Wealth creation is about building financial security now so you can focus on enjoying your lifestyle in the future. Choosing where and how to invest your money is a difficult decision and will depend on many factors including your overall investment objectives, approach to investment risk and the amount of time you have to invest.
We can help define your personal situation and recommend financial solutions and strategies to help you reach your financial goals.
Whether you are investing to finance your business, lifestyle, private education or provide for your retirement, it's never too late to take control.
Planning for retirement is one of life's most important financial considerations. The actions you take today will determine your lifestyle in the future.
Superannuation is one of the most tax-effective long-term retirement savings vehicles, however it can be difficult to keep up with changing rules and regulations. We can explain the rules and provide you with strategies to help you maximise your retirement savings.
Risk insurance forms a critical part of the financial planning process. It provides you with protection against the financial implications of an event such as death, disablement, serious illness or injury.
There are a range of insurance options available that we can tailor to suit your needs and personal situation. The most common types of risk insurance include:
In the event that you suffer an illness or injury and are unable to work, income protection provides you with a monthly benefit of up to 75 per cent of your salary.
Life insurance helps alleviate the financial burden your family may be left with after your death. This is paid as a lump sum to your nominated beneficiaries to assist with medical costs, funeral expenses and help maintain your family’s lifestyle.
Total and permanent disability (TPD)
This provides a lump sum in the event of a total and permanent disability that prevents you from ever returning to work.
Trauma insurance is paid as a lump sum upon diagnosis of an eligible condition (eg cancer, heart disease).
Self-managed super funds
There are many different options when it comes to managing your superannuation savings. Currently, there are over 500,000 self-managed superannuation funds (SMSFs) in existence.
As SMSFs have become a popular option, how do you know if it is right for you?
We have a breadth of experience in assisting you to make this very choice.
Are you prepared to take responsibility for an SMSF?
It is important to understand the responsibilities of becoming an SMSF trustee. There are significant penalties for not adhering to the legislation. We find most of our clients choose to partner with an SMSF specialist advisory firm to assist with the administration of their funds.
Do you have enough money in super to make it cost effective?
SMSF's can be cost effective however it is important to understand the costs associated with running your own fund. You will need to pay at the very least for the tax return and audit annually for the fund.
Whilst you can rely on our expertise to assist you with an SMSF, you will need to be actively involved in making decisions for your fund.
SMSF's gives the investor more control over the investments within their portfolio, they allow you to pool your assets with a partner or family members and you can be very prescriptive about how your money passes to the next generation upon death.
Here at Sphere Financial Services, we can provide you with not only a viability assessment of an SMSF, but the establishment, administration, investment advice and via our professional partners the annual tax accounts and audit.