Self Managed Superannuation Fund Services
Self Managed Superannuation Funds (SMSF) are becoming increasingly popular and they may be the right structure for you too if you want to take more control of your superannuation investments. There are three key reasons for establishing your own SMSF:
- because you want to control your own finances,
- you want flexibility, and
- you want a broad range of investment choice.
With an SMSF, you can typically choose investments such as:
- Term deposits
- Australian and International shares
- Managed funds
Superannuation law can be complicated and the laws do change which makes managing an SMSF a considerable responsibility.
Before you leave your current super fund to start an SMSF you should discuss your options with your financial adviser and accountant. You should know what you may be losing from your current fund as much as what you might gain from making that choice to establish your own SMSF.
Budgeting & Cashflow
An essential part of any financial plan is the ability to follow a budget and manage a basic cash flow.
Developing a budget that suits you and your lifestyle is the fundamental first step that will lead you to live the life you want now and in the future.
Repaying debts quickly and reaching saving targets are achieved by the use of a sound budget.
We will re-assess your budget periodically to determine if the budget requires any changes to suit your current financial situation. We at Warby Hawkins & Partners understand that situations change and your budget needs to be able to adjust accordingly.
General Portfolio Construction
Warby Hawkins & Partners offers general portfolio construction advice with the aim to point you in the right direction regarding your investment decisions.
We can give advice regarding the following points:
- Investment transaction information
- Summary of portfolio asset allocation
- Rate of return analysis both income and growth
Having an estate plan in place enables you to control your assets during your life and after your death. This will enable you to provide a solid foundation for your children and future generations in your family.
Not all aspects of your financial assets are covered in the terms of the will. It is important to have a comprehensive estate plan (not just a will) to ensure “all” assets are transferred in accordance with your wishes.
Risk Management & Insurance Advice
Building wealth is important, but protecting your wealth is just as if not more essential. It is imperative to understand the impact insurance plays in a person’s financial situation. If you are unable to work at some point in time due an unforeseen circumstance you need to be able to maintain your standard of living, especially when you have dependents. Therefore risk insurance plays an critical role in building a financially secure future and this importance must be understood.
Each situation is unique and not every insurance is required. Each insurance has a purpose and not every person will need understand every single type of insurance, however it is vital to understand which insurance is relevant to your particular situation. There are 4 main types of insurance:
- Life Insurance
- Total & Permanent Disability Insurance
- Income Protection Insurance
- Trauma Insurance
When assessing your financial situation we will look at these 4 main insurances to determine if it is necessary and we will explain why.
As you progress through life your circumstances will change and it is very likely that this will affect the level of insurance that will be required, so it is necessary to review regularly.
Having an effective tax plan in place is crucial if you are going to be as effective as possible with the wealth that you are accruing. At Warby Hawkins & Partners we will develop a tax plan that is tailored to your own circumstances and help you get the most out of the income you are earning throughout your working life. It is essential that you understand what the plan is meant to do and understand why we believe it is the correct plan.
There are a number of avenues to legally reduce your tax position, whether it be through superannuation contributions, certain business structures, negative gearing, or salary sacrificing, there are many ways that we can help reduce the overall tax you pay.
Superannuation is one of the most important aspects of retirement and is the governments preferred investment vehicle for saving for retirement. Understanding your options in terms of superannuation and knowing where your superannuation is situated is extremely important, especially when this investment will end up supporting your retired life.
A lot of individuals have multiple superannuation funds and in some cases do not realise where some of their superannuation may be. At Warby Hawkins & Partners we will help you find and consolidate your superannuation into the correct fund based on your individual needs.
As part of your overall financial strategy, your personal adviser can help you develop strategies to make the most tax-effective contributions into super and also advise on investments in your super that are more likely to meet your retirement saving goals.