Financial Solutions for successful Business Owners & Professionals
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Transcript of Financial Solutions for successful Business Owners & Professionals
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 2
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 3
Wealth Empowerment – Executive Summary
A financial plan can do far more than just help you get your finances in order. It
can provide you with a wealth of advice to guide you on your journey to
Wealth Empowerment.
This White Paper explores what Wealth Empowerment is, and how to start
your journey towards it. It clarifies what a good financial plan can do, including
six strategies for Wealth Creation and eight strategies that will help ensure
your wealth and assets are adequately protected.
Goal setting is also discussed, as are the top five tips to assist you in designing
and enjoying a better financial future. Learn how to maximise your choices and
take control over your own assets and wealth creation today.
You can achieve wealth empowerment for yourself. The following pages will
explain how.
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 4
What is Wealth Empowerment?
‘Wealth Empowerment’ is a notion different to traditional financial planning processes. It is
about creating a total plan for not just your money, but also your life. Wealth Empowerment
is about managing your finances in a way that empowers you to live the life you really want
to lead.
Any dictionary can tell you that ‘wealth' is generally considered to be an abundance of
valuable material possessions or resources. But what do you personally think of when you
read or see the word ‘wealthy’? You may think of the wealthy as jetsetters who enjoy
glamorous holidays overseas, who own big houses, yachts, flashy cars, and a bulging
investment portfolio to top it all off. Maybe it’s someone who shops wherever and
whenever they like, without ever looking at a price tag. Those we consider wealthy seem to
enjoy a distinctly enviable lifestyle—they enjoy a state of affluence that is easily perceptible.
However, as this White Paper will show, Wealth Empowerment as a strategy is about more
than just creating the simple appearance of wealth. A good financial planner will tell you
that there is far more to wealth creation, management and empowerment, as you will soon
discover.
Wealth Empowerment is about creating financial strategies to invest you with more power
and control over your own life. It’s about managing your money to enable and empower
you to take control of your own destiny. Most of us structure our lives around the pursuit of
money, in the hope that we can fulfil our goals as we accumulate. A good financial planner
with a holistic approach can show you how to structure your money and assets to live the
life you want; with the express goal of helping you achieve your aspirations and dreams.
These will become the milestones within your “Family Life and Wealth Plan”.
Structure your money to get the life you want, not the other way around.
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 5
Where to Start on the Path to Wealth Empowerment?
A Family Life and Wealth Plan
The Family Life and Wealth Plan is a mental concept whose structure will vary from person
to person based on their individual situation. Based on the philosophy of “True Wealth
Accumulation”, your Plan document will become a dynamic guide to all the family members
and their adviser to create the proper legal structure to support the family goals. And it will
establish the guidelines for the day‐to‐day administration of the “Family Life and Wealth
Plan”.
Life is too short and everything we do that is outside our focus area, regardless of its success
or failure, can be a distraction. Taking the time to evaluate your values, goals, beliefs and
passions and to share these amongst your family gives you immense clarity and focus on
those activities that will generate the greatest results for you and your loved ones.
“How do I get started?” you ask:
1. Just start! Do something! Set aside some time to be alone with your thoughts. If you are
married, talk it over with your spouse and each of you will work at it separately to begin
with and later jointly. If your children are old enough, get them involved and thinking about
what their future goals are—do they want to go to a particular university, travel overseas,
save up for their own car? When you all plan together, you involve each other in the
achievement of your hopes and dreams.
2. Start with “The Purpose”. Why do you want a written document that expresses your
values and intentions regarding the accumulation, preservation and application of your true
assets? Be clear about why you are planning for the financial future of your family. Have a
goal in mind and plan towards that goal, together. What financial future do you want to
achieve for your family? Once you know your purpose and your destination, your plan can then be designed in consultation with your planner in order to make sure you get there.
3. Write about your “Family Wealth History”. To what do you attribute your True Wealth?
True Wealth is not just your financial wealth, but your human and intellectual wealth as
well. Your human wealth is made up of your personal assets, which enrich your health,
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 6
happiness, spirituality and family life. Your intellectual wealth is made up of your assets of
education and experience. Think about who contributed to those assets for you (perhaps
your parents, grandparents, family friends, aunts, uncles, siblings, friends and so on) and
think about how you would like to contribute to the development of those assets for your
own loved ones. Your planner will help facilitate the achievement of these goals.
4. Identify what you perceive to be your “Responsibilities and Obligations” to your True
Wealth. Are your assets just for your benefit while you are here, or is there a higher or
lasting stewardship responsibility? Do you intend to help fund the higher education of your
children? Would you like to pay off the family home loan or any other debts so that your
children don’t have to deal with them? Have you set up adequate income protection, life
insurance, home and contents insurance and so on to maintain your family’s standard of
living should a disastrous event occur? Would your family be in a good position to take care
of themselves if something were to happen to you? These are all areas you can plan for,
with good advice from your financial planner. With a bit of foresight and planning you can
protect your family, no matter what the future may hold.
5. What is your “Motivation” for the use of your financial assets? This question essentially
boils down to:
a) What do you really want to use your money for?
b) What do you want to happen to it after you go?
• Do you want it just to go directly to your children, or
• Would you rather it was a resource available as needed or wanted based upon
some criteria, or
• A combination of both? It’s possible to leave an amount in direct inheritance to
your children, and then have the balance of your wealth protected and preserved
as a resource for your children and future heirs as needed.
• Do you have a charitable interest? Identify causes most dear to you. Where would
you like to make a difference? Don’t be afraid to think big! If so, do you want it to
go outright or would you rather it stayed under the control of your family, offering
continuing support to your favourite causes?
• How do you wish to prepare future generations for the optimum utilisation of your
assets?
• What attributes do you value most? What are those values you wish emphasised in
all of your planning and in the entire decision making?
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 7
• Identify what financial independence would be for you and why that is important?
6. Consider what legacy you wish to leave your family? Do you want to be remembered as
a generous provider, who thought ahead and planned for the future of your family
members? Do you want to be remembered as someone who adequately planned so that
the family would be all right when tough times occurred? You can make a huge difference in
the ongoing welfare of your family by having a comprehensive financial plan in place.
7. Consider what legacy you wish to leave society? There are numerous ways that you can
make a positive contribution to society, while you are here and after you pass away.
Consider causes you wish to support and talk to your financial planner about how to
facilitate and implement the use of some of your Total Wealth to support some of your
favourite causes.
8. Sign and date it. Remember that this document is not meant to be static. It must evolve
as your life and the lives of your family members change. (Each time it changes, you must
sign it and date it!) Begin the journey with the understanding that you will make
improvements in the future. But the most important thing is to start thinking about the
future, and planning to not only financially protect your family, but also to enrich their lives
more than just financially. Do it, and you will increase your clarity, balance, focus and
confidence. A comprehensive plan, devised by you, your family and your advisor, will go a
long way to assisting in alleviating financial stress and helping you meet your needs both
now and in the future.
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 8
Do More with Your Money
In wealth creation, it’s often the opportunities you don’t know about that could make the
biggest difference. Your financial planner can reveal them to you.
New opportunities to improve your financial situation arise all the time. It’s your planner’s
job to keep up to date, so let them advise you. When considering strategies to improve your
wealth creation, consider:
• Whether they are in line with your goals • How soon you will see the benefits • What are the tax implications • Will they complement the plans you already have in place • How flexible they are if you need to change your plans quickly • Can they generate an income for you • How much risk is involved and can it be adequately managed
Securing Your Financial Future
When creating a plan it’s important to have a clear idea of what your goals are and what
your destination is. While your ideas about this may change over the years, a good financial
planner with a holistic view has the expertise to help you identify what is most important to
you.
They can then help you devise a plan to reach your desired outcomes and make sure you
remain on track to your goals even as your personal situation inevitably changes over time.
A good planner can help you make the most of your money so that you can achieve what’s
important to you. A comprehensive assessment of your situation will help identify new
opportunities and show you more of what you could be doing to improve your financial
position. They will consider which strategies are right for you, and show you how to achieve
the best results.
Action is the key when it comes to your family’s financial security. There’s a lot you can do
now that will make a significant impact, both today and in the future. If you want to invest
for the future, find out how to pay your home loan off sooner, retire with more, relieve
financial pressure, or are interested in other strategies to improve your financial position,
then speak to your planner today.
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 9
Your Financial Planner – Who are they? What do they do?
A planner can help you make wise decisions about your money by empowering you with
advice and information. They can also help empower you by providing the time and
dedication needed to strategically follow through with those decisions. Yet a good planner
will also appreciate that there are more important and pressing concerns in your life than
money.
A planner with a holistic approach will assist in creating a plan for you dedicated to helping
you achieve your life goals through the proper management of your economic resources.
This will mean that you and your family will have the finances available at the stages of your
life when you need them most, when you are ready to turn dreams into action.
A good planner can help free you from financial stress so that you can better focus on the
things that are most important to you. They know that a lot of money is useless unless you
have the time and energy to take care of other, more important areas of your life. Financial
advice provides the expertise and tools to not only optimise your financial wealth, but also
to help improve your knowledge, relationships and experiences which are related in no
small way to finance. A good, holistic planner knows that money is of no real value or
concern unless all other areas of your life are prosperous and secure. Prosperity and
security are the twin goals of a good financial plan.
Wealth is about more than money—it’s also about knowing
how to manage it and when to make decisive choices that
affect the growth of your money, and the security of your
finances. Wealth, knowledge and action are the three points
of the triangle of an effective financial plan.
Talk to DKAS today to get your financial plan underway.
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 10
Wealth Creation
Financial Planning should not just be about protecting what you already have, it should also
be about the enjoyment of the wealth you are accumulating. Naturally, you want to see a
reward for your hard work. Unless you win the lottery, wealth creation is not likely to be an
overnight occurrence. Instead, it is a process reliant upon an integrated, long‐term strategy
which is focused on delivering realistic growth.
Strategies such as:
• Savings plans
• Adequate budgeting
• Tax planning strategies, and
• Investment strategies
play a key role in long‐term plans to ensure wealth creation. Proper management of an
integrated plan will help ensure that you attain your life goals. This is the true meaning
behind appropriately managing your financial decisions—creating a comprehensive plan to
ensure that you have the resources available when you need them, to live the life you want,
and to achieve your life goals.
Successful wealth creation strategies will allow you to be financially independent. A good
way to define financial independence is when you can rely solely on the income of your
investments rather than your working income. Financial independence is especially
important for your retirement.
Financial independence, however, is no easy or quick task. Let’s consider in greater detail
some of the wealth creation strategies mentioned above, and a few others.
1. Savings Plans:
All great investors are great savers, and it doesn’t matter how much you earn, you
can always find money to save. One general rule is to put away 10% (or some fixed
amount) of your income every payday straight into savings, and don’t touch it. If you
are in business, you will have to find ways to take cash out of the business regularly,
no matter how hard it is. You should do this in the most tax‐effective way. Your
planner can advise on how to do this.
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 11
2. Cash flow and Budgeting:
If you are going to start saving, you will need to monitor your income and expenses,
work out where your money is going, and find ways to cut costs.
3. Insurance:
A good financial planner should be able to review insurance products for you and
select one that is tailored to your needs. This is where you will find non‐aligned
planners best, as they are not biased towards certain products or companies.
4. Superannuation Planning:
You need to answer several questions in terms of super such as;
Where you are going to invest your compulsory super? Are you going to use your super fund’s insurance or will you look
externally? Explore Self‐Managed Super Fund options Salary sacrificing – when should you start? What are your Transition to Retirement strategies?
5. Investments:
You can have a combination of investments but if these are not structured properly,
or the wrong ones are selected for you, you will get nowhere. You should consider:
Gearing Strategies: Good Debt versus Bad Debt. Borrowing to invest can be risky but it can also pay off if you select the right investments and borrowing strategy. There may be many tax implications, good and bad, that you also need to consider. Good advice can go a long way.
Structured products: These are designed so that if the markets drop, you
don’t lose your initial investment. They are of the lower risk variety of investments. Have you considered any of these?
6. Investment bonds:
These are bonds such as education or insurance bonds—they can be used to save for
children’s school or university fees and have good tax benefits, but must be held for
at least ten years.
Talk to your planner about the best strategies for you.
Wealth & Asset Protection
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 12
Wealth empowerment is about giving you financial control over your own life, while
relieving the stresses that inadequate financial planning can bring. Wealth and asset
protection strategies are an essential part of ensuring that you have a comprehensive
strategy to look after your wealth, and yourself, in case of a serious financial or physical
setback.
Many people think that they only need to take out a life insurance policy in order to protect
their family should negative events take place, but they don’t recognise the value of wealth
and asset protection strategies. These too can ensure peace of mind for you and your family
should difficult situations arise in life. Wealth and asset protection allows you to protect
your most valuable asset—you, and your capacity to earn a living.
Your ability to earn income is essentially the keystone to your current lifestyle. It is also
crucial to your ability to achieve your desired goals in the future. Adequate planning in the
form of wealth and asset protection strategies could mean that you are better placed to
protect and provide for your family should a situation causing personal financial crisis arise.
Important wealth and asset protection strategies that you should consider include:
Trauma insurance
Income protection cover
Business overheads or expenses protection
Total and permanent disablement cover
Life insurance
Key‐person insurance for business owners
Asset (debt) protection
Ownership protection (Business Succession)
Each of these is explored in further detail in the following pages.
1. Trauma Insurance
This cover pays a lump sum if you suffer from one of the specified major diseases or
injuries covered. These typically include heart attack, stroke, cancer, blindness and other
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 13
diseases as specified in the policy. It is designed to provide money at a time when you
need to cover medical and rehabilitation costs, and to help with lifestyle and
employment changes. It helps you protect your family from financial stress at a time
when they are already undergoing emotional stress.
2. Income Protection Cover
Taking out this kind of cover will ensure that you can replace up to 75% of your regular
income, and super contributions of up to 15% (if this option is selected), if you become
ill or injured and cannot work. These premiums are generally tax‐deductible, depending
on your individual circumstances. Your planner will advise.
3. Business Overheads or Expenses Protection
This insurance is good to take out for yourself if you are self‐employed or a small
business owner. It will help you cover the fixed costs of maintaining your business in the
event that you become totally disabled. This insurance can ensure the continuity of your
business in the event that you suffer a period of illness. This means that your business
will be able to provide you with a return, or in the worst case, it means that your
business will still be a viable asset for you to sell as a going concern.
4. Total and Permanent Disability Cover
This type of cover can be used to eliminate debt, pay ongoing medical expenses, make
necessary home modifications, or to hire home care services such as nursing, cleaning
and cooking. In the event that you suffer from a serious injury or illness and you become
totally and permanently disabled, this cover helps ensure that you have peace of mind
knowing that you did everything you could to make this event less financially stressful
for you and your loved ones.
5. Life Insurance
Would your family maintain their standard of living if the main income earner died? Life
insurance can help your family have a secure financial future, no matter what happens.
This type of insurance will pay a lump sum if the person insured dies. It can help provide
financial security in times of uncertainty, and can cover debts and living expenses. It is
applicable to all life stages.
6. Key Person (or Key Man) Insurance
This is a type of Corporate‐owned life insurance which insures an employer against the
death or incapacitation of a key employee. An employer may take out Key person
insurance on the life or health of an employee whose knowledge, work, or overall
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 14
contribution is considered uniquely valuable to the company. You would do this to offset
the costs of hiring temporary help or a replacement, and the losses such as the
decreased ability to perform until the replacement is adequately trained.
7. Asset (Debt) Protection
If you own a business, you can ensure that your business’ debts are protected. This will
mean that you will be able to satisfy creditors and maintain your credit status if you
become unable to work due to serious illness, injury or disablement. It also protects
your assets that were promised as security for lending. This is important because
customers and suppliers may not feel confident in the trading capacity of a business
which is withholding payment of its debts. Your credit rating could also fall if lenders
aren’t prepared to extend credit, or outstanding loans are called up for immediate
repayment.
8. Ownership Protection (Business Succession)
The death of one of the owners of your business (or you) may also result in the untimely
demise of your business if you don’t have adequate business succession planning in
place. If you own a business and want to ensure the smooth succession of your business
from one owner to another, you need to know about Ownership Protection. It will help
create peace of mind for you and also provide security to your employees through
continuity of employment. Ownership protection can provide continuing owners, or
their nominee, with sufficient cash for the transfer of the outgoing owner’s equity to the
continuing owners, if a business owner dies, is disabled or suffers a critical illness. Talk to
your planner to learn more about this.
Talk to your financial planner today about how best to maintain your family’s current
standard of living in the event that your ability to earn becomes compromised or your
situation changes. Gain peace of mind that you will be able to take care of the ones you
love, no matter what happens.
Create Wealth with the #1 Secret that the Wealthy Don’t Want to Tell You
The first and crucial step to financial independence and wealth creation is goal setting.
A quote from Napoleon Hill identifies the power of goal setting quite succinctly: “Whatever
the mind can conceive and believe, it can achieve.”
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 15
If you do not have clear life goals, you will find that your finances, and your life, can lose
focus. Less than 10% of Australians have written goals. The keyword here is written—much
of the population does have goals, but goals floating around in your head are much less
likely to be attained than clear, documented goals that you can see everyday.
And to go one step further, find ways to reinforce your goals, everyday. It has been said
among many successful business leaders that the difference between millionaires and
billionaires is that while millionaires have clearly documented goals, billionaires find ways to
reinforce and implement them, everyday, no matter how small the action. So be one step
ahead and start setting goals for yourself today.
“Smart” goal setting
One simple guide to goal setting is the SMART method of goal setting. Goals must be:
Specific Goals should be specific, rather than general, and clearly define what you want to achieve.
They should establish:
• What: You are going to do. You should use action words and make it a present tense,
positive statement.
• Why: is this important to you? Explain you want to accomplish and list specific
reasons or a purpose for accomplishing this.
• How? Are you going to do it? Identify requirements such as people and resources
but also an overall strategy.
Measurable You cannot manage a goal if you cannot measure it. You need to be able to monitor your
results so you can measure your success.
• As well as a timeline for the goal, you should list several short‐term
measurements as well. You need to be able to measure your goals against
specific milestones in order to stay motivated and feel as sense of
accomplishment.
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 16
• When you can measure your goals, it is easier to stay on track and achieve the
goal on time as a result.
Attainable and
Realistic Goals that are not attainable, and are too far out of your reach, will usually mean that you
will not commit to them. Whilst you will need to develop skills, attitudes and the financial
capacity to reach some of your goals, if a proportion of this is not there when you set the
goal, this will usually make it a lot tougher to commit to it in the first place.
• Set goals that are attainable with some effort, but are realistic enough with the
skills and resources available.
• A goal is realistic if you believe that it can be accomplished. A high goal is still
realistic if you still believe that you can attain it.
Timely Goals should always have a timeframe; otherwise you may never achieve them. If you do
not set a time frame, the goal becomes vague and gives you no real urgency to work
towards it now. It will be put off when times are tough or you are too busy.
Set a timeframe for the goal: for next week, in three months, in five years. By
having a deadline for your goal, you are giving yourself a clear target to work
towards.
You should set short term goals (less than 1 year), medium (1‐3 years) and long
term goals (5 or more years)
A Financial Planner’s Top Tips to a Better Financial Future
If you ever wanted to ask a financial planner what their top five tips to creating, managing
and protecting your wealth were, well, you’re in for a treat. Here they are:
1. Budget – Want to find ‘extra’ money? A budget can be an amazing tool to help you
clarify just how much money you actually have, where it is going, which costs are
necessary and which could be tightened a bit, and where you actually want to direct
your income. It will help you manage debt, pay your bills on time, and save your
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 17
money. Use your budget to help you clarify and separate what you absolutely need
from what you just really want. An adviser can help you better manage your money
to be better aware of money going out, as well as coming in. Budgeting is a vital step
towards gaining financial security and independence. Take responsibility for your
own money.
2. Make the Most of Your Money – You can build wealth. Setting aside a fixed amount on a regular basis, even if it is small, can make a difference. This is all about
making your money work for you. A financial planner can help you plan appropriate
investment options, and navigate the legal requirements and tax implications and
help you reach your financial and life goals.
3. Protect Your Wealth – Plan ahead for the curveballs that life occasionally throws. Events like a serious illness, injury or even death within your family are likely to
cause great emotional stress. You can help alleviate some of the financial stress
should any of these traumatic events take place, by adequately insuring your
income, your family and your property. Find out whether you will have or could have
some cover through your superannuation fund. However, this may not be enough. A
financial planner will help ensure that you get the right insurance to protect your
family. Once you have adequately prepared for all eventualities, you won’t have to
worry about what may happen tomorrow. Get peace of mind and consider what
insurance covers you may need.
4. Expect Market Volatility – Changes in market conditions such as those in 2009
can be frightening when you don’t understand the reason behind them, or the full
impact they can have on your finances. A financial planner can help you manage
your assets the best way possible during difficult times, and still maintain focus on
achieving your long‐term goals. They can recalibrate your financial plan in order to
make sure you are still headed in the right direction. Having an agreed strategy for
building wealth means that you can have peace of mind even when the markets are
volatile. You will still achieve a better long‐term result by having a plan and a planner
to manage it, no matter what the market is doing right at this very second.
5. Plan for the Future – How much money should you put into superannuation?
How much will you need to retire? How long is a piece of string? A good financial
planner can help you figure out what you’ll need, and they can also help you assess
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 18
how to build enough wealth to retire at the age you want. They can help you
prioritise, plan for, and meet your lifestyle goals for retirement.
Good financial advice will help you understand all your options so that you can make the
right choices. It will also help you know what you can achieve so that it is easy to stay on
track towards your goals. A planner will also help you to stay informed about new
opportunities to grow your money. Don’t miss out on the bigger picture in terms of your
finances. Speak to a planner today to set and reach your long‐term financial and lifestyle
goals.
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 19
Maximising Your Choice and Control
One of the greatest fears expressed by our clients is losing Control and Choice over their
financial assets. Every year when you write a cheque to the ATO, you give up the very thing
you want to preserve.
We do believe in paying our fair share of taxes and playing by the rules, however there are
ways for us to retain Control and Choice over our tax dollars. The government regulates the
tax laws that are in place and they are structured so that society benefits. Consequently
they can increase taxes in the future as the needs of our people increase. We utilise tax
friendly laws in accordance with proprietary strategies and/or our client’s structures to
protect and control the family’s assets.
Last year alone we redirected over 4 million dollars of our client’s family assets. These
monies were used to help fund several projects such as: starting a family business,
preservation and protection of our environment, creation of trusts (providing retirement
income streams), funding for higher education, and much more!
This year before you write that significant cheque to the ATO to pay your fair share of taxes,
consider the Control and Choice of one of your most precious assets, your Family Assets. If
you decide not to I can assure you the government will.
For the tactically minded, you could:
• Create an income stream for retirement
• Review your insurance ownership • Re‐examine your trading structure
For the charitably inclined, you could:
• Make a difference in the world • Involve family members in a philanthropic campaign • Create a legacy that will outlive you.
Talk to us about establishing a plan to “re‐direct” your assets back under your Choice and
Control. A good financial planner will consult directly with you and your tax advisors to
www.financialsolutionssydney.com.au © Dean Kavanagh Advisory Services Pty. Ltd. 2010. 20
customise a re‐direction strategy that meets your specific goals and objectives. Receive tax
planning advice to ensure that you have the best tax profile possible. Changes in taxation
law can also mean that you have to update your will, and your planner can be of assistance
here. For business owners, your business structure is also important in terms of tax
planning. Talk to your planner and develop a comprehensive plan.
A Strategy to Improve your Tax Rate in One Paragraph – Put more into super now!
Want to know how to pay less tax, legally? A planner will tell you that if you arrange with
your employer to sacrifice some of your pre‐tax salary into super, you will pay a maximum
tax rate of 15%, instead of your marginal rate which could be up to 46.5%.
This strategy could enable you to pay less tax on your salary and make a larger investment
for your retirement. If you are self‐employed, similar benefits are also available if you invest
some of your business income in super and claim a tax deduction for it.
See the good things a planner can do for you, to save you money and grow your wealth?
Talk to a planner today for more tax planning strategies.
Achieve Wealth Empowerment for Yourself
Wealth empowerment can help you master your time and achieve your financial goals in a
timely manner. With a holistic Family Life and Wealth Plan, you can reach a more
prosperous and fulfilling position in life. A good planner will challenge the way you think.
They are your gateway to the knowledge and experience that will help your finances and
goals progress. Take control of your financial situation. Be empowered to live a more
satisfying and prosperous life by the wealth of advice that your financial planner can
provide.
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About the Authors – Dean Kavanagh Advisory Services Pty. Ltd.
Dean Kavanagh Advisory Services Pty. Ltd. (DKAS) is a non‐aligned and independently owned, financial planning business led by Francois Paquette. Paquette has been advising clients on insurance and planning matters for over thirty‐five years. He is meticulous, takes a personal approach to his work, and has a wealth of knowledge about products and providers, which ensures a tailored financial solution for you.
DKAS also does a lot of work in creating financial solutions for business owners in the construction, refurbishment, architectural and similar industries. As DKAS knows, these business owners operate in a practical industry, so they focus on delivering effective and fundamentally practical financial solutions.
But above all else, DKAS pride themselves on providing you with a holistic, no‐nonsense service that solves the problems that you can't, or don't have the time to.
Our Services
DKAS guides your financial planning through three main avenues: Wealth Creation, Protection and Distribution.
However, there is not one definite product, method, or service that can do all these for you. At DKAS, we focus on your problems and goals and then select the method to suit you. Not the other way around. How do we do this? Our experience and expertise mean that we are aware of many different financial solutions, and are able to choose the one that will best work for you.
Please contact us to find out more about wealth creation strategies and planning.