Typically, accountants and advisers focus their advice on tax, compliance and business. The Future of Choice approach is different as it centres all the advice back on you and your family achieving your financial and non-financial goals. We specifically designed the Future of Choice this way as we understand that the business really only exists to service the family.
One key ingredient in many successful people, whether sports people, business people or simply people we all know in our own walks of life is that they achieve by setting and effectively working towards goals. Setting goals is paramount to accomplishing great things and is at the heart of what the Future of Choice approach. We work with you to set, record and monitor your family's lifestyle, wealth, personal and business goals to help achieve the Future of Choice that you desire.
For many people the family home and the business are their main assets and will continue to be throughout the majority of their working lives. The purpose of this section is to allow us to really understand more about your financial position and to identify areas that may prevent you from achieving your Future of Choice. This could involve looking at ways to diversify investments further and build a safety net outside of your business to help maximise the likelihood of achieving your goals by reducing specific risk form a downturn in the industry or business.
Ultimately, the Wealth section of the Future of Choice will help to determine whether you know how much money you need to live a comfortable life now and in retirement? Are you on track to accumulating enough assets to achieve your lifestyle goals? Have you structured your investments in the most tax effective manner? We help you answer these questions to ensure that you have the right plan in place to achieve the desired financial objectives.
Our Wealth Portal also allows you to keep track of your family wealth and monitor the performance across all personal and business entities. The Wealth Portal also provides easy storage and access to important documents across personal, business and Trusts keeping everything together in the one place.
This is the "safety net" that sits below the Future of Choice to consider and manage events that could place your future of choice at risk.
Will the family be able to live the current lifestyle and meet commitments if you were unable to work? Working together, we can help determine the type and level of cover required to ensure that your family is protected financially in the event of death or disability. Accessing insurance policy documents is important when it comes time for clients to make a claim and the Future of Choice provides a structured solution to upload and record details and documents relating to your personal and business risk and general insurance policies.
For business owners, your Future of Choice is dependent on the success and certainty of the business. Our approach assists you to identify high level risks and to implement risk mitigation strategies.
We understand that keeping on top of compliance requirements for personal, self managed super funds, trusts and businesses can be a hassle. Our Wealth Portal provides a structured system to store and easily access, tax returns, employment agreements and any other compliance source records together in the one location helping simplify the process.
Our approach also ensures that the family wealth is protected by recommending the most appropriate asset protection strategies are in place.
Like many people who own a business, your family's ability to achieve both the financial and non-financial goals is reliant on the success of the business. Most people start out in business with grand plans and aspirations yet get down the track and find themselves not where they thought things would be, working exorbitant hours, can't take a break and not deriving the financial return they dreamt of when starting out.
Taking time to revisit the "why" of owning a business and defining the end game for the business is critical to define and understand. This together with a well defined strategic plan, effective marketing strategy, structure and budget provides the best chance of achieving your Future of Choice.
Achieving goals invariably will require funding at some level, whether personal or business in nature. Working with you our role is to regularly review your facilities to determine whether they are helping to reach desired goals, managing risk for the family, make recommendations to improve funding structures and implement necessary changes.
Retaining records of all documents related to funding (debt & equity) facilities is equally important and our solution allows you to store all of your loans, leases, mortgages and other debt contracts in one easily accessible location.
Planning for your estate is essential in ensuring that your money, assets and business are passed on to the people that you want to receive them in the most tax effective manner. As part of the Future of Choice we will work with you to ensure that you have considered all requirements to maximise and protect your family’s wealth. Our solution also provides you and your family a place to store and easily access your important estate planning documents when they need them.
The Family Council has two real meanings: The first is where we ensure you have a team of trusted advisers around you, your family council, to assist you and your family achieve the stated goals. If required, we can refer you to our mature network of contacts to ensure that you have the right people on your team.
The second aspect of the family council is more a governance and strategic function. It is about collaboration and transparency with regard to both financial and non-financial goals and strategies for multiple generations. Bringing the family members together regularly to ensure everyone understands the goals and the family philosophy right through to a family office function.
This information is recorded and always up to date in your Wealth Portal, that can can be accessed proactively to the desired level by any member of your family council.
Future of Choice is designed to ensure that you have adequate knowledge and understanding of all aspects of your financial lives. Many clients have engaged our services for coaching and mentoring for both their personal and business lives and use the Future of Choice to access relevant training and improvement documents and materials.