So independent advice is important!
Click the link below to read an article that highlights the results of a survey that has emphasised the importance of investors and retirees seeking independent advice.
As a firm, Evolution Financial Planning is one of the few businesses that offer transparent and conflict free advice with a flat fee for advice rather than charging a percentage against assets.
While the fallout of the Hayne Royal Commission and the major banks offloading their advice businesses and paying billions in remediation has been significant, our firm will continue with annual engagement, consistent and simple strategies that are low turnover and generally lower cost and providing support and advice around the important milestones in your family’s financial lives.
The times when you should be seeking advice can include but not limited to:
Purchasing a new home or business.
Looking to retire within 5-10 years.
Seeking assistance with aged care options for your parents.
Assisting your children to save for a deposit for their own home.
Selling a business to fund your retirement.
Reviewing the financial risks of having debts, replacing income streams or protecting business partnerships from illness , serious injury or death.
We want Evolution Financial Planning to be the business of choice when business owners and professionals are seeking independent financial advice.
Our search for independence has already borne great outcomes: The following case study is of a local professional family who found our firm by “Googling” - Independent Advice. We were the closest firm to them and they reached out to see if we could help them.
The hardest part of getting financial advice is the first appointment. Click the button below if you want to make a time for a Zoom meeting with no obligations and held at our expense.
CASE STUDY:
A young professional family from Byron Bay had received ad hoc advice from a national advisory firm that focussed on medical specialists. When they came to Evolution Financial Planning, they were concerned about the structure of debts and costs. They held some policies for financial protection but with the addition of their son and a change in jobs they required a thorough analysis of protection needs. They held a number of super funds but being a young family, they weren’t really engaged with the asset allocation or fund selection. Like many young family’s, their main concerns were normal but they wanted to concentrate on growing and nurturing their family and to not worry about finances.
After reviewing their total position and having a better understanding of their cashflow ( income less expenses OR Profit & Loss ) and analysing their family balance sheet ( Assets and Liabilities) we agreed that their overall wealth management plans needed a comprehensive overhaul. We were able to:
Create a wealth protection plan that repaid debts and provided a replacement income stream until their their son reached age 18 in the event of death, major illness or injury. These policies underwent a medical underwriting process to provide certainty at a possible claim time. The insurer was aware of all medical history which makes it easier to claim in the future. Not all insurers require an underwriting decision and these policies are easier to get but harder to claim for. These policies have no commissions linked to them and this provided a lifetime saving of 25% of costs until the policies are cancelled or a claim has been paid. The policies were structured in such a manner that some costs were borne by their super funds and some from cash flow. All previous policies were paid from cash flow with commissions and no structuring of stepped versus level.
We consolidated their respective super funds after comparing many options and we provided an offer that was low cost and market linked with an ongoing strategy that provided dollar-cost averaging, rebalancing and would suit them until retirement.
Now that we have properly funded their retirement plans and estate plans with suitable levels of insurances, we were able to incorporate wills with testamentary discretionary trusts. This will provide tax-effectiveness and a level of asset protection for future generations.
This is an example of how transparent and independent advice can really make a difference to young family lives.
If your curious about getting your family finances sorted without complexity and high costs, make a time for a Zoom meeting and we will discuss how we work with clients in creating confidence and certainty around money.
