2020 was a year that left us all a bit shaken and seeking a greater sense of security. When it comes to your personal finances, it always pays to have a game plan and perhaps now more than ever. Here …
Growing wealth is the best way to ensure your future comfort and stability, yet too many of us focus only on our day-to-day financial concerns.
The sooner you have a wealth accumulation plan in place, including a Superannuation Management Plan, the more advantage you can take of the magic of compound interest and dividends to grow your savings and investments.
Do I need a Wealth Accumulation plan?
Whatever age you are, a well-thought out investment strategy can help you achieve the most comfortable and secure financial future – no matter what life throws at you. It’s important to be educated about the rhythms of the market, risk vs return ratios, and your own risk profile and philosophy, which is where getting professional advice can really help.
What can a Wealth Accumulation plan cover?
A well-constructed Wealth Accumulation Plan, which includes a Superannuation Management Plan, will consider your life circumstances, goals, income, assets and risk profile, in order to develop a well-balanced mix of investments, with a mixture of core investments and growth investments.
At Insurance Advisory Service, our Wealth Accumulation Plan and Superannuation Management Plan advice and expertise includes:
- Reviewing your existing super fund (funds) to tell you how it (they) compare (s) to other funds available in the market.
- Analysing each of your existing superannuation funds and contrasting the benefits available within these funds.
- Should you have multiple funds, we will investigate whether consolidating is a good option.
- We’ll review your current super funds to ascertain the levels of insurance attached.
- We will also review your superannuation death benefit nominations. This will ensure that if something did happen to you, these funds and any life insurance payouts from within your super will be paid to your chosen beneficiary.
- Once we have compared your fund(s) to others, we will then look at whether what your fund is currently invested in matches your correct risk profile and is consistent with achieving your goals.
- We provide education surrounding knee jerk reactions to market fluctuations to ensure you don’t make any hasty decisions you may regret.
Other things to consider
It’s important to review your Wealth Accumulation Plan and Superannuation Management Plan regularly and adjust it as your age and circumstances change. We prioritise annual reviews with our clients to make sure that their plans are always up-to-date and the best fit for their needs and life stage. Since you do not stop living at age 65, your investments should continue growing or maintaining value throughout your Retirement phase too.