Synchronised swimming may be one of the strangest sports being broadcast from Paris this month. In some ways it’s probably also one of the most inspiring. Seeing everyone moving together, in harmony, towards a common goal is beautiful.

Wouldn’t it be great if you could see the same sort of beauty in your client’s finances? What if their tax, their investments, their business and personal goals were all in sync?

In this article we’re going to look at ways that you might be able to make that happen.

Professional advisers getting along swimmingly?

One of the big challenges for you as an accountant is finding professional partners who bring their own expertise and their own perspective, but also share your values.

Do they have the client’s best interest at heart? Are they good communicators? Are they good at managing risk?

At Elston we work collaboratively with accountants, brokers, family lawyers and estate lawyers to help clients get a more 360 view of their affairs. This can be really helpful for clients, especially when they’ve got a big decision that needs to be made.

At our recent TD Day (Team Development Day) we gathered with professional partners on the Gold Coast to share ideas and discuss everything from cyber security to the investment landscape, and the disruptions and opportunities of A.I.

It was great to be in the room with people who have partnered with us for so long. These trusted relationships just seem to keep growing stronger every year.

Synchronised super

One area where the benefits of closer collaboration are often noticeable is superannuation. This is especially true if your clients have a self managed super fund.

The name suggests that they are doing it all themselves. But in reality, the management of a self managed fund (SMSF) will usually require specialist guidance to ensure that their fund is meeting its legal obligations and staying on the right side of the ATO. And of course, how efficiently are the assets in the fund are being managed.

At Elston our advisers help people to sensibly structure their investments, establish some balance in their portfolio of assets, and manage risk as they work towards their goals.

How many points are they scoring for diversification?

Having a diversified portfolio of assets is vital. It means that when some assets are not performing as well, other assets might be able to balance things out for them.

Diversification is something the ATO wants to see in self managed super funds  too. If your client’s SMSF is only investing in a single asset or asset class e.g. property, the ATO might have some questions to ask.

Elston has an experienced investment team that manages Australian Equities portfolios, large and small caps. These portfolios have a strong track record over the long term. They also manage a multi-asset portfolio that provides clients with exposure to international investment opportunities and to funds that specialise in property, infrastructure and fixed income.

Diving into life after work

What do your clients think life might look like when they start working less? Will it be an endless holiday? Is it their chance to finally get to do the things they’ve always wanted to, but never had the time?

Planning for retirement isn’t just about financial goals. It’s about building and maintaining strong social connections. It’s about physical and mental health. It can also be about finding a new purpose.

Their work has possibly defined who they are. It has given them their drive and the satisfaction of kicking goals. How will they replace that?

These are some of the conversations they can have with their friends and family. They’re also discussions they have with their financial adviser. We’re a good sounding board. And in turn that can help to open up richer conversations for you and your clients.

Pegging down a succession plan

One of the ways that we work with accountants is succession planning. In the years leading up to the sale of a business or a farm, there can be a lot of difficult decisions that need to be made. It’s not just about the numbers. There’s an emotional connection that’s hard to break. Plus there are sometimes family disagreements that need to be resolved.

Elston advisers work with client’s accountants to dive into the figures and work out what’s viable. For example, can a rural property generate enough income to support more than one generation? And how does the income from a business compare to the income that can be achieved through a diversified investment portfolio?

The dynamics of a family business can be challenging, but it’s something that our advisers have navigated many times. We can open up conversations and introduce new ideas, e.g. philanthropic structures that all the family generations can get involved with running. It’s a great way to prepare younger family members with important decision making and management skills that can preparing them for future responsibilities.

Help your clients get in sync

Ultimately, everything starts and finishes with your client. How can you help them on their financial journey? What’s in their best interests? Who can you introduce them to so that they can get some clarity about where they’re headed, and how they can get there?

It’s not just about planning for the future either. A financial adviser can help adjust your client’s current situation, as well as preparing them and their family for the years ahead.

Elston is here to help

If you’d like to get in sync with an adviser you can trust, don’t hesitate to get in touch. To learn more, contact Elston Partnership Executive Eric Armbrust here.