Earlier this year we reported a noticeable upsurge in enquiry from Brisbane residents and business owners seeking the advice of qualified financial planners. This enquiry level continued throughout the year with investment advice being sought by a multi-faceted client base, each with unique financial circumstances and situations.

From Brisbane’s CBD to the outer suburbs and regional areas, we’ve enjoyed structuring financial solutions for clients, and providing investment advice for long-term financial strategies.

With this in mind, investors should be reviewing their financial situation on an annual basis. With June 30 heralding the end of the 2014-2015 financial year, there’s never been a better time to touch base with your adviser to reassess your goals and evaluate your investment strategy.

Elston’s collaborative approach to reviewing and renewing strategic plans offers multifaceted benefits: In depth analysis of not only your financial situation for the outgoing and incoming year –  but also personal and lifestyle factors –  can often highlight areas of improvement or revision to your existing plan.  Your adviser knows the right questions to ask to bring these into focus.

Additionally, with the ever-changing landscape of financial planning there may be new resources or legislative changes to impact your goals. An Elston adviser will work with you, auditing your plan to identify and implement any changes to maximise your financial potential.

Whether you’re with Elston or not, we encourage everyone to make an appointment with their adviser to review their goals. We’ve put together a checklist of some of the fundamental issues for consideration at your next consultation:

Review Your Goals – Stay on Track

A lot can happen in a year, and your individual goals, limitations and assets may have altered. Life throws game-changers constantly. Take the time to revisit your goals, and ask yourself the questions that matter: 

  • Is my budget and savings plan still on track, relevant and manageable?
  • Will the coming year bring personal considerations – retirement, a new arrival, division or merging of marital assets, a business or property sale, an inheritance?
  • How will this affect my tax and insurance needs?

Personal Financial Considerations – Superannuation

Your personal financial circumstances are equally important when it comes to putting your finances under the microscope. Some common issues for consideration are:

  • Superannuation Contributions: If you have a salary sacrifice arrangement with your employer, review your contributions to ensure you have not exceeded the concessional contributions cap (be aware that employer contributions also count towards the limit).
  • Co–contributions and Tax Offsets:  Did you know that if your taxable income is less than $49,489 per annum, you may be eligible for a government co-contribution to your superannuation? Additionally, if your spouse will earn less than $13,800 this year, you may be eligible to claim a tax offset. Eligibility varies, so speak with your Elston adviser to determine if you qualify.
  • Superannuation Pension: Whether you are drawing on an Account Based or Transition to Retirement Income Stream, take the time to review what the minimum annual payment is, and ensure this is paid out annually. Your super fund’s tax redemption could be jeopardised if the minimum payment is not reached.

Investment Strategy – Investment Advice

With the fluctuation of personal variables that impact on finances, and Brisbane’s ever-changing economic and lifestyle climate, the savvy investor should incorporate an investment management strategy as a critical component of their New Year financial health and security checklist, in conjunction with their financial adviser.

Is yours a well thought out investment strategy that draws on diversity? Does your plan comprise a mix of assets and shares? Do you have a Self Managed Super Fund (SMSF)? When reflecting how to manage your investments for the year ahead, give consideration to issues such as investment risk, target return, liquidity, income requirements and tax effectiveness.

Building and protecting your wealth requires ongoing review and management. It’s important to make sure you receive investment advice unique to your circumstances, and that your strategic financial plan is on track to meet your goals. The beginning of the new financial year is a great time to audit and evaluate your financial situation to ensure you are getting the best outcomes. If you haven’t made an appointment with your Brisbane adviser yet, now is the time!

To review your goals for the new financial year, or to discuss your individual needs with a Brisbane financial planner that offers a collaborative, personalised service and tailored investment advice, call Elston on  07 3211 9555 or 1300 ELSTON (357 866) or email info@elston.com.au.