Financial Planning

Engaging a trusted, experienced and knowledgeable financial advisor when investing your wealth and mapping a long-term financial pathway to success can mean the difference between a bad, satisfactory or outstanding result.

Are you currently receiving advice from experienced professionals qualified to provide advice in determining your financial future?

Flinders Partners Group is certainly qualified, holding our own AFSL licence and as such are not aligned to any banks or other third parties thus enabling us to provide financial advice that puts your needs every time. Our investment committee meets regularly to ensure we bring to you the most appropriate advice and investments. We welcome regulations that protect clients and never shy away from complying.

In 2009 Flinders Partners Group took on a new direction, launching Financial Planning, Wealth and Investment consultancy. Driven by a seeming lack of client-focused practices across the wider industry, we understood that to give our clients the highest chance of success in both business and desired lifestyle, we needed an integrated approach to our service offering that included these services.  We provide a quotation for any services before we commence, thereby removing uncertainty which in the financial advice industry is normally one of the key barriers.

Our service level is different for everyone. In some instances we just provide advice and direction, and others our assistance goes as far as the managing all financial affairs. It always comes down to what you need and what you choose. 

We build client investment portfolios across a broad range of asset classes, including equities, fixed income, alternatives and multi-asset class solutions, in order to customize client solutions that meet each unique investment objective.

It is never too early or too late to start planning for your retirement. Our expert team of experienced and committed advisors will help you get on the right track. 

Planning for your future doesn’t have to be a daunting experience. Our focus is on providing quality advice, after taking into account your individual circumstances and desired goals or outcomes. 

We always start by taking the the time to gain a deep understanding of your personal and lifestyle goals and needs over the short, medium and long-term. We consider obviously in addition to your your current financial situation. We will work to find beneficial, prudent, responsible solutions to fit your circumstances, based on in-depth analysis – so you can make an informed decision, for the most important time of your life.

As recognised specialists in superannuation compliance, strategies and structuring, our services are sought by individuals and other accounting firms.

Did you know that pension payments post the age of 60 are tax-free? This is one of the many ways you can benefit from a transition to a pension.

We often look to clients commencing a pension once they reach age 60, subject to conditions. Commencing a pension allows you to benefit from 0% earnings within your super fund.. You can start a super pension once you satisfy a condition of release such as retirement, temporary or permanent incapacity or financial hardship. You can also start a pension in the years leading up to retirement once you reach your preservation age. 

 We will educate and guide you through this process to ensure you select the right pension, as part of your overall pension and superannuation retirement strategy, customised exactly to suit you and your circumstances.

 We've provided some brief information below regarding the varying pension options. 

Transition to Retirement Pension 

A Transition to retirement pension allows you to supplement your salary and maintain a comfortable lifestyle. You can also use the pension to save tax and boost your super before you retire. A Transition to Retirement pension may allow you to minimise tax with before-tax contributions to super, without an associated drop in income.

Important to note: post the passing of the 2016 Federal Budget legislation; the ‘transition to retirement’ (TTR) strategy remains worthwhile, but in limited circumstances. 

Account Based Pension

An account-based pension is started with a lump sum from a superfund. This is usually done by transferring money from an accumulation account to an account-based pension account, after you have reached your preservation age. You will have to withdraw a minimum amount each year. 

What are the advantages of starting a Pension?

Transition to Retirement 

Generally, Transition to Retirement pensions are beneficial after age 60, where no tax is payable on income. In some circumstances a TTR pension may be beneficial before age 60, for example, where your super fund has a large tax free component. We can assist you to determine whether a TTR pension is right for you.

Some benefits can include;

• your super balance will keep growing as your employer continues to make contributions into your super account
• salary sacrificing some of your pre-tax income into your super will further boost your super savings.
• employer contributions and salary sacrificed contributions are taxed at a low rate when they go into super. This is likely to be lower than your marginal tax rate.
• if you want to reduce your work hours as a way of easing into retirement, taking a TTR pension from your super fund can supplement your employment income if it’s not quite enough to maintain your current lifestyle.

• From 1 July 2017, earnings are taxed at 15% within the fund. However this tax of 15% is still lower, in the majority of cases, than the tax payable if the money was invested outside of super.

If you have a large tax free component in your super fund, you may pay minimal tax on pension payments and in addition you will get the financial benefit of a 15% tax rebate on your pension income.

 

Account based Pensions

Other Account Based Pension benefits that can exist include;

• you don’t pay tax on investment earnings
• if you are aged 55-59, the taxable portion of your account-based pension will be taxed at your marginal tax rate less a 15% tax offset
• you can access your money at any time i.e. you can withdraw some or all of the money as a lump sum
• your balance will increase as investment earnings are added to your account
• you can vary the payments (subject to minimum and maximum restrictions)
• you can choose how your money is invested by the fund manager
• there may be money left over for your estate

 

What are the drawbacks of starting a Pension?

Transition to Retirement - If you or your partner are receiving social security benefits we recommend you seek our advice, as there may be implications for you or your partner’s pension and other entitlements.

Account Based Pensions - Your investment earnings are not guaranteed and may fluctuate in line with market performance depending on how your money is invested, and, there is no guarantee your super will last as long as you do

 

Would you like more detailed information or advice about your superannuation and pension strategy options? You can contact us on (03) 9781 3155 or click here to download our helpful resource. 

*proposed legislation introduces tax on earnings within Transition to Retirement pensions from 1 July 2017

Flinders Partners Group Financial Planners will help you build, retain and pass on your wealth

It's true, estate planning can seem like an insurmountable task, easily put off or forgotten, especially by those with a demanding work schedule, ongoing family commitments, and overall many responsibilities. 

Before you start making investments, you must have an investment strategy outlining your fund’s investment objectives and specifies the types of investments your fund can make. Self-Managed Superannuation Fund trustees are obligated to have an investment strategy. Penalties may apply to trustees who breach superannuation law.

Superannuation Investment Strategy Basics

Your investment strategy should be in writing and must adhere to and consider, the following guidelines and principals;

• be reviewed regularly to ensure it continues to reflect the purpose and circumstances of your fund and its members (your review and any decisions made should be documented),
• consider whether to hold insurance cover (such as life insurance) for each member of your SMSF, 
• when preparing and reviewing your investment strategy, take into account the personal circumstances of all the fund members, including their age and risk tolerance.

What you need to consider; 

• diversification of your portfolio (investing in a range of assets and asset classes)
• the liquidity of the fund’s assets (how easily they can be converted to cash to meet fund expenses)
• the fund’s ability to pay benefits (when members retire) and other costs it incurs
• the members’ needs and circumstances (for example, their age and retirement needs).

And our advice to you?

We recommend opting for an investment strategy that;

• achieves diversification across a number of asset classes and investments,
• meets the needs of your members, taking into account their age and risk tolerance,
• meets the liquidity requirements of your super fund,
• in addition to providing you specific, well-researched investment advice that meet the criteria of your investment strategy and will meet your initial investment objectives.

Retirement Planning Advice

We provide advice on how much you need to save for a comfortable retirement, and counsel you on strategies to achieve this. We also advise strategies to help your savings last throughout your retirement.

Insurance Advice

We assess the amount of personal insurance cover you need to ensure that you and your family are financially protected should something happen to you. We’ll advise on whether you need the following types of cover;

• Life cover
• Total and Permanent Disability Cover
• Trauma Cover
• Income Protection
• Business insurance

We advise which specific insurer and insurance policy provides the best value; to meet your goal of financially protecting yourself and your loved ones against the impact of illness, injury or death.

We review your current insurance and provide advice on whether to keep or replace the cover. The cost of our insurance advice and implementation is generally covered by the commission we receive from the insurer, with no out of pocket costs to you.

A Self-Managed Superannuation Fund investment strategy, whilst a legal requirement, is also an important opportunity for you to set the direction for your fund’s investments and meet your member’s goals and requirements. Flinders Partners Financial Services is a specialist in this area and we are ready to assist.