Services I Provide as a Professional Financial Planner and SMSF Specialist Advisor


Finding a Professional Adviser

I recently had my 16-year-old son do some work experience in the office and after a few days he asked “what do you do for your clients dad?” I rattled off my elevator speech about my core belief that “I put people back in control of their finances and empower them to plan for a brighter future.” He looked at me as if I had two heads and said “yeah but what do you actually do?” Well that hit me like a brick and I realised that many people do not know what I actually do as a Professional Financial Planner. No not just a Financial Planner but a professional who lives and breathes his work and is building a business around the clients he takes care of and not around the amount of funds under management.

When I sat down with my business partner, Michael Rambaldini, and our team and we looked at what we have done for clients over the last few decades. We split the role in to 5 parts:

  • The financial plan designer who deals with the big picture of your goals and dreams and strategies to achieve them from a financial perspective. As part of this we help get back control by ensuring you are more organised.
  • The relationship builder – someone who earns your trust, becomes your financial coach and guides you through your financial journey with confidence. We deal with many clients so understand the changes in lifestyle and monetary needs as you age.
  • The investment strategist who chooses how to build wealth to fund those objectives. We bring that third-party view to help you avoid emotionally driven investment.
  • The insurance adviser who makes sense of the options available and make an assessment of the needs of the family in terms of risk management and protecting the family’s financial future.
  • The tax consultant (often with an accountant) to minimise the leakage from those returns and ensure compliance.

Now to actually show how that is done and the actual services provided I have made some lists and while not exhaustive they encompass 99% of what I can do for my clients.

A Professional Financial Planner:

  1. Guides you to think about areas of your financial life you may not have considered.
  2. Formalises your goals and puts them in writing.
  3. Helps you prioritise your financial objectives in the right order not what’s easy first.
  4. Helps you determine realistic benchmarks.
  5. Makes you accountable for your own strategies through regular reviews.
  6. Studies possible alternatives that could meet your goals.
  7. Helps you work out your best Salary Sacrifice strategy
  8. Prepares a “big picture” financial plan called a Statement of Advice for you. This should be a reference document for the detailed strategy.
  9. Suggests creative alternatives that you may not have considered including the best way to maximise Centrelink benefits.
  10. Assists you in setting up a Superannuation plan and maybe even an SMSF when the time is right.
  11. Reviews your children’s educational cost funding strategy.
  12. Provides reminders about updates to key financial planning data.
  13. Checks with you before the end of the year to identify any last-minute financial planning needs.
  14. Guides you on ways to fund health care and other lump sum expenses in retirement.
  15. Assists in preparing an estate plan for you.
  16. Cares more about you and your money than anyone who doesn’t share your last name.

A PERSONAL FINANCIAL COACH:

  1. Monitors changes in your life, career and family situation.
  2. Proactively keeps in touch with you with news and ideas, educating you along the way.
  3. Serves as a human glossary of financial terms such as alpha, P/E ratio, and franking credits.
  4. Provides referrals to other professionals, such as accountants, auditors and lawyers.
  5. Shares the experience of dozens of his clients who have also faced circumstances similar to yours. (I’m Irish so I love a story to relay a solution)
  6. Helps with the continuity of your family’s financial plan through generations.
  7. Keeps you on track with reviews to achieve your objectives.
  8. Identifies your savings shortfalls and strategies to plug the gap.
  9. Develops and monitors a strategy for debt reduction.
  10. Is a wise sounding board for ideas you are considering.
  11. I provide the necessary resources to facilitate your decisions, and explaining the opportunities and risks associated with each option.
  12. Provides “the sleep factor” so you are not stressed about money
  13. Is there for your spouse and family should anything happen to you.
  14. Is honest with you, always, even when it means saying NO!

AN INVESTMENT STRATEGIST:

  1. Prepares an asset allocation for you so you can achieve the best rate of return for a given level of risk tolerance.
  2. Stays up to date on changes in the investment world.
  3. Monitors your investments.
  4. Reviews your investments in your company superannuation plans.
  5. Reviews the costs of your existing plan to ensure it is value for money
  6. Helps transition your investments from Accumulation phase to providing a retirement income.
  7. Refers you to mortgage broker for loan and debt financing.
  8. Suggests alternative strategies to increase your income during retirement.
  9. Researches and keeps records of your cost basis on shares and property
  10. Provides you with reliable investment research and often differing views from a range of sources.
  11. Provides you with personal investment analysis.
  12. Determines the risk level of your existing portfolio.
  13. Helps you consolidate and simplify your superannuation and investments.
  14. Can provide you with technical, fundamental, and quantitative investment analysis.
  15. Provides introductions to new investment opportunities.
  16. Shows you how to access your statements and other information online.

AN INSURANCE ADVISER:

  1. Reviews and recommends life, TPD, Trauma and Income Protection insurance policies to protect your family.
  2. Advises on the best structure in terms of within or outside of superannuation to hold the policies
  3. Advises on which entity should own these policies to achieve the desired outcome in the event of a claim.
  4. Looks at Keyman and Business Expenses Insurance for professional and small business clients.
  5. Holding your hand or if the worst happens, your family’s hand while we process a claim with you in the event of illness, injury or death.

A TAX CONSULTANT (within the limits of my licence):

  1. Suggests alternatives to manage income streams and  lower your taxes during retirement.
  2. Reviews your tax strategies/returns with an eye to possible savings in the future.
  3. Stays up to-date on tax law changes.
  4. Helps you reduce your current taxes.
  5. Helps you determine and fund your desired income in retirement and minimum pension payments.
  6. Re-positions investments to take full advantage of tax law provisions.
  7. Facilitates the transfer of investments from individual names to trust(s), or from an owner through to beneficiaries.
  8. Works with your  accountant, tax agent and legal advisers to help you meet your financial goals.

I can’t live your life for you but I can smooth the way!

Are you looking to build that sort of relationship? Do you want a professional advisor that will take the time to build that trusted relationship with you. Please contact me if you want to look at your own options. We have offices in Castle Hill and Windsor but can meet clients anywhere in Sydney or via Skype. Just click the Schedule Now button up on the left to find the appointment options.

Liam Shorte B.Bus SSA™ AFP

Financial Planner & SMSF Specialist Advisor™

SMSF Specialist Adviser 

 Follow SMSFCoach on Twitter Liam Shorte on Linkedin NextGen Wealth on Facebook   

Verante Financial Planning

Tel: 02 98941844, Mobile: 0413 936 299

PO Box 6002 BHBC, Baulkham Hills NSW 2153

5/15 Terminus St. Castle Hill NSW 2154

Corporate Authorised Representative of Magnitude Group Pty Ltd ABN 54 086 266 202, AFSL 221557

This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. This website provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.

 

So How Much Can I Contribute to my SMSF Using the Bring Forward Rule


3 Year Bring Forward Rule

3 Year Bring Forward Rule

So the government have announced the revised changes to the budget as outlined in my earlier blog Opportunities after Government back-flip on the superannuation reforms announced in the 2016 Budget. Now to explore in more detail the actual workings of the new Non-Concessional contributions rules and the “Bring Forward Rule” which allows larger lump sums to be contributed by bringing forward 2 future years of the non-concessional contribution cap to the current year.

For 2016-17 the single year capped contribution amount is $180,000 and then from 1 July 2017 it reduces to $100,000. So this year you can still use the bring forward rule to contribute the full $540,000 before June 30th 2017 and that has been confirmed by treasury. However if you do not have enough to meet that full contribution limit you can still trigger your cap by contributing at least $180,001 before the end of the year. Note that you may also have already triggered that rule in one of the 2 previous financials years and be wondering how much of the cap you have remaining. Well this table will clarify that for you.

bring-forward-caps

 

In summary the Limit to Bring Forward Contributions  based on year triggered are:

bring-forward-caps-summary

So for example;

If an SMSF member triggered the Non Concessional Cap bring forward rule this financial year with a $300,000 non-concessional contribution and could not make another NCC contribution before 30 June 2017, they could only contribute $80,000 as a non-concessional contribution in the 2017/18 financial year.

$1.6 million eligibility threshold and how it affects the 3 bring forward rule for contributions made after 1 July 2017

From 1 July 2017 another rule also applies that affects NCC contributions. Individuals are unable to make further NCCs where their total superannuation balance is $1.6 million or more (tested at 30 June of previous financial year). Where an individual’s balance is close to $1.6 million, they can only make a contribution or use the bring forward to take their balance to $1.6 million but not beyond.

Superannuation Balance Contribution and bring forward available
Less than $1,300,000 3 years $300,000
$1,300,000 – $1,400.000 3 years $300,000
$1,400,000 – $1,500.000 2 years $200,000
$1,500,000 – $1,600.000 1 years $100,000
$1,600,000+ NIL

What should you do now

If you are considering making a contribution this year then I strongly recommend that you track your previous 2 years contributions using the above tables  to assess how much you have contributed and how much you can now still contribute under the new rules.

I hope this guidance has been helpful and please take the time to comment. Feedback always appreciated. Please reblog, retweet, like on Facebook etc to make sure we get the news out there. As always please contact me if you want to look at your own options. We have offices in Castle Hill and Windsor but can meet clients anywhere in Sydney or via Skype. Just click the Schedule Now button up on the left to find the appointment options.

Liam Shorte B.Bus SSA™ AFP

Financial Planner & SMSF Specialist Advisor™

SMSF Specialist Adviser 

 Follow SMSFCoach on Twitter Liam Shorte on Linkedin NextGen Wealth on Facebook   

Verante Financial Planning

Tel: 02 98941844, Mobile: 0413 936 299

PO Box 6002 BHBC, Baulkham Hills NSW 2153

5/15 Terminus St. Castle Hill NSW 2154

Corporate Authorised Representative of Magnitude Group Pty Ltd ABN 54 086 266 202, AFSL 221557

This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. This website provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.

 

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