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Super

You can start to access your super when you hit the preservation age which can be achieved by a Financial Advisor setting up a Transition To Retirement (TTR) for you. It is a minimum of 4% and a maximum of 10% of your superannuation fund balance yearly. 

 

By the age of 65, you are granted access to withdraw all of your super.

You will be allowed early access to some of your super in the event of claiming Financial Hardship or for Compassionate Grounds. 

 

A Financial Hardship claim is completed by a Financial Advisor. For you to qualify for Financial Hardship, you must have been on continuous Centrelink payments for at least 6 months and will be asked to present a proof of overdue bills that you can’t meet. The maximum payment is $10,000 which is $8,500 after tax.

 

For you to qualify for Compassionate Grounds, it must be for one of the following reasons:

 

  • – Medical treatment and medical transport for you or a dependent;
  • – Palliative care for you or a dependent;
  • – Making a payment on a loan or council rates so that you don’t lose your home;
  • – Modifying your home or vehicle, or buying disability aids for you or a dependent because of severe disability;
  • – Expenses associated with a death, funeral or burial for a dependent;
  • – You must first apply to the ATO and then apply to your superannuation fund with the help of a Financial Advisor.

You can buy a residential or commercial investment property through a Self-Managed Super Fund (SMSF).

 

According to Australian Securities and Investments Commission (ASIC) guidelines, setting up a SMSF will require at least $500,000 combined across up to 4 people. 

 

A business owner can also purchase their own business premises and will have the option to lease it back to the business for a tax deduction.

If you were unexpectedly injured while at work, you may still be able to receive money through the Income Protection cover. You will receive up to 75% of your Gross monthly income for the nominated benefit period on your policy should you be too injured and or ill and can’t work past the waiting period of your policy. Retail income protection can cover your income for 2 years or 5 years, or even up til the age of 65 or 70.

Income protection can be fully paid for by your superannuation fund.

The decision to rollover your superannuation money from one fund to the next should be taken with caution. We advise that first, you must do your research to find out the fees, benefits and insurance that each fund offers. This can often be a difficult process to do on your own and you should seek expert advice from a Financial Planner. Often, old super funds have valuable life insurance benefits attached to them which you may not even know about. However, if you roll your funds out of that super fund all the insurance benefits will be lost and you may not be able to secure replacement cover, especially if you have health issues.

Financial Planner

A Financial planner is an experienced professional that can help you achieve your financial goals in the most effective way.

 

 A well-informed Financial Planner can help you:

 

  • – Save money;
  • – protect against risk;
  • – manage debts;
  • – grow your assets;
  • – reduce tax liabilities;
  • – plan for retirement;
  • – identify entitlements for government benefits;
  • – and plan what inheritance is to be left to your dependents. 

 

Our responsibility is to the client, not to a product manufacturer or a bank.

 

When providing personal financial advice, we take into account your circumstances and goals and act in your best interest at all times. The advice may involve the recommendation of a financial product, or it may be strategic in nature.

 

The role of a Forward360 Financial Planner is NOT to push any particular financial products. Strategy is always the key consideration.

Most people choose to see a financial adviser when a significant event happens in their life. They may need expert advice to help them consider their options and to understand their current financial position, plus a strategy for the future. 

 

The need for a Financial Planner is often set in motion by events such as: 

 

  • – Starting work or changing jobs leading to consideration of superannuation options;
  • – getting married;
  • – starting a family, and saving for education costs;
  • – buying a house;
  • – looking to start a Self-Managed Superannuation Fund (SMSF);
  • – divorce;
  • – looking to pay off the mortgage faster;
  • – looking to invest to accumulate wealth;
  • – turning 50 and planning for retirement;
  • – And inheriting money, receiving redundancy payments or other lump sum payments.

 

Once you find a Financial Planner whom you can trust, a long-term relationship develops with regular meetings to review your changing needs and circumstances.

This is a common misconception that we encounter. At Forward360, we look at your situation and provide you with a strategy that is best for you. We believe that the actual amount of assets does not matter because the situation of each individual is unique and equally important.

A Financial Planner will work to find the most optimal financial strategy for you and your needs. This process includes understanding your current situation, identifying goals, coming up with a plan that works best for what you want out of life financially, implementing this plan in order to achieve these goals on time and reviewing it periodically so as not to miss any changes along the way.

Financial Planning

To ensure that your family and loved ones will be looked after in the event of your passing, it’s important to have the following in place:

 

  • – Life insurance: to pay any debts along with enough money to cover the loss of your wage, which is especially important if you’re the main provider for the family. It will also cover education costs and other expenses for any dependents. The insurance and Total Permanent Disability cover can be paid by your superannuation fund. 

 

  • – Updated list of beneficiaries: an updated list of beneficiaries on your superannuation fund will guarantee proper compensation to those you have left. 

 

  • – Updated will and estate plan: a current will or estate plan that clearly lists out your wishes after death shall make sure that your instructions will be followed and your family will be well compensated. 

You can protect your house or any of your properties from being taken away through having the correct trust structure in place. It can help protect your assets in the event of insolvency or bankruptcy.

You can avoid passing on this burden to your beneficiaries by having a proper Estate Plan in place that can help distribute your assets to them in the most tax effective way.

Protecting yourself and your assets will help you secure your family’s financial future. You can’t afford to leave yourself or your wealth unprotected especially if you’re still in the process of accumulating wealth and paying off your mortgage. The trauma of unexpected death, accident or serious illness can be devastating for you, your family and your financial situation that is why  protecting yourself and your hard-earned assets through appropriate insurance is an integral part of the financial planning process.

 

A Financial Planner can analyse your insurance needs and recommend appropriate wealth protection solutions. The same care and expertise your Financial Planner applies to your affairs during your lifetime extends to the transfer of your assets to your family and other beneficiaries when you die. They can make sure that your wealth is transferred to the right people, at the right time, in the most tax-effective way possible.

 

Your Financial Planner can work with you, your Solicitor, or an estate planning specialist to help you structure a tax-effective estate plan using testamentary trusts and other strategies to protect your assets from unnecessary taxation or challenge.

They certainly can, but not instantly. Investing is a slow and steady but consistent way of building your wealth. With the right people to help you create the most effective strategy in making financial decisions, you will get there in no time.

Investing in different markets can increase your generated income by growing in value. Years-long investments in quality companies can certainly help you increase and sustain your wealth.

Working With Forward360

Before you meet a Forward360 Financial Planner for the first time, it’s best to be prepared so that you can get the most from the meeting. Good financial advice relies on getting a clear picture of your financial situation.

 

For example, you could start by listing:

 

  • – What you own – your home, savings, superannuation accounts, cars, shares and other investments
  • – What you owe – debts including mortgages, loans and outstanding credit card balances
  • – An estimate of your monthly income and expenses
  • – What personal insurance you have and for how much
  • – Whether you have an up-to-date Will and when it was last reviewed
  • – Copies of your pay slip, savings or offset account and super statements will also help the adviser get a snapshot of your finances.

 

It’s also helpful to do some advance thinking about your priorities and goals so you can go to the first meeting with a ‘brief’ for the adviser.

 

Coming up on a list of what you want to do is also helpful. Try to ask yourself questions like, do you want to: 

 

  • – Pay off your mortgage quicker?
  • – Build wealth and save for retirement?
  • – Protect your family through insurance?
  • – Save for your children’s education?
  • – Make the most of an inheritance?

 

Also think about the type of advice you’d like. Are you expecting the adviser to prepare a broad financial plan or do you want advice on a particular area?

Our fees are mutually agreed directly between us and our clients and are not incentivized on product sales.  We work on a fee-for-service basis and quote the fee upfront before a client commits to advice. Our ongoing advice fees, if applicable, are cancellable at any time.

Debt reduction is often the first step in the wealth creation journey, however it needs to be considered as just one part of your broader financial position. School fees, health insurance, superannuation, holidays and having fun along the way all need to be considered so we can help you find the right balance.

It is important to assess how much risk you are prepared to take in order to achieve the higher return. The return on any investment is linked to the risk associated with the investments. As the saying goes ‘the higher the risk, the higher the return’.

The dynamic investment approach that we follow has a belief structure of what drives markets and investment outcomes. Along with this philosophy, there is also a structured decision-making framework that serves to remove the emotional (and at times frightening) elements of financial markets from rational decision making. This framework also provides the necessary flexibility to respond to the dynamic nature of markets and new unexpected situations, all the while maintaining the direction and structure that a practical and disciplined investment process provides investors.

There certainly is! We do have a referral program here at Forward360 and if you wish to know more, you can reach us through 1300 84 54 54 or visit our Corporate Partnerships page.

This is a common misconception. Although we do assist clients in their 50’s and 60’s who are approaching retirement, or people who have built significant wealth, we actually provide the most value to people in their 30’s and 40’s. This is simply because the earlier you get started on your wealth creation journey, the more compounding returns we achieve from strategic recommendations, plus the more compounding wealth accumulation returns we can achieve.

 

Being ‘wealthy’ is not just about how much money you have, it’s also about financial security, freedom of choice, your health and being able to provide for your family. We find that the largest determinant of wealth is our client’s motivation to engage in and take an active role in the financial advice process.