Wealth creation is a lifelong process that involves leveraging current financial resources with investment strategies that aim to provide returns that can fund current and future needs. But that’s not all…
An individual’s financial affairs are bound to a raft of other equally important matters and how those matters are dealt with can determine whether outcomes are achieved smoothly or with unnecessary turbulence.
Unfortunately, it is rare for one professional adviser to be qualified, authorised or licensed to consult across the various professional disciplines that make up someone’s financial life. Commonly tax, property, legal matters relating to estate planning, family law and increasingly employment law, can all contribute to personal prosperity outcomes.
In my experience as a CEO working in financial services, it is not an easy task for individuals to coordinate and act as an intermediary between their various professionals.
Regardless of their high intellect, time is what usually beats executives, often resulting in goals either not being achieved or settling for gaps in their affairs that are often only revealed once an incident of some sort presents.
It’s for this reason that collaboration between qualified professionals is the key to successfully addressing personal affairs. Over the past six years, I’ve been involved in developing an ‘advice collaboration model’ that effectively assembles a team of qualified professionals who work together to create strategies with seamless outcomes.
It has proven to be an efficient, effective and affordable model for clients who are mostly high-earning executives with limited time for managing their own personal affairs, thanks to an experienced central coordinator with a strong grasp of all the client’s requirements, who manages the relationships and ensure implementation of strategies.
The process involves a 5-step framework that develops a personal strategic plan, integrates professional services and importantly, measures the outcomes against clearly articulated objectives.
While the central philosophy is to enable the client to achieve personal prosperity, whatever that looks like, the qualified advice and services covered can be wide ranging, but generally include any and all, of the following:
- Investment strategies including gearing and savings plans
- Managed funds, investments and shares
- Asset management
- Personal insurance strategies
- Budget and cash flow planning, savings planning, debt management
- Tax planning in consultation with your accountant or tax adviser
- Retirement planning advice
- Advice on ownership and structures e.g., Discretionary and family trusts, Self-managed superannuation
- Tax advice including tax planning, complex tax solutions and international tax
- Legal matters including estate planning, contracts, employment law and family law
The key is collaboration with professionals who may already exist or by introducing specialist advisors and consultants to form an advice team and who all agree on the best outcomes for each individual and work together to achieve them.
To subscribe to the Executive Strategies information hub or learn more about integrated advice solutions for creating personal prosperity contact Irma Bantjes on 07 3007 2080 email contact@executivestrategies.com.au or visit www.executivestrategies.com.au
