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Wealth management tips

Wealth management tips to optimise outcomes for your future…

The following wealth management tips are designed to help you with your role as the economic manager of your financial well-being. The role of economic managers is to efficiently allocate financial resources to optimise outcomes for the owners and users of those resources.

It is useful to start any management process with a plan: in regards to wealth management such a plan will be more likely to succeed if it is goal-oriented. The process to get to the successful outcome will include evaluating current and available resources, understanding the risk features of both the investments being considered – and your own aversion to taking financial risk, being clear as to the time horizon for the investment, setting SMART(1) goals and then monitoring the progress of the plan once implemented.

Ultimately, wealth management is a discipline: designing a plan and executing it; reviewing the outcome periodically, revising where appropriate; and celebrating successes along the way – all making for an enjoyable experience.

Some wealth management tips to consider, include the following strategies:-

  • working to a personal/ family budget – isolating personal costs from investment account and/ or business/ work-related costs;
  • increasing contributions to your superannuation fund (being mindful of relevant annual and other, ‘caps’);
  • salary packaging to take advantage of any Fringe Benefits Tax concessions available to you;
  • supporting a regular savings plan to achieve clearly-understood financial goals;
  • undertaking a debt recycling (reduction) strategy in a tax advantaged process;
  • insuring your wealth creation/ accumulated assets through adequate and appropriate life insurance products (again in a tax effective way); or
  • reviewing your Wills and other Estate Planning documentation/ needs?

Your adviser at Continuum Financial Planners Pty Ltd is available to consult to you; and advise on any of the above matters. To read more about each of these financial activities, Search our website Library for the selected topic (a selection of articles from the Library have been linked above).

Periodic reviews of progress – and of continuing relevance will ensure that the most satisfactory outcomes are achieved..

To review your wealth management plan, contact our office (on 07-3421 3456) – or using the Contact Us page on our website, to make an appointment to meet with one of our experienced financial advisers: your first meeting as a prospective new client will be at no cost to you.

(1) SMART is the acronym for: Specific, Measurable, Achievable, Realistic, and Time defined.

(First published as a newsletter article in June 2011, this post has been refreshed from time to time, most recently in January 2019.)

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