Want to take your business to the next level?
Join us on Thursday 17th May 2018 @ 5:30pm and we'll show you how...
Our seminars are designed to support our business community build higher performing businesses that can achieve a higher selling price.
The key ingredients of GROW > SCALE > EXIT are like links in a chain. You need all 3 in place to realise your business potential.
eiAs a valued connection we would love for you to join us for SCALE YOUR BUSINESS, Part 2 of our 3 Part Series. The seminar dives deeper into how few businesses are able to scale and reach extraordinary levels of growth and why the rest don't.
By attending this event you'll learn how to:
In the session we learned:
It's time to stop sitting on the fence and Realise your Business Potential!
To your success,
Kade Anthony and the Team at Southern Advisory
It's difficult to fully appreciate 'what you don't know' and what it takes to realise your 'full potential' as a business owner.
A financial advisor can help you work out how to manage your money to help build your wealth and reach your goals...
Money may not buy happiness, but a sense of control over your finances, and working towards reaching your goals, just might.
Good financial advice can help with this, by giving you the opportunity to make the most of any money you earn in your lifetime – whether that’s a little or a lot.
It's never too early, or too late, to see a financial advisor. Here’s a bit more about what expect and how to prepare.
How a financial advisor can help
An advisor is like a personal coach for your money. They bring the knowledge, expertise and guidance to identify your financial goals and help you reach them.
They’ll spend some time with you up front to understand who you are and what you’d like to achieve, taking into account your entire financial situation. Then, they can tailor a plan to help you get there.
You can choose how involved you’d like an advisor to be. You may only want to meet with them when something happens that causes you to reconsider your finances, like buying a house or starting a family, or you may want a more comprehensive, long term plan.
Here are some of the specific ways a financial advisor can help:
Debt and cashflow
Form a strategy to help you better manage your debts and expenses, so you can make the most of the money you have.
Explain how different types of insurance work, what they cover you for, and help put in place the right amount of protection in case things don’t go according to plan.
Explain different types of investments, and help you choose those which will best help you reach your goals and fit with your appetite for risk.
Super and retirement
Help you work out which super fund is right for you and advise about your super investment options, or help you set up a self-managed super fund. If you know the type of retirement you’d like to have, they can recommend ways to help you achieve it.
What to expect when meeting a financial advisor
It’s always a good idea to think about your current personal and financial situation and future goals before working towards a plan to achieve them.
It’s also important to be honest and as accurate as possible so your advisor can give you the most relevant advice.
When you meet with an advisor, the steps they’ll take are:
Your personal and financial situation
Your advisor may ask questions about your circumstances depending on your goals and motivations for seeking advice, so it helps to take any documents along with you, related to things such as:
It’s also helpful to take some time to think about your goals before the meeting. Your financial goals could be long-term, short-term or both, and may include things like:
Your expectations and the costs
You should also discuss whether you’d like their advice to cover one aspect of your life, or your finances more broadly. The range of advice to be provided is referred to as the ‘scope of advice’ and is an agreement between the advisor and yourself. The advisor must ensure that the scope of advice addresses your goals, objectives and needs and they must discuss this with you prior to proceeding.
Setting these guidelines clearly will also help the advisor to provide information about the cost of their advice.
While the initial meeting with an advisor may be free of charge, the costs after that vary depending on the complexity of the advice, frequency of advice and the types of financial products recommended.
The statement of advice
Using the information gathered at the first meeting and further research, the advisor will put together a written document called a 'statement of advice' with detailed recommendations to help you achieve your goals.
All advisors must only provide recommendations to products that are in your best interests (not theirs). This is called Best Interest Duty and you will see information about the research they’ve done and why they chose the product in your statement of advice. It’s recommended that you review the product and strategy in detail at home and only agree to commit if you fully understand it.
Once you’ve put a financial plan in place, reviewing it annually is important to make sure it continues to meet your needs and goals, which are likely to change over time.
Please feel free to Contact Us if you would like to arrange a review or wish to discuss your personal situation with one of our advisors.
Achieve successful growth, scalability and succession
You are invited to GROW YOUR BUSINESS, part 1 of our 3 part series which is designed for growth-orientated small and medium-sized business owners
Thursday 22 March 5:30-7:30pm with networking to follow
Tradies Event Centre, 57 Manchester Road, Gymea
Tickets $25 per person
(proceeds donated to Red Kite Charity)
Why should you join us?
Are you looking to take your business to the next level? The concepts and principles apply to any type of business and are designed to give you simple, yet practical advice along with the tools and strategies that you can implement into your business immediately.
The 3 keys links to the chain for business potential:
GROW YOUR BUSINESS, Part 1 of our Realise your Business Potential seminars will look closely at your business and be challenged to adapt.
Join Nik Ahkin from FBZ Accounting and Kade Anthony from Southern Advisory as they deliver simple, yet practical advice along with tools and strategies that you can implement into your business immediately.
Attending and implementing will create change!
It’s difficult to fully appreciate ‘what you don’t know’ and what it takes to realise your full potential as a business owner. Imagine you had the knowledge with the right advice and support you have been looking for from an experienced business adviser, how might you do things differently?
It is about now when those well-intentioned New Year resolutions start to come under pressure.
The summer holidays are behind us, schools are back and the rhythm of life is returning to a familiar routine.
The bigger, bolder ambitions for the New Year are often the first to fall by the wayside simply because of the level of difficulty.
But instead of thinking big and bold what would the impact be of making a small change. Nothing radical, more of an adjustment than a rewrite of your lifestyle.
It is probably safe to assume that not too many people had retirement planning on their New Year resolution list. But it is definitely an area where small changes – depending on your age – can make big differences.
Our superannuation system mandates that 9.5 per cent of wages is paid into superannuation. But that is already slated to rise (albeit slowly) to 12 per cent by 2025. So is 9.5 per cent enough or should you be saving 12 per cent given that is the longer-term goal the government has settled on.
Or should you be listening to the actuarial professionals who point to 15 per cent of wages being the more reliable answer to the question of how much is enough?
Lifting your super contributions from 9.5 per cent to 15 per cent probably sits under the heading of bold, aspirational target for many people.
Today's imperative – putting food on the table, paying energy bills - rightfully takes priority.
But what about if you shifted the dial on your super contributions just a little – say half of one per cent – to 10 per cent a year. And committed to increase by the same amount each year until you hit the 12 per cent target.
Using the Retirement Planner on the financial services regulator ASIC's Moneysmart website gives you an easy insight into adjusting your contributions. For a 30-year old earning $70,000 today the super account balance (in today's dollars) is projected to be $276,000 at age 67 when contributing the mandatory 9.5 per cent.
If you increase your contributions to 10 per cent your account balance will go up by $12,200. If you take the bigger step of going to 12 per cent contributions the account balance is projected to rise to $337,700 – or $60,700 more to spend in retirement.
Context is important motivation here. As investors inertia and procrastination are two behaviours that typically work against us. Yet a modest increase in contribution level – perhaps a $100 or $200 a month – can make a significant difference over the long term and by dialling up your salary sacrifice contributions via payroll deduction is an effective way of harnessing the inertia and letting time and markets work for you.
Before we know it will be time for setting next year's New Year resolutions.
Source: Robin Bowerman, Head of Market Strategy and Communications at Vanguard for Smart Investing
See how your ritual of grabbing a coffee on the way to work or as an afternoon pick me up can impact what you owe on your home loan...
Full disclosure: I don't drink coffee. I don't like the taste and don't need the caffeine (I'm high-energy enough).
So I can reveal the below without twitching, sweating or risking withdrawal headaches (which you should also probably know I had for a month when I quit Diet Coke).
Your ritual of grabbing a coffee on the way to work, at lunch or as an afternoon pick me up is adding 154 minutes a day to your mortgage.
Your tastes may run to cappuccino, which figures from the Skip ordering app suggest is most common in Sydney and South Australia. Perhaps your hot beverage of choice is the flat white, as in the Australian Capital Territory, Queensland and Western Australia. Or maybe – most likely in Victoria and Tasmania – you're a latte lover. (And I don't pretend to know the difference.)
No matter. Your daily micro-spend on the apparently delectable micro-grounds is keeping you in debt far longer than necessary.
To show the slow-roasted damage, I've taken it that you pay $4 per coffee a day, 365 days a year – a $1460-a-year habit.
I've also assumed you hold the average Aussie 25-year home loan of $376,200 at the Mozo-calculated average rate of 4.9 per cent.
Well, if you redirected from your mouth to your mortgage just your coffee money, you'd slash your interest bill by almost $31,000… and crucially get out of debt two years and five months early.
That reduction in time, produced by your no-coffee commitment for the remaining 22 years and 7 months, equates to a saving of 154 minutes a day – or more than 2.5 hours.
How long does it take you to drink a coffee? Maybe 15 minutes? It costs you 10 times that long! You could even retain the presumably pleasurable habit by buying one of those fancy-shmancy DIY coffee machines, the likes of which George Clooney spruiks (see, nothing can get me interested in coffee).
Push the boat out and pay $600 for it, and you'd still only need to drink 150 cups (which at one-a-day would take roughly five months) before the cost would drop to the price of the ingredients alone.
And what of that other routine outlay we finance boffins are always chastising people about: buying your lunch? Again this one's easy to report – not just from a wealth but also health perspective, I virtually always make my midday meal (tuna and salad costs about $2).
Even I believe a (reasonably priced) weekend avocado extravaganza is deserved at the end of a long week, but let's skip paying potentially a net $10 each weekday – $2600 a year – for a bought lunch.
That's adding 274 minutes (or 4.5 hours) a day to your debt-sentence. You could instead get mortgage-free four years early… and save $50,349 in the process.
Dare I mention wine? Yep going there – we'll assume four bottles a week are shared in your household, allowing for a slightly squiffier weekend, at $15 a bottle. Or the same amount in beer or whatever your poison.
That $60-a-week or $3120-a-year "tipple" is extending your loan by 323 minutes – almost 5.5 hours – a day.
Striving to put yourself in a superior financial position by cutting back on this or that can be a hazy, haphazard and hard-to-maintain goal. However, think about your frequent indulgences not in terms of potential money savings but time savings, and you may well find the motivation to curb them.
Of course, the saved coin has to go directly on the mortgage… not be sucked up by other consumption.
But if debt-freedom years earlier is the coffee/lunch/wine "carrot", there's also a stick.
Stories are rife about a looming mortgage crisis and the alleged "perfect storm" coming at people with home loans.
Indeed, I wrote one myself about the fact mortgage interest rate rises to just 8 per cent today would be the equivalent of the excruciating 17 per cent of the late '80s and early '90s.
But ditching your debt gets you entirely out of danger – and with rates at record lows, for now, it's never been cheaper.
Full disclosure: I do drink wine… everyone needs a vice. But anything you can do to trim yours will get you closer to mortgage-clear.
Source: Nicole Pedersen-McKinnon for Sydney Morning Herald, 31 August 2017
To all of our valued clients,
It's been a wonderful year for all of us at Southern Advisory, and we have a lot to be thankful for. Before the year comes to a close we wanted to say 'thanks' for your support during 2017 and extend warm wishes to you and your family.
Please make the most of the holidays and we look forward to providing financial advice and guidance to you in the New Year.
Seasons Greetings from the Southern Advisory team,
Sean, Kade, Zel, Jorja, Kat & Jill
** Our office will be closed from Friday 22 December 2017 and will re-open on Monday 8 January 2018 **
Pensioner Christine Brown has been told her husband’s life insurance policies will not be paid out.
The widow of a popular Kalgoorlie-Boulder boilermaker and horse trainer who died last year after collapsing at Kalgoorlie-Boulder Racing Club’s stables has been left heartbroken after learning her husband’s life insurance policies will not be paid out.
Pensioner Christine Brown, who turned 66 in November and has been left with an estimated $150,000 mortgage, said she may be forced to sell her Hannans home after claims on two separate policies taken out with Westpac and Combined Insurance by her late husband, Robert, were knocked back.
Mr Brown, whose crowning achievements included winning the Boulder Cup in 1972 with Pomme D’Or, was tending to his horses at the stables on the afternoon of July 11, 2016, when he collapsed after suffering a brain stem stroke.
He was taken to Kalgoorlie Hospital for emergency treatment and later flown to Perth, where Mr Brown, 66, was declared dead at Royal Perth Hospital four days later.
However, Mrs Brown believed an accident at the round yard at the stables two weeks before Mr Brown’s death, in which she said he became tangled in his horse reins and fell backwards, sustaining a blow to his head, could have contributed to his death.
Mrs Brown informed the coroner about her husband’s fall in the round yard.
After the fall, she said, the normally fit Robert was unwell and suffered regular headaches, but neither the coroner’s report, nor medical records from the time, acknowledged the incident played a role in Mr Brown’s death.
The coroner’s findings, dated September 27 this year, ruled the death was by way of natural causes, triggering Combined Insurance to tell Mrs Brown on October 10 it would not pay out the $120,000 accidental death policy, which she said was taken out to comply with her husband’s trainer’s licence requirements.
Mrs Brown said Westpac’s decision not to pay out a separate $100,000 accidental death policy the couple took out in August, 2000, a year before they married, was also devastating.
She maintains that for more than 15 years, they thought it was for general life insurance, not accidental death insurance.
According to Westpac, it covered accidental death only, meaning the bank would not pay in the event of a death by natural causes.
The position was supported by a report by Financial Ombudsman Services Australia dated March 27, which ruled regular renewal notices sent to the couple since the policy was signed established that it was for accidental death only and they would have been aware of that fact.
While she believes she has little chance of winning her dispute, Mrs Brown wants other people to be aware of the fine details of their life insurance.
“Make sure when you’re getting into an insurance policy, to make sure that you know whether it’s an accident(al) death or it’s a life insurance,” she said.
“You’re paying out money that your husband is working his guts out for or your wife is working her guts out for, thinking that you’re going to be covered through an insurance policy. You work that out for 17 years, paying into a policy, and then you find out that it’s worthless, just worthless.”
A Westpac spokesman said the bank did not normally comment on specific cases, but noted the ombudsman’s finding.
“We note the ombudsman has reviewed this matter and has found in our favour saying that Westpac ‘was entitled to deny the claim’,” he said.
“We are always happy to look at additional information in support of the claim should it be provided.”
The past year had been a “nightmare”, the mother and grandmother said.
“To talk about Robert’s passing again and again and again there’s no compassion with insurance policies,” she said.
“You’re thinking you’re going to get paid out this policy, so you can at least get out of debt. It’s not fair on my kids or on Robert’s kids that in the end, when you die, you’re going to leave them nothing. I’m not going to lose this house.”
A Combined Insurance spokesperson could not respond before The Miner went to print yesterday.
Source: Josh Chiat - The Miner, WA Thursday, 26 October 2017
Imagine always having spare income to add to your investment so that your money is constantly working harder for you? According to Simple Savings’ Jackie Gower, it’s not a pipe dream with these common sense tips for cutting expenses...
Curtailing your spending is no easy feat, especially if you have a family. But there are some simple ways to cut back that may mean a bigger investment portfolio.
Usually the biggest bill in any household, but luckily, it’s one of the easiest to diminish. As the TV chefs always say, cooking at home is the key. “We know of families who’ve reduced their weekly food bill by as much as 50% as a result of menu planning,” Jackie reveals. Also, look beyond the supermarket. “Taking the time to shop around your local butcher and greengrocer can result in valuable savings.
The answer to saving here, Jackie says, is to review and compare. Do your research and check out deals from different providers. This is not the most exciting task, but Jackie estimates one to two hours on the phone or online could save you several hundred dollars a year.
Potentially another large household expense. “The best way to cut-back on petrol is not to use it. Walk, ride or use public transport whenever possible. Car-pooling is also a great cost-saver. Make a list of your errands over a fortnight and try to get them done in the same area at once.
Everyone automatically reaches for their wallet here, but fun can be reasonably priced, or even free. Check out exhibitions, markets, walks and local fairs. Host a movie or games night, or pack a picnic and head to the beach or a national park. And, instead of buying new toys, join the local library or toy bank if available. The kids can play with exciting ‘new’ toys as often as they like - for free,” she adds.
More thrifty hints...
If you’re terrible with money, downloading an app to track spending could be your salvation. “One tried-and-true app is TrackMySPEND” our expert says. Finally, if you really struggle with self-control, many banks offer accounts with online-only access, or require you to go in to make a withdrawal. This can prevent you going on mad sprees with your EFTPOS or credit card. The important thing is to take the first step, as Jackie affirms, “Aim as big or small as you like. Any saving is a good saving.”
Source - https://www.simplesavings.com.au/21dollarchallenge/about/