuals. Andrea integrity, honesty, passion, technical knowledge and ability to clearly communicate with her clientel is second to none. She is a rising star of our industry and and I could not speak more highly of her.
We would like to express our thanks for the work you have done for us over the years. The expertise and attention to detail with which you have handled our financial affairs could not be faulted. Your honest approach reassures us that we have made the right decisions for our future. We highly recommend your services to all our family and friends.
Andrea took over managing my portfolio at Financial Services Partners in 2008. Personable and professional, Andrea has been reliable in providing sound advice over the past 4 years. I wish her every success in her own Financial Planning business.
Andrea is a successful professional planner, committed to working towards the client’s objectives. She has provided quality advice to members of my family and works hard to meet her clients’ needs.
I have known Andrea since 2004 and have found that the interests of her clients have always been at the forefront. As a service provider for Andrea and her clients, I have experienced first-hand Andrea’s commitment to obtain the right outcome for her clients, which is probably the most important aspect of the Adviser/client relationship. I do not hesitate in recommending Andrea to those people looking for an honest, diligent and client-focused professional to look after their financial affairs.
I have worked with Andrea over a number of years and am continually impressed by her knowledge and dedication. If you need a knowledgeable financial planner consider Andrea.
As a business partner I have found Andrea to be an extremely professional adviser who puts her clients at the core of all her business dealings. It’s a pleasure to do business with Andrea as she is constantly looking for new ways to enhance the client experience.
Andrea started in the Financial Services Industry in 1998, and has worked her way up to being a very sound Financial Planner. I have no hesitation in recommending and endorsing Andrea to anyone looking for a dedicated professional for their Financial Planning needs. Andrea is a Certified Financial Planner and is a person that always has the clients best interests in mind and who will do what she says she will do.
What a girl! Andrea is one of those people you meet who is everything about helping others to become more successful. In my dealings with her, Andrea has been professional, articulate and generous in her time. Her expertise as a financial adviser can only ensure those few people fortunate to be her clients will have a satisfying and rewarding relationship with her.