Professionals and Wealth Accumulators

Achieving what you want in life starts with having a Plan “A” and a Plan “B”

As a Professional or Wealth Accumulator you have important things you want to achieve in your life. 

You will find that many of your goals are linked with your financial capacity to fund them. Unfortunately, it is a reality of life that for most of us money is a key constraint towards our goals. 

However, whilst money can be a constraint to some of your goals right now it does not have to be a constraint in the future so long as have an appropriate plan. A plan can provide you with greater control over your future and be a key component towards you realising your dreams. 

Having a Plan “A”

If you do not have an accountable plan procrastination can occur and you can easily go years without achieving any tangible progress towards your goals. If left too late you could even find that your goals become unachievable.

A Plan “A” details the actions required to achieve your goals with the assumption that life pans out according to your expectations.

One of the first steps towards creating a Plan “A” is to quantify your goals. Your goals should be S.M.A.R.T which stands for Specific, Measurable, Achievable, Relevant and Time bound. You may find that some of your goals conflict so prioritising your goals is particularly important. Some goals may need to be delayed or adjusted in preference of other goals.

We all have many and varied goals. For example, this could be to save a deposit to purchase a $1 million property in 5 years, it could be to fund your children’s education expenses of $30,000 per annum over the next 5 years or it could be to accumulate sufficient wealth to retire early within the next 15 on a $100,000 per annum for the rest of your life.

Once you have identified your S.M.A.R.T goals then you can start thinking about the strategies and actions available to best achieve them.  This is where you get into the details such as thinking about how much you should be saving towards your goal, what ownership & tax structure you should be using, what specific investments you should be utilising and what risks you are prepared to take. Once you work out all the details and develop a plan you also need to make sure that you hold yourself accountable in actioning your plan.

Of course, life never goes exactly as you expect and therefore your Plan “A” will likely require adjustments over time. These adjustments could be major reworks, a series of minor tweaks or a combination of these.  Sometime unfortunate and major life events can occur that force you to completely abandon your Plan “A” and instead deploy a Plan “B”.

Having a Plan “B”

Sometimes unfortunate events occur which means your Plan “A” gets disrupted. These events could include losing your job, having to fund unexpected large expenses, or suffering an illness or injury. 

Having a Plan “B” is important because life does not always pan out the way you expect. The key is to avoid being put into an irrecoverable position where you are “down and out”. The objective of a Plan “B” is to get you through a tough period. If you can survive a tough life period, then this can put you in a position to rebuild and get yourself back on track towards your goals.

A Plan “B” may include having or building up an emergency source of funds for that rainy day. It may include obtaining life insurance, or income protection and other insurances to provide a source of funds if you die or cannot work due to illness or injury. It may also include downsizing your home, reducing your living expenses for a period, restructuring your finances to get you through a tough period or having your Wills and estate planning all sorted.

It is impossible to have a Plan “B” for every scenario because there are unlimited possibilities in life. However, having a Plan “B” ready in your drawer for key unfortunate events is prudent and will provide you with a strategy and peace of mind.

A trusted and experienced Financial Adviser can help you develop a Plan “A” and Plan “B”. Your adviser can also help get your plan into action as well as monitor and review your plan. Your adviser can help adjust your plan to respond to life and global changes thereby keeping you on the right track.

If you are starting on your wealth accumulation journey here are some common questions you should be asking:

• What am I looking to achieve and what is my time frame? Am I looking to buy a property, fund my children’s education, achieve financial freedom or something else? Do I have a plan to achieve these goals?
• What smart thinking wealth building strategies are available to me? What are the best ones to help achieve my goals?
• Where am I directing my monthly income? Am I putting the right amounts towards savings, investments, my mortgage, my super? Should I be investing in shares, property, term deposits or something else?
• Do I have a Plan “B”? What financial position will I or my love ones be put in if I die, if I am disabled, or if I suffer an illness? 

Please note that this is only a fraction of the questions you should be asking. As an expert in wealth accumulation and protection, we can help you identify all the important questions and get you the right answers.

Experience counts when it comes to wealth accumulation and wealth protection so make sure you get advice from the right person. 

A wealth of experience in advice for Professionals & Wealth Accumulators 

Our Principal Adviser, Dennis Souksamlane is extremely experienced in providing advice to those who are at the start of the wealth accumulation journey. This includes advice on cash-flow strategies, investment strategies, life insurance advice and creating financial plans to achieve life goals.

Dennis understands that you work hard to earn your monthly income and how you allocate and spend this income will determine whether or when your life goals can be achieved. He also understands that having financial protection for unexpected events such as death, disability or illness can be especially important.

Dennis is one of the most qualified Financial Advisers in Australia. He holds a Master of Financial Planning, a Bachelor of Applied Finance, a Bachelor of Commerce (Accounting) and a Diploma of Australian Taxation Law. 

Dennis is also a Certified Financial Planner (CFP^®) of the Financial Planning Association (FPA), a Chartered Tax Adviser (CTA) of the Tax Institute and is registered with the Tax Practitioners Board as a Tax (Financial) Adviser.

Types of clients Dennis has helped with wealth accumulation & protection advice

Here are some of the types of clients Dennis has helped:

• Engineers, Lawyers, Accountants
• IT and Media professionals
• Government employees and teachers
• Medical practitioners 
• Small business owners, Air Traffic Controllers, Sale Managers and more…

Advice Approach

Dennis offers a complementary phone discussion and complementary initial meeting for those seeking his advice. 

The initial meeting is the opportunity to get to know each other, discuss your goals, your situation, and discuss the advice complexities you are facing. You can also ask questions in the initial meeting. 

Our initial meeting allows us to identify advice opportunities which can be of great benefit and value to you. These may include smart thinking strategies in investing, wealth protection, superannuation, and other areas to increase your wealth and put you in a better situation. 

If we can help put you in a better situation, we will provide you with a flat dollar advice quote. The quote amount is based on the advice services you require and advice complexity. You are free to accept or reject the advice quote and there is no obligation for you to proceed any further if you do not wish to.

We are strong believers in transparent advice that is cost-efficient and provides high value to our clients.