Financial Planning

Before we begin it’s important to read this first paragraph

Please be aware that any advice and additional information provided here does not take into account the client’s objectives, financial situation or needs. The client should therefore, before acting on the advice, consider the appropriateness of the advice, having regards to their objectives, financial situation and needs. It is important that you understand any general advice provided is not necessarily appropriate for you. Therefore, Dover Financial Advisers and Absolute Wealth Management does not recommend or guarantee the performance of any investment entered into on your behalf.”

Kevin Bolt and Absolute Wealth Management Pty Ltd are authorised representatives of Dover Financial Advisers Pty Ltd, AFSL 307248

Should you have a Financial Plan?

Having a financial strategy gives you the freedom to make choices. During your life you will have different goals and experience different financial challenges. Through our Financial Planning arm Absolute Wealth Management we work with you to identify and help you through all phases of your financial life.

The 4 Steps that create the ideal Personal Financial Plan for you

Step 1. The background information

We work with you to identify essential information that identifies exactly:

  • Your current situation of where you are now;
  • What goals and objectives you have;
  • What (if any)  risk management strategy you have;
  • What Issues and concerns you have; and
  • What it is you want to achieve.

Step 2 The Plan on Paper

We prepare your personally tailored financial plan (called a Statement of Advice).

Step 3 Making it happen
Once you are completely happy and comfortable with the advice provided we help you implement the recommendations made in your financial plan.

Step 4 Staying on Track

We work with you to review and revise your plan at regular intervals or when your circumstances change to ensure your plan is still relevant to you.

We have financial planning clients here in Melbourne and throughout Australia and our goal is the same. We aim to work together with you on your journey over your lifetime so that you Realise Your Full Potential.

Personal Risk Protection

When asked to rank in order of importance most people rank

  • Family
  • Income
  • Home
  • Car

Most people insure their Car and Their Home. They don’t think about insuring their income or themselves so as to protect their family in the event of unforeseen circumstances.
Insurance is transferring your financial risk to an insurance company. You need to decide if you want to take the risk or transfer the risk. Speak to us today about

  • Life Insurance
  • Total & Permanent Disability (TPD) Insurance
  • Income Protection (sickness & accident) Insurance
  • Trauma Insurance

Self Managed Super Funds

Superannuation is a specially designed long term investment trust for retirement savings.

A Self Managed Superannuation Fund (SMSF) can offer you flexibility, control, more investment options and the potential for reduced costs. This is the reason why their popularity has increased dramatically in recent years. We take great pride in offering professional  advice based on a fee for service that you pay us.   This means the only consideration we have when giving you superannuation advice is what’s best for you now, and in the future.

The sole purpose of a Self Managed Superannuation Fund (SMSF) is to provide an income in retirement for its members. There are generous tax concessions for SMSF’s however there are plenty of rules that must be followed and if a fund is not compliant with the rules the penalties are extremely severe. (The worst case is losing 92% of the fund!)

You need to establish whether a SMSF is right for you.

In most cases the fund should have a minimum of $200,000.  A fund can have up to 4 members so that $200,000 is the balance of all members combined. You should be willing to devote time to review the investments and the strategy.

We help you

  • Administer the Fund
  • Investment and Risk Strategies
  • Prepare financial statements
  • Audit the Fund
  • Compliance and Risk Management
  • Pre and Post Retirement Strategies
  • Estate Planning
  • Insurance
  • Taxation including capital gains tax

While the set up of a self-managed superannuation fund can be quite simple, meeting the ongoing legal requirements of that fund requires the right knowledge and advice. Whether it’s meeting ATO requirements or just completing your annual return we can help you cut through the red tape.

Call us to discuss your superannuation options including establishment of your own SMSF.

Property Investment

Many people like to invest in property. They can see, feel and touch the property. Property in recent times has also given great capital growth.  It is now possible to purchase a property and borrow through a SMSF.  We can guide you through the process.

Gearing and Property Investment

Gearing simply means borrowing to invest. There are 3 types of Gearing:

  • Positive Gearing Where the income from the property is greater than the outgoings (Rates, Insurance, Repairs Interest etc)
  • Neutral Gearing Where the income from the property is equal to the outgoings.
  • Negative Gearing Where the income from the property is less than the outgoings. In this case the loss may be used to reduce other taxable income.

Risks with Gearing

Gearing can multiply your gains but it can also magnify your losses. Australia is one of the few places in the world where property has not had a huge fall in value after The Global Financial Crisis. When considering purchasing a property it is ideal that all considerations are taken into account. This is where we can help you assess the merits of purchasing a property regardless of whether you are looking at a Melbourne Property Investment or elsewhere in Australia.

How we help you with Property Investment

We have produced a booklet “The Complete Guide to Negative Gearing & Property”. This discusses all the pros and cons and shows what expenses are tax deductible and what are not. We use the book for clients when consulting on Property Investment and guide them through the 13 steps of Negative Gearing.

We can refer you to a Buyers Advocate so as to get professional advice in acquiring a property.

Finance – Many people believe that when it comes to finance it’s best to get the cheapest interest rate. They then find our when they want to change the loan there are huge penalties to pay. We can introduce you to our trusted Mortgage Broker to ensure the loan is very flexible and is structured properly.

For More information about our Melbourne financial planning services please contact us.